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

See all articles by W. Kip Viscusi

W. Kip Viscusi

Vanderbilt University - Law School; National Bureau of Economic Research (NBER); Vanderbilt University - Department of Economics; Vanderbilt University - Owen Graduate School of Management; Vanderbilt University - Strategy and Business Economics

Date Written: July 9, 2013

Abstract

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

Viscusi, W. Kip, Estimating the Value of a Statistical Life Using Census of Fatal Occupational Injuries (CFOI) Data (July 9, 2013). Vanderbilt Law and Economics Research Paper No. 13-17. Available at SSRN: https://ssrn.com/abstract=2291727 or http://dx.doi.org/10.2139/ssrn.2291727

W. Kip Viscusi (Contact Author)

Vanderbilt University - Law School ( email )

131 21st Avenue South
Nashville, TN 37203-1181
United States
615-343-7715 (Phone)
615-322-5953 (Fax)

HOME PAGE: http://law.vanderbilt.edu/faculty/viscusi.htm

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
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Vanderbilt University - Department of Economics

Box 1819 Station B
Nashville, TN 37235
United States
(615) 343-7715 (Phone)
(615) 343-5953 (Fax)

HOME PAGE: http://law.vanderbilt.edu/faculty/viscusi.htm

Vanderbilt University - Owen Graduate School of Management

401 21st Avenue South
Nashville, TN 37203
United States
(615) 343-7715 (Phone)
(615) 343-5953 (Fax)

HOME PAGE: http://law.vanderbilt.edu/faculty/viscusi.htm

Vanderbilt University - Strategy and Business Economics ( email )

Nashville, TN 37203
United States

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