The heterogeneity of the value of statistical life: Introduction and overview

Autor:	W. Kip Viscusi
Rok vydání:	2009
Předmět:	Economics and Econometrics education.field_of_study Risk aversion media_common.quotation_subject Population Wage Poison control Preference Willingness to pay Accounting Injury prevention Economics Demographic economics Income elasticity of demand education Finance media_common
Zdroj:	Journal of Risk and Uncertainty. 40:1-13
ISSN:	1573-0476 0895-5646
Popis:	The refinement in worker fatality risk data used in hedonic wage studies and evidence from new stated preference studies have facilitated the exploration of the heterogeneity of the value of statistical life (VSL). Although the median VSL estimate for workers is $7–$8 million, the VSL varies considerably within the worker population. New estimates of the income elasticity of VSL are 1.0 or above, which are consistent with theoretical models linking VSL to the coefficient of relative risk aversion. The specific relationship between VSL and risk aversion is, however, more complex than previously understood. Age differences in VSL are substantial, with young children being accorded especially high VSL amounts. The public’s willingness to pay to reduce risks is reduced if those being protected are perceived as being blameworthy due to their responsibility for contributing to the risk.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::3d3ebfa81fe763395928232d3bde4025 https://doi.org/10.1007/s11166-009-9083-z Zobrazit plný text záznamu Full text from SpringerLink