Willingness to accept equals willingness to pay for labor market estimates of the value of a statistical life

Autor:	W. Kip Viscusi, Thomas J. Kniesner, James P. Ziliak
Rok vydání:	2014
Předmět:	Economics and Econometrics media_common.quotation_subject Wage Affect (psychology) Fatal injury Willingness to pay Accounting Value (economics) Economics Demographic economics Willingness to accept Baseline (configuration management) Finance Panel data media_common
Zdroj:	Journal of Risk and Uncertainty. 48:187-205
ISSN:	1573-0476 0895-5646
Popis:	Our research clarifies the conceptual linkages among willingness to pay for additional safety, willingness to accept less safety, and the value of a statistical life (VSL). We present econometric estimates using panel data to analyze the VSL levels associated with job changes that may affect the worker’s exposure to fatal injury risks. Our baseline VSL estimates are $7.7 million and $8.3 million (Y$2001). There is no statistically significant divergence between willingness-to-accept VSL estimates associated with wage increases for greater risks and willingness-to-pay VSL estimates as reflected in wage changes for decreases in risk. Our focal result contrasts with the literature documenting a considerable asymmetry in tradeoff rates for increases and decreases in risk. An important implication for policy is that it is reasonable to use labor market estimates of VSL as a measure of the willingness to pay for additional safety.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::5b0c3b3284415ed42dbb6c0028779764 https://doi.org/10.1007/s11166-014-9192-1 Zobrazit plný text záznamu Plný text ve formátu PDF