Age Variations in Workers' Value of Statistical Life

This paper develops a life-cycle model in which workers choose both consumption levels and job fatality risks, implying that the effect of age on the value of life is ambiguous. The empirical analysis of this relationship uses novel, age-dependent fatal and nonfatal risk variables. Workers' value of statistical life exhibits an inverted U-shaped relationship over workers' life cycle based on hedonic wage model estimates, age-specific hedonic wage estimates, and a minimum distance estimator. The value of statistical life for a 60-year old ranges from $2.5 million to$3.0 million -- less than half the value for 30 to 40-year olds.

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

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

The Value of Statistical Life: A Critical Review of Market Estimates throughout the World

A substantial literature over the past thirty years has evaluated tradeoffs between money and fatality risks. These values in turn serve as estimates of the value of a statistical life. This article reviews more than 60 studies of mortality risk premiums from ten countries and approximately 40 studies that present estimates of injury risk premiums. This critical review examines a variety of econometric issues, the role of unionization in risk premiums, and the effects of age on the value of a statistical life. Our meta-analysis indicates an income elasticity of the value of a statistical life from about 0.5 to 0.6. The paper also presents a detailed discussion of policy applications of these value of a statistical life estimates and related issues, including risk-risk analysis.Regulatory Reform

Effects of Dredge Material Placement on Macroinvertebrate Communities: Phase 1

ID: 8809; issued October 1, 1998INHS Technical Report prepared for Rock Island District, US Army Corps of Engineer

Computing the merger of black-hole binaries: the IBBH problem

Gravitational radiation arising from the inspiral and merger of binary black holes (BBH's) is a promising candidate for detection by kilometer-scale interferometric gravitational wave observatories. This paper discusses a serious obstacle to searches for such radiation and to the interpretation of any observed waves: the inability of current computational techniques to evolve a BBH through its last ~10 orbits of inspiral (~100 radians of gravitational-wave phase). A new set of numerical-relativity techniques is proposed for solving this ``Intermediate Binary Black Hole'' (IBBH) problem: (i) numerical evolutions performed in coordinates co-rotating with the BBH, in which the metric coefficients evolve on the long timescale of inspiral, and (ii) techniques for mathematically freezing out gravitational degrees of freedom that are not excited by the waves.Comment: 6 pages RevTe

The Relationship Between Selected Personality Variables and Compulsive Gamblers in Treatment

The empirical contributions of researchers on the personality characteristics associated with the identification and treatment of compulsive gambling have been largely piecemeal. As an active four year veteran of the Gamblers Anonymous program, the author has come to recognize that the vast majority of members comprising Gamblers Anonymous are persons typically not well versed in experimental design or research methodology techniques. Compounding this statement is the fact that it was not until the early 1980\u27s that compulsive gambling (or synonomously stated as pathological gambling) became recognized by the American Psychiatric Association as a mental disorder with explicit diagnostic signs and symptoms. As a result of these factors and additional issues presented below, the scientific research and conclusions drawn in the area of compulsive gambling have been limited and shallow