Document Type

Journal Article

Publisher

Elsevier

Faculty

Faculty of Business and Law

School

School of Accounting, Finance and Economics / Centre for Innovative Practice

RAS ID

12631

Comments

This article was originally published as: Doucouliagos, C., Stanley, T., & Giles, M. J. (2011). Are estimates of the value of a statistical life exaggerated? Journal of Health Economics, 31(1), 197-206. Original article available here

Abstract

The magnitude of the value of astatisticallife (VSL) is critical to the evaluation of many health and safety initiatives. To date, the large and rigorous VSL research literature has not explicitly accommodated publication selectivity bias (i.e., the reduced probability that insignificant or negative VSL values are reported). This study demonstrates that doing so is essential. For studies that employ hedonic wage equations to estimate VSL, correction for selection bias reduces the average value of astatisticallife by 70–80%. Our meta-regression analysis also identifies several sources for the wide heterogeneity found among reported VSL estimates.

Included in

Economics Commons

 
COinS
 

Link to publisher version (DOI)

10.1016/j.jhealeco.2011.10.001