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Estimating the Value of a Statistical Life: The Importance of Omitted Variables and Publication Bias
Orley Ashenfelter Princeton University - Industrial Relations Section; National Bureau of Economic Research (NBER); Institute for the Study of Labor (IZA) Michael Greenstone Massachusetts Institute of Technology (MIT) - Department of Economics; National Bureau of Economic Research (NBER); American Bar Foundation March 2004 AEI-Brookings Paper No. 04-06; IZA Discussion Paper No. 1037; Princeton IR Paper No. 479; Princeton Law & Public Affairs Paper No. 04-008 Abstract: In this paper we show that omitted variables and publication bias lead to severely biased estimates of the value of a statistical life. Although our empirical results are obtained in the context of a study of choices about road safety, we suspect that the same issues plague the estimation of monetary trade-offs regarding safety in other contexts.
Keywords: statistical life, publication bias, omitted variables JEL Classifications: J17, C8, H43, I18, R4 Working Paper SeriesDate posted: February 27, 2004 ; Last revised: March 16, 2005Suggested CitationContact Information
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