Age variations in workers' value of statistical life
By: Joseph E. Aldy, W. Kip Viscusi.
Contributors: Viscusi, W. Kip.; National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 10199; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 10199.
Publisher: National Bureau of Economic Research
Published: 2004
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Life cycle, Human.; Hazardous occupations.; Age and employment.
Description: "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"--National Bureau of Economic Research web site.
Notes: Includes bibliographical references.
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