How unobservable productivity biases the value of a statistical life
By: Thomas J. Kniesner ... [et al.].
Contributors: Kniesner, Thomas J.; National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 11659; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 11659.
Publisher: National Bureau of Economic Research
Published: 2005
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Human life -- Valuation.
Description: "A prominent theoretical controversy in the compensating differentials literature concerns unobservable individual productivity.  Competing models yield opposite predictions depending on whether the unobservable productivity is safety-related skill or productivity generally.  Using five panel waves and several new measures of worker fatality risks, first-difference estimates imply that omitting individual heterogeneity leads to overestimates of the value of statistical life, consistent with the latent safety-related skill interpretation.  Risk measures with less measurement error raise the value of statistical life, the net effect being that estimates from the static model range from $5.3 million to $6.7 million, with dynamic model estimates somewhat higher"--National Bureau of Economic Research web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 10/14/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.