Age Differences in the Value of Statistical Life: Revealed Preference Evidence

Revealed preference evidence, especially based on wage-risk tradeoffs in the labor market, provides the primary empirical basis for analyses of the value of statistical life (VSL). This market evidence also provides guidance on how VSL varies with age. While labor market studies have generated conflicting evidence—some showing that VSL rises with age and others showing that VSL declines with age—more refined estimates that take into account the age variation in job fatality risks or life-cycle patterns of consumption show an inverted-U relation between the VSL and age. The value of a statistical life year shows a similar pattern and is not time-invariant. Applying estimates of the VSL-age relationship to an analysis of the Clear Skies initiative illustrates the implications of recognizing the age-VSL relationship.value of statistical life, VSL, value of statistical life year, risk

Variable speed limits: conceptual design for Queensland practice

Variable Speed Limits (VSL) is an Intelligent Transportation Systems (ITS) control tool which can enhance traffic safety and which has the potential to contribute to traffic efficiency. Queensland's motorways experience a large volume of commuter traffic in peak periods, leading to heavy recurrent congestion and a high frequency of incidents. Consequently, Queensland's Department of Transport and Main Roads have considered deploying VSL to improve safety and efficiency. This paper identifies three types of VSL and three applicable conditions for activating VSL on for Queensland motorways: high flow, queuing and adverse weather. The design objectives and methodology for each condition are analysed, and micro-simulation results are presented to demonstrate the effectiveness of VSL

Policy Relevant Heterogeneity in the Value of Statistical Life: New Evidence from Panel Data Quantile Regressions

We examine differences in the value of statistical life (VSL) across potential wage levels in panel data using quantile regressions with intercept heterogeneity. Latent heterogeneity is econometrically important and affects the estimated VSL. Our findings indicate that a reasonable average cost per expected life saved cut-off for health and safety regulations is $7 million to$8 million per life saved, but the VSL varies considerably across the labor force. Our results reconcile the previous discrepancies between hedonic VSL estimates and the values implied by theories linked to the coefficient of relative risk aversion. Because the VSL varies elastically with income, regulatory agencies should regularly update the VSL used in benefit assessments, increasing the VSL proportionally with changes in income over time.panel data, quantile regression, VSL, value of statistical life, fixed effects, PSID, fatality risk, CFOI

Unusual Features of Varying Speed of Light Cosmologies

We contrast features of simple varying speed of light (VSL) cosmologies with inflationary universe models. We present new features of VSL cosmologies and show that they face problems explaining the cosmological isotropy problem. We also find that if c falls fast enough to solve the flatness and horizon problems then the quantum wavelengths of massive particle states and the radii of primordial black holes can grow to exceed the scale of the particle horizon. This may provide VSL cosmologies with a self-reproduction property. The constraint of entropy increase is also discussed. The new problems described in the this letter provide a set of bench tests for more sophisticated VSL theories to pass.Comment: expanded version, 12 page

Are Estimates of the Value of a Statistical Life Exaggerated?

The magnitude of the value of a statistical life (VSL) is critical to the evaluation of many health and safety initiatives. To date, the large and rigorous VSL research literature has not explicitly accommodated publication selectivity bias (i.e., the reduced probability that insignificant or negative VSL values are reported). This study demonstrates that doing so is essential. For studies that employ hedonic wage equations to estimate VSL, correction for selection bias reduces the average value of a statistical life by seventy to eighty percent. Our meta-regression analysis also identifies several sources for the wide heterogeneity found among reported VSL estimates.Value of statistical life; meta-regression analysis; selectivity bias

Adjusting the Value of a Statistical Life for Age and Cohort Effects

To resolve the theoretical ambiguity in the effect of age on the value of statistical life (VSL), this article uses a novel, age-dependent fatal risk measure to estimate age-specific hedonic wage regressions. VSL exhibits an inverted-U shaped relationship with age. In the year 2000 cross-section, workers’ VSL rises from $3.2 million (ages 18–24), to$9.9 million (35–44), and declines to $3.8 million (55–62). Controlling for birth-year cohort effects in a minimum distance estimator yields a peak VSL of$7.8 million at age 46 and flattens the VSL-age relationship. The value of statistical life-year also follows an inverted-U shape with age.value of statistical life, job risks, hedonic wage regression, VSLY

Geometrodynamics of Variable-Speed-of-Light Cosmologies

This paper is dedicated to the memory of Dennis Sciama. Variable-Speed-of-Light (VSL) cosmologies are currently attracting interest as an alternative to inflation. We investigate the fundamental geometrodynamic aspects of VSL cosmologies and provide several implementations which do not explicitly break Lorentz invariance (no "hard" breaking). These "soft" implementations of Lorentz symmetry breaking provide particularly clean answers to the question "VSL with respect to what?". The class of VSL cosmologies we consider are compatible with both classical Einstein gravity and low-energy particle physics. These models solve the "kinematic" puzzles of cosmology as well as inflation does, but cannot by themselves solve the flatness problem, since in their purest form no violation of the strong energy condition occurs. We also consider a heterotic model (VSL plus inflation) which provides a number of observational implications for the low-redshift universe if chi contributes to the "dark energy" either as CDM or quintessence. These implications include modified gravitational lensing, birefringence, variation of fundamental constants and rotation of the plane of polarization of light from distant sources.Comment: 19 pages, latex 209, revtex 3.1; To appear in Physical Review D; Numerous small changes of presentation and emphasis; new section on the entropy problem; references updated; central results unaffecte

The value of a statistical life for out-of-hospital cardiac arrest victims

Background: Economic evaluation of policies regarding out-of-hospital cardiac arrest (OHCA) is important and we estimate the value of a statistical life (VSL) for OHCA victims. Method: Responses to a national Swedish mail survey in 2007, based on the stated-preference technique (contingent valuation) to directly elicit individuals hypothetical willingness to pay for a reduced risk of dying from OHCA. Results: VSL values are found to be higher than for comparable VSL estimates from the transport sector. A lower-bound estimate of VSL for OHCA would be around SEK 20-30 million. Conclusions: The results in this paper indicates that it is not an overestimation to use the „baseline VSL value from the transport sector (SEK 22 million) in cost-benefit analysis of OHCA policy decisions. We do not support a senior death discount for this cause of death.Contingent valuation; Value of a statistical life; Cardiac arrest