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Title: Estimating the Value of a Statistical Life: The Importance of Omitted Variables and Publication Bias
Authors: Greenstone, Michael
Ashenfelter, Orley
Keywords: value of a statistical life
publication bias
speed limits
safety risks
value of time
Issue Date: 1-Jan-2004
Series/Report no.: Working Papers (Princeton University. Industrial Relations Section) ; 479
Abstract: In this paper we show that omitted variables and publication bias lead to severely biased estimates of the value of a statistical life. Although our empirical results are obtained in the context of a study of choices about road safety, we suspect that the same issues plague the estimation of monetary trade-offs regarding safety in other contexts.
Appears in Collections:IRS Working Papers

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