Estimating the Value of a Statistical Life: The Importance of Omitted Variables and Publication Bias
17 Pages Posted: 27 Feb 2004
Date Written: March 2004
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 Classification: J17, C8, H43, I18, R4
Suggested Citation: Suggested Citation