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Age Variations in Workers' Value of Statistical Life / Joseph E. Aldy, W. Kip Viscusi.
- Format:
- Book
- Author/Creator:
- Aldy, Joseph E.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w10199.
- NBER working paper series no. w10199
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2004.
- Summary:
- This paper develops a life-cycle model in which workers choose both consumption levels and job fatality risks, implying that the effect of age on the value of life is ambiguous. The empirical analysis of this relationship uses novel, age-dependent fatal and nonfatal risk variables. Workers' value of statistical life exhibits an inverted U-shaped relationship over workers' life cycle based on hedonic wage model estimates, age-specific hedonic wage estimates, and a minimum distance estimator. The value of statistical life for a 60-year old ranges from $2.5 million to $3.0 million -- less than half the value for 30 to 40-year olds.
- Notes:
- Print version record
- January 2004.
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