Value of life
By: W. Kip Viscusi, The.
Contributors: John M. Olin Center for Law, Economics, and Business.
Series: Discussion paper -- no. 517; Discussion paper (John M. Olin Center for Law, Economics, and Business : Online) -- no. 517.
Publisher: Harvard Law School
Published: 2005
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "The economic approach to valuing risks to life focuses on risk-money tradeoffs for very small risks of death, or the value of statistical life (VSL).  These VSL levels will generally exceed the optimal insurance amounts.  A substantial literature has estimated the wage-fatality risk tradeoffs, implying a median VSL of $7 million for U.S.  workers.  International evidence often indicates a lower VSL, which is consistent with the lower income levels in less developed countries.  Preference heterogeneity also generates different tradeoff rates across the population as people who are more willing to bear risk will exhibit lower wage-risk tradeoffs"--John M. Olin Center for Law, Economics, and Business web site.
Notes: Title from PDF file as viewed on 3/19/2007.

Includes bibliographical references.

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Mode of access: World Wide Web.