Estimating the Value of a Statistical Life Using Census of Fatal Occupational Injuries (CFOI) Data
28 Pages Posted: 10 Jul 2013 Last revised: 12 Jul 2013
Date Written: July 9, 2013
Labor market estimates of the value of a statistical life (VSL) using the Census of Fatal Occupational Injury (CFOI) data take advantage of this more accurate fatality data and the capability to construct more refined measures of worker fatality risks. This paper reviews all labor market VSL studies that have used these data, including estimates of VSL by age, immigrant status, gender, smoking status, and race. Government agencies are increasingly relying on these estimates rather than the previous VSL literature for policy evaluation purposes. The CFOI data are especially valuable for panel studies by making it possible to assess changes in risk levels for job changers based on estimates of fatality rates over time by industry and occupation. The paper presents new VSL estimates using both the new hours-based fatality risk measure and the previous employment-based measure, yielding similar results.
Keywords: value of a statistical life, VSL, Census of Fatal Occupational Injury, CFOI, fatality risk, compensating differentials
JEL Classification: I18, J17, J30
Suggested Citation: Suggested Citation