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VSL Reconsidered: What do Labor Supply Estimates Reveal about Risk Preferences?

In: The Economics of Environmental Risk

Author

Listed:
  • V. Kerry Smith
  • Subhrendu K. Pattanyak
  • George L. Van Houtven

Abstract

We propose and illustrate a theoretically consistent framework for linking estimates of the value of a statistical life (VSL) to individual preferences. Our example suggests a method for using estimates of the labor supply elasticity to impute a VSL estimate.

Suggested Citation

  • V. Kerry Smith & Subhrendu K. Pattanyak & George L. Van Houtven, 2022. "VSL Reconsidered: What do Labor Supply Estimates Reveal about Risk Preferences?," Chapters, in: The Economics of Environmental Risk, chapter 6, pages 97-103, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:1195_6
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