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The Role of Publication Selection Bias in Estimates of the Value of a Statistical Life

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  • W. Kip Viscusi

    (Vanderbilt University Law School)

Abstract

Meta-regression estimates of the value of a statistical life (VSL) controlling for publication selection bias often yield bias-corrected estimates of VSL that are substantially below the mean VSL estimates. Labor market studies using the more recent Census of Fatal Occupational Injuries (CFOI) data are subject to less measurement error and also yield higher bias-corrected estimates than do studies based on earlier fatality rate measures. These results are borne out by the findings for a large sample of all VSL estimates based on labor market studies using CFOI data and for four meta-analysis data sets consisting of the authors’ best estimates of VSL. The confidence intervals of the publication bias-corrected estimates of VSL based on the CFOI data include the values that are currently used by government agencies, which are in line with the most precisely estimated values in the literature. © 2015 American Society of Health Economists and Massachusetts Institute of Technology

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  • W. Kip Viscusi, 2015. "The Role of Publication Selection Bias in Estimates of the Value of a Statistical Life," American Journal of Health Economics, University of Chicago Press, vol. 1(1), pages 27-52, Winter.
    • Handle: RePEc:ucp:amjhec:v:1:y:2015:i:1:p:27-52
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    1. Joseph E. Aldy & W. Kip Viscusi, 2008. "Adjusting the Value of a Statistical Life for Age and Cohort Effects," The Review of Economics and Statistics, MIT Press, vol. 90(3), pages 573-581, August.
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    27. Scotton Carol R., 2013. "New risk rates, inter-industry differentials and the magnitude of VSL estimates," Journal of Benefit-Cost Analysis, De Gruyter, vol. 4(1), pages 39-80, March.
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    3. Dennis Guignet & Matthew T. Heberling & Michael Papenfus & Olivia Griot, 2022. "Property Values, Water Quality, and Benefit Transfer: A Nationwide Meta-analysis," Land Economics, University of Wisconsin Press, vol. 98(2), pages 191-218.
    4. Thomas J. Kniesner & W. Kip Viscusi, 2023. "Compensating Differentials for Occupational Health and Safety Risks: Implications of Recent Evidence," Research in Labor Economics, in: 50th Celebratory Volume, volume 50, pages 83-116, Emerald Group Publishing Limited.
    5. Tamma Carleton & Amir Jina & Michael Delgado & Michael Greenstone & Trevor Houser & Solomon Hsiang & Andrew Hultgren & Robert E Kopp & Kelly E McCusker & Ishan Nath & James Rising & Ashwin Rode & Hee , 2023. "Valuing the Global Mortality Consequences of Climate Change Accounting for Adaptation Costs and Benefits," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 137(4), pages 2037-2105.
    6. W. Kip Viscusi, 2015. "The Role of Publication Selection Bias in Estimates of the Value of a Statistical Life," American Journal of Health Economics, University of Chicago Press, vol. 1(1), pages 27-52, Winter.
    7. Stanley, T. D. & Doucouliagos, Chris, 2019. "Practical Significance, Meta-Analysis and the Credibility of Economics," IZA Discussion Papers 12458, Institute of Labor Economics (IZA).
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    10. Hammitt, James K. & Tuncel, Tuba, 2023. "Monetary values of increasing life expectancy: sensitivity to shifts of the survival curve," TSE Working Papers 23-1416, Toulouse School of Economics (TSE).
    11. Lisa A. Robinson & James K. Hammitt, 2016. "Valuing Reductions in Fatal Illness Risks: Implications of Recent Research," Health Economics, John Wiley & Sons, Ltd., vol. 25(8), pages 1039-1052, August.
    12. James K. Hammitt & Tuba Tunçel, 2023. "Monetary values of increasing life expectancy: Sensitivity to shifts of the survival curve," Journal of Risk and Uncertainty, Springer, vol. 67(3), pages 239-269, December.
    13. Chris Doucouliagos, 2016. "Meta-regression analysis: Producing credible estimates from diverse evidence," IZA World of Labor, Institute of Labor Economics (IZA), pages 320-320, November.
    14. Algunaibet, Ibrahim M. & Pozo, Carlos & Galán-Martín, Ángel & Guillén-Gosálbez, Gonzalo, 2019. "Quantifying the cost of leaving the Paris Agreement via the integration of life cycle assessment, energy systems modeling and monetization," Applied Energy, Elsevier, vol. 242(C), pages 588-601.
    15. W. Kip Viscusi, 2020. "Pricing the global health risks of the COVID-19 pandemic," Journal of Risk and Uncertainty, Springer, vol. 61(2), pages 101-128, October.
    16. Nadia J. Sweis, 2022. "Revisiting the value of a statistical life: an international approach during COVID-19," Risk Management, Palgrave Macmillan, vol. 24(3), pages 259-272, September.
    17. Robert J. Johnston & Kevin J. Boyle & Maria L. Loureiro & Ståle Navrud & John Rolfe, 2021. "Guidance to Enhance the Validity and Credibility of Environmental Benefit Transfers," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 79(3), pages 575-624, July.
    18. David A. Anderson, 2020. "Natural Gas Transmission Pipelines: Risks and Remedies for Host Communities," Energies, MDPI, vol. 13(8), pages 1-10, April.
    19. Tamma Carleton & Amir Jina & Michael Delgado & Michael Greenstone & Trevor Houser & Solomon Hsiang & Andrew Hultgren & Robert E Kopp & Kelly E McCusker & Ishan Nath & James Rising & Ashwin Rode & Hee , 2023. "Valuing the Global Mortality Consequences of Climate Change Accounting for Adaptation Costs and Benefits," Journal of Economic Geography, Oxford University Press, vol. 137(4), pages 2037-2105.
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    21. W. Kip Viscusi, 2018. "Pricing Lives: International Guideposts for Safety," The Economic Record, The Economic Society of Australia, vol. 94(S1), pages 1-10, June.

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    More about this item

    Keywords

    VSL; Value of a statistical life; CFOI; labor market;
    All these keywords.

    JEL classification:

    • I10 - Health, Education, and Welfare - - Health - - - General
    • I11 - Health, Education, and Welfare - - Health - - - Analysis of Health Care Markets
    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development

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