%0 Report
        %A Kniesner, Thomas J.
%A Viscusi, W. Kip
%A Woock, Christopher
%A Ziliak, James P.
        %T Pinning Down the Value of Statistical Life
        %D 2007
        %8 2007 Oct
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 3107
        %U https://www.iza.org/index.php/publications/dp3107
        %X 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.
        %K random effects
%K fixed effects
%K panel data
%K VSL
%K PSID