TY  - RPRT
        AU  - Kniesner, Thomas J.
AU  - Viscusi, W. Kip
AU  - Woock, Christopher
AU  - Ziliak, James P.
        TI  - Pinning Down the Value of Statistical Life
        PY  - 2007/Oct/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 3107
        UR  - https://www.iza.org/index.php/publications/dp3107
        AB  - 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.
        KW  - random effects
KW  - fixed effects
KW  - panel data
KW  - VSL
KW  - PSID
        ER  -