Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/196778 
Year of Publication: 
2019
Series/Report no.: 
IZA Discussion Papers No. 12280
Publisher: 
Institute of Labor Economics (IZA), Bonn
Abstract: 
There are many possible connections between VSL and behavioral economics. A list of topics includes endowment effects, risk salience, ambiguity aversion, present bias, reference groups, reference points, and experienced versus decision utilities. There are also nudges that connect to estimating or using VSL in government decisions and cousins of behavioral economic research including interpersonal heterogeneity, experiments, neuroeconomics, and beauty or personal attractiveness. Current evidence suggests that VSL and behavioral economics best connect via (1) possible multi-attribute reference group effects and (2) a possible distinction between decision utility and experienced utility.
Subjects: 
VSL
behavioral economics
WTP
WTA
reference dependence
benefit-cost analysis
nudge
internality
JEL: 
D61
D91
J17
J31
Document Type: 
Working Paper

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