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Kniesner, Thomas J.
Viscusi, William Kip
Woock, Christopher
Ziliak, James Patrick
Year of Publication: 
Series/Report no.: 
IZA Discussion Papers 3107
Our research addresses fundamental long-standing concerns in the compensating wage differentials literature and its public policy implications: the econometric properties of estimates of the value of statistical life (VSL) and the wide range of such estimates from about $0.5 million to about $21 million. We address most of the prominent econometric issues by applying panel data, a new and more accurate fatality risk measure, and systematic selection of panel estimator in our research. Controlling for measurement error, endogeneity, individual heterogeneity, and state dependence yields both a reasonable average level and narrow range for the estimated value of a statistical life of about $5.5$7.5 million.
panel data
fixed effects
random effects
Document Type: 
Working Paper

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