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How Unobservable Productivity Biases the Value of a Statistical Life / Thomas J. Kniesner, W. Kip Viscusi, Christopher Woock, James P. Ziliak.
- Format:
- Book
- Author/Creator:
- Kniesner, Thomas J.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w11659.
- NBER working paper series no. w11659
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2005.
- Summary:
- A prominent theoretical controversy in the compensating differentials literature concerns unobservable individual productivity. Competing models yield opposite predictions depending on whether the unobservable productivity is safety-related skill or productivity generally. Using five panel waves and several new measures of worker fatality risks, first-difference estimates imply that omitting individual heterogeneity leads to overestimates of the value of statistical life, consistent with the latent safety-related skill interpretation. Risk measures with less measurement error raise the value of statistical life, the net effect being that estimates from the static model range from $5.3 million to $6.7 million, with dynamic model estimates somewhat higher.
- Notes:
- Print version record
- October 2005.
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