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IZA Discussion Paper No. 1037
March 2004
Estimating the Value of a Statistical Life: The Importance of Omitted Variables and Publication Bias
Orley Ashenfelter, Michael Greenstone

published in: American Economic Review, 2004, 94 (2), 454-460

In this paper we show that omitted variables and publication bias lead to severely biased estimates of the value of a statistical life. Although our empirical results are obtained in the context of a study of choices about road safety, we suspect that the same issues plague the estimation of monetary trade-offs regarding safety in other contexts.

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