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Title:Willingness to accept equals willingness to pay for labor market estimates of the value of statistical life PDF Logo
Authors:Kniesner, Thomas J.
Viscusi, W. Kip
Ziliak, James Patrick
Issue Date:2012
Series/Report no.:Discussion Paper series, Forschungsinstitut zur Zukunft der Arbeit 6816
Abstract:Our research clarifies the conceptual linkages among willingness to pay for additional safety, willingness to accept less safety, and the value of statistical life (VSL). We present econometric estimates that in the important case of workers' decisions concerning exposure to fatal injury risk there is no statistically significant divergence between willingness to accept and willingness to pay. 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.
Subjects:willingness to pay
willingness to accept
value of statistical life
VSL
CFOI
panel data
PSID
JEL:C23
I10
J17
J28
K00
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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