How unobservable productivity biases the value of a statistical life
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Author
Publication
2005 - Harvard Law School, Cambridge, MA, Massachusetts
Language
English
Word Count
5,750 words, Guess
Page Count
23 pages
Identifiers
- Open LibraryOL57496469M
- OCLC Control Number70898943
Classifications
- LCCKF209 .D57 no. 524
Description
"A prominent theoretical controversy in the compensating differentials literature concerns unobservable individual productivity. Competing models yield opposite predictions depending on whether the unobservable productivity is safety-related skill or productivity generally. Using five panel waves and several new measures of worker fatality risks, first-difference estimates imply that omitting individual heterogeneity leads to overestimates of the value of statistical life, consistent with the latent safety-related skill interpretation. Risk measures with less measurement error raise the value of statistical life, the net effect being that estimates from the static model range from $5.3 million to $6.7 million, with dynamic model estimates somewhat higher"--National Bureau of Economic Research web site.
Subjects
Series Statement
- Discussion paper -- no. 524
Other Editions
- How unobservable productivity biases the value of a statistical life
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