IDEAS home Printed from https://ideas.repec.org/a/taf/transr/v26y2005i4p487-500.html
   My bibliography  Save this article

Fixed‐effects Hedonic Price Model for Statistical Value of Live Estimations

Author

Listed:
  • Pere Riera
  • Abir Mhawej
  • Robert Mavsar
  • Raul Brey

Abstract

Relatively little attention has been given to the differences in value of statistical life (VSL) from developed and less developed countries. The paper derives a cross‐countries VSL estimate based on road fatality accidents and it provides a test to check for such differences. Estimations were obtained from a fixed‐effect hedonic price model applied to a panel of data using new and second‐hand car prices from 27 countries as a dependent variable. The VSL estimate of e6.63 million is in line with results from other studies; and the income elasticity of VSL between countries is close to unity, implying that VSL is approximately proportional to income.

Suggested Citation

  • Pere Riera & Abir Mhawej & Robert Mavsar & Raul Brey, 2005. "Fixed‐effects Hedonic Price Model for Statistical Value of Live Estimations," Transport Reviews, Taylor & Francis Journals, vol. 26(4), pages 487-500, July.
    • Handle: RePEc:taf:transr:v:26:y:2005:i:4:p:487-500
    DOI: 10.1080/01441640600602336
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/01441640600602336
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/01441640600602336?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Arianne de Blaeij & Raymond J.G.M. Florax & Piet Rietveld & Erik T. Verhoef, 2000. "The Value of Statistical Life in Road Safety: A Meta-Analysis," Tinbergen Institute Discussion Papers 00-089/3, Tinbergen Institute.
    2. G. Dionne & P.-C. Michaud, 2002. "Statistical Analysis of Value-of Life estimates using Hedonic Wage Method," THEMA Working Papers 2002-13, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dionne, Georges & Lebeau, Martin, 2010. "Le calcul de la valeur statistique d’une vie humaine," L'Actualité Economique, Société Canadienne de Science Economique, vol. 86(4), pages 487-530, décembre.
    2. Daniel, Vanessa E. & Florax, Raymond J.G.M. & Rietveld, Piet, 2009. "Flooding risk and housing values: An economic assessment of environmental hazard," Ecological Economics, Elsevier, vol. 69(2), pages 355-365, December.
    3. Georges Dionne & Paul Lanoie, 2002. "How to Make a Public Choice About the Value of a Statistical Life: The Case of Road Safety," Cahiers de recherche 02-04, HEC Montréal, Institut d'économie appliquée.
    4. Natina Yaduma & Mika Kortelainen & Ada Wossink, 2013. "Estimating Mortality and Economic Costs of Particulate Air Pollution in Developing Countries: The Case of Nigeria," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 54(3), pages 361-387, March.
    5. Olofsson, Sara & Gerdtham , Ulf-G & Hultkrantz , Lars & Persson , Ulf, 2016. "Chained Approach vs Contingent Valuation for Estimating the Value of Risk Reduction," Working Papers 2016:34, Lund University, Department of Economics.
    6. Henrik Andersson & Nicolas Treich, 2011. "The Value of a Statistical Life," Chapters, in: André de Palma & Robin Lindsey & Emile Quinet & Roger Vickerman (ed.), A Handbook of Transport Economics, chapter 17, Edward Elgar Publishing.
    7. Dorte Gyrd-Hansen, 2013. "Using the Stated Preference Technique for Eliciting Valuations: The Role of the Payment Vehicle," PharmacoEconomics, Springer, vol. 31(10), pages 853-861, October.
    8. Hultkrantz, Lars & Svensson, Mikael, 2010. "The Economic Value of Preventing Fatalities: Recent evidence on the value of a statistical life in Sweden," Working Papers 2010:14, Örebro University, School of Business.
    9. Raymond J. G. M. Florax & Chiara M. Travisi & Peter Nijkamp, 2005. "A meta-analysis of the willingness to pay for reductions in pesticide risk exposure," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 32(4), pages 441-467, December.
    10. Rackwitz, Rüdiger, 2006. "The effect of discounting, different mortality reduction schemes and predictive cohort life tables on risk acceptability criteria," Reliability Engineering and System Safety, Elsevier, vol. 91(4), pages 469-484.
    11. Doucouliagos, Chris & Stanley, T.D. & Giles, Margaret, 2012. "Are estimates of the value of a statistical life exaggerated?," Journal of Health Economics, Elsevier, vol. 31(1), pages 197-206.
    12. André de Palma & Néjia Zaouali, 2007. "Monétarisation des externalités de transport : un état de l'art," THEMA Working Papers 2007-08, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
    13. Baker, Rick & Ruting, Brad, 2014. "Environmental Policy Analysis: A Guide to Non‑Market Valuation," 2014 Conference (58th), February 4-7, 2014, Port Macquarie, Australia 165810, Australian Agricultural and Resource Economics Society.
    14. Andersson, Henrik & Hole, Arne Risa & Svensson, Mikael, 2016. "Valuation of small and multiple health risks: A critical analysis of SP data applied to food and water safety," Journal of Environmental Economics and Management, Elsevier, vol. 75(C), pages 41-53.
    15. Marcela Parada-Contzen & Felipe Vásquez-Lavín, 2019. "An analysis of economic incentives to encourage organ donation: evidence from Chile," Latin American Economic Review, Springer;Centro de Investigaciòn y Docencia Económica (CIDE), vol. 28(1), pages 1-18, December.
    16. S. Olofsson & U.-G. Gerdtham & L. Hultkrantz & U. Persson, 2018. "Measuring the end-of-life premium in cancer using individual ex ante willingness to pay," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 19(6), pages 807-820, July.
    17. Strand, Jon, 2009. "Valuing statistical lives from observations of speed limits and driving behavior," HERO Online Working Paper Series 2003:21, University of Oslo, Health Economics Research Programme.
    18. Naghmeh Niroomand & Glenn P. Jenkins, 2015. "Estimating the Value of Life, Injury, and Travel Time Saved Using a Stated Preference Framework," Development Discussion Papers 2015-08, JDI Executive Programs.
    19. Orley Ashenfelter & Michael Greenstone, 2004. "Using Mandated Speed Limits to Measure the Value of a Statistical Life," Journal of Political Economy, University of Chicago Press, vol. 112(S1), pages 226-267, February.
    20. Christoph Rheinberger, 2011. "A Mixed Logit Approach to Study Preferences for Safety on Alpine Roads," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 49(1), pages 121-146, May.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:transr:v:26:y:2005:i:4:p:487-500. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/TTRV20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.