Changes in the Value of Life, 1940-1980, Issue 9396
National Bureau of Economic Research, 2002 - Fertility, Human - 29 pages
We present the first nation wide value of life estimates for the United States at more than one point in time. Our estimates are for every ten years between 1940 and 1980, a period when declines in fatal accident rates were historically unprecedented. Our estimated elasticity of value of life with respect to per capita GNP is 1.5 to 1.7. We illustrate the importance of rising value of life for policy evaluation by examining the benefits of improved longevity since 1900, showing that the current marginal increase in longevity is more valuable than the large increase in the first half of the twentieth century
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Adjusted R2 Observations Amir Yaron BLS death rates blue collar capita GNP Census Samples Coefficient Adjusted R2 compensating differentials Compensating Wage Differentials Daron Acemoglu Deaths per Million Decline due Dependent Variable discrete choice dummy equal dummy variables Dummy=l Economics and Statistics elasticity of value Exchange Rate fatality data fatality risk Fishback fixed effects full-time workers age graduate Age 18-30 Hammitt hedonic regressions hedonic wage regression high school graduate hourly wage income elasticity increased industry risk injury rates Integrated Public job risk job safety Journal of Risk Labor Leigh list To subscribe log-linear specification manufacturing Massachusetts Avenue million 1990 dollars million hours mortality declines NBER Working Papers non-parametric Number Observations Age 31-45 ordinary least squares OSHA percent Prices Public Use Census R2 Observations Age restricted to full-time Review of Economics risk premium sample is restricted Samples and BLS school or high standard errors Taiwan topcode trend utilities Viscusi workers age 18