Complementarity and the measurement of individual risk tradeoffs: Accounting for quantity and quality of life effects

Environmental and Resource Economics

Volumn 41, Issue 3, 2008, Pages 381-400

  Evans, Mary F ^a   Kerry Smith, V ^b  

^a UNIVERSITY OF TENNESSEE   (United States)

^b ARIZONA STATE UNIVERSITY   (United States)

Author keywords

Benefit cost analysis; Hedonic wage method; Quality of life; Value of a statistical life

Indexed keywords

COMPENSATION (PERSONNEL); COST BENEFIT ANALYSIS; HEALTH RISKS; HIGHWAY ACCIDENTS; OCCUPATIONAL RISKS; QUALITY CONTROL; RISK PERCEPTION; WAGES;

BENEFIT-COST ANALYSIS; EMPIRICAL ANALYSIS; HEDONIC WAGE METHOD; INDIVIDUAL RISKS; OCCUPATIONAL FATALITY; POTENTIAL SOURCES; QUALITY OF LIFE; VALUE OF A STATISTICAL LIVES;

RISK ASSESSMENT;

COMPLEMENTARITY; COST-BENEFIT ANALYSIS; EMPIRICAL ANALYSIS; HEALTH STATUS; HEDONIC ANALYSIS; MORTALITY RISK; QUALITY OF LIFE; RISK ASSESSMENT; TRADE-OFF; WAGE GAP;

EID: 52949086120     PISSN: 09246460     EISSN: None     Source Type: Journal    
DOI: 10.1007/s10640-008-9197-9     Document Type: Article

References (30)

1. Aldy JE, Viscusi WK (2003) Age variations in workers' value of statistical life. NBER working paper 10199, (December)
2. Aldy JE, Viscusi WK (2007a) Adjusting the value of a statistical life for age and cohort effects. RFF discussion paper 06-19, Rev Econ Stat (forthcoming)
3. JE Aldy WK Viscusi 2007 Age differences in the value of statistical life: revealed preference evidence Rev Environ Econ Policy 1 Summer 240 260
4. RB Barsky FT Juster MS Kimball MD Shapiro 1997 Preference parameters and behavioral heterogeneity: an experimental approach in the health and retirement study Q J Econ 112 May 537 580
5. Bourguignon F, Fournier M, Gurgand M (2001) Selection bias correction based on the multinomial logit model. CREST working paper
6. G Burtless JA Hausman 1978 The effect of taxation on labor supply: evaluating the gary negative income tax experiment J Polit Econ 86 6 1103 1130
7. R Chetty 2006 A new method for estimating risk aversion Am Econ Rev 96 December 1821 1834
8. LR Eeckhoudt JK Hammitt 2001 Background risks and the value of a statistical life J Risk Uncertain 23 3 261 279
9. LR Eeckhoudt JK Hammitt 2004 Does risk aversion increase the value of mortality risk? J Environ Econ Manage 47 13 29
10. I Ekeland JJ Heckman L Nesheim 2002 Identifying hedonic models Am Econ Rev Proc 92 May 304 309
11. MF Evans VK Smith 2006 Do we really understand the Age-VSL relationship? Resour Energy Econ 28 242 261
12. RE Hall CJ Jones 2007 The value of life and the rise in health spending Q J Econ 122 February 39 72
13. WM Hanemann 1991 Willingness to pay and willingness to accept: how much can they differ? Am Econ Rev 81 June 635 647
14. Health and Retirement Study, Waves 1-3 public use dataset, 1992, Produced and distributed by the University of Michigan with funding from the National Institute on Aging (grant number NIA U01AG09740), Ann Arbor, MI
15. Huber PJ (1967) The behavior of maximum likelihood estimates under non-standard conditions. In: Proceedings of the fifth symposium on mathematical statistics and probability (University of California Press, Berkeley, CA)
16. FT Juster R Suzman 1995 An overview of the health and retirement study J Hum Resour 30 S7 56
17. L Kaplow 2005 The value of a statistical life and the coefficient of relative risk aversion J Risk Uncertain 31 July 23 34
18. A Krupnick 2007 Mortality risk valuation and age: stated preference evidence Rev Environ Econ Policy 1 Summer 261 282
19. Morgan MG, Cropper M (2007) Letter to Stephen L. Johnson, Administrator of U.S. Environmental Protection Agency, subject: SAB advisory On EPA's issues in valuing mortality risk reductions, October 12
20. Office of Management and Budget (2003) Draft report to congress on the costs and benefits of federal regulations, February 3, Appendix C. Fed Regist 68(22):5514-5527
21. JW Pratt RC Zeckhauser 1996 Willingness to pay and the distribution of risk and wealth J Polit Econ 104 4 747 763
22. S Rosen 1974 Hedonic prices and implicit markets: product differentiation in perfect competition J Polit Econ 82 February 34 55
23. JF Shogren T Stamland 2002 Skill and the value of life J Polit Econ 110 5 1168 1173
24. VK Smith DH Taylor Jr FA Sloan 2001 Longevity expectations and death: can people predict their own demise? Am Econ Rev 91 September 1126 1134
25. VK Smith MF Evans H Kim DH Taylor Jr 2004 Do the near-elderly value mortality risks differently? Rev Econ Stat 86 1 423 429
26. VK Smith Pattanayak Subhrendu G Van Houtven 2003 VSL reconsidered: what do labor supply estimates reveal about risk preferences? Econ Lett 80 1 147 153
27. Sunstein, CR (2004) Are poor people worth less than rich people? disaggregating the value of statistical lives. AEI-Brookings Joint Center working paper 04-05 (January).
28. U.S. Environmental Protection Agency (2002) Technical addendum: methodologies for the benefit analysis of the clear skies initiative
29. WK Viscusi JE Aldy 2003 The value of a statistical life: a critical review of market estimates throughout the world J Risk Uncertain 27 August 5 76
30. WK Viscusi JE Aldy 2007 Labor market estimates of the senior discount for the value of statistical life J Environ Econ Manage 53 May 377 392