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918 records from EconBiz based on author Name
1. A tale of the tails : the value of a statistical life at the tails of the age distribution
abstractThe considerable literature on the value of a statistical life (VSL) documents the wage-mortality risk tradeoffs for the working population. Regulatory analyses often must monetize risks to populations at the tails of the age distribution. Because of the longer life expectancy for children, there have been proposals to add a premium to their VSL, which would generate an inconsistency with revealed preference estimates of the VSL trajectory over the life cycle. The shorter life expectancy among older people has led to various arbitrary senior discounts for seniors' life expectancy. Application of the value of a statistical life year (VSLY) can address valuation of small changes in life expectancy. Examples of inappropriate age adjustments that we discuss include practices by the Consumer Product Safety Commission and the Environmental Protection Agency.
Kniesner, Thomas J.; Viscusi, W. Kip;2024
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
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Link Link 2. The military VSL
abstractOur research reviews theory and empirical evidence in the economics literature and provides a standard value of a statistical life (VSL) applicable to the Department of Defense (DOD). We follow Viscusi (2018a) by conducting a meta-analysis consisting of 1,025 VSL estimates from 68 different labor market studies and find a best-set average VSL estimate of $11.8 million (US$2021) across all studies. For DOD analysts and practitioners, we advocate using our best-set VSL estimate for the vast majority of benefit-cost analyses (BCAs) within the DOD. In addition to providing a VSL benchmark to use in DOD BCAs, we also breakdown casualty types and provide a range of VSL estimates to use in sensitivity analyses. Employing restricted data from the DOD on over 6,700 U.S. military fatalities in Afghanistan and Iraq from 2001 to 2021 we show that (1) fatalities are highly concentrated among young, white, and enlisted males, and that (2) fatality rates in the Army and Marines are in contrast to the low number of fatalities (less than 5%) in the Air Force and Navy. Applying standard VSL pay grade and income adjustments to U.S. military fatalities in Afghanistan and Iraq, we find adjusted VSL estimates ranging in value from $3.2 million to $27.6 million per statistical life (US$2021).
Kniesner, Thomas J.; Sullivan, Ryan; Viscusi, W. Kip;2024
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
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Link Link 3. Seven recommendations for pricing greenhouse gas emissions
Fraas, Arthur G.; Graham, John D.; Krutilla, Kerry M.; Lutter, Randall W.; Shogren, Jason F.; Thunström, Linda; Viscusi, W. Kip;2023
Type: Aufsatz in Zeitschrift; Article in journal;
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Link 4. When patients are assailants : valuing occupational risks in health care
Gentry, Elissa Philip; Viscusi, W. Kip;2023
Type: Aufsatz in Zeitschrift; Article in journal;
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Link 5. Promoting equity through equitable risk tradeoffs
Kniesner, Thomas J.; Viscusi, W. Kip;2023
Type: Aufsatz in Zeitschrift; Article in journal;
Availability:
Link Citations: 2 (based on OpenCitations)
6. Differences by race and ethnicity in title IX's effect on women's health
Beck, Delaney; Hersch, Joni; Viscusi, W. Kip;2023
Type: Aufsatz in Zeitschrift; Article in journal;
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Link 7. The broad impacts of disposable lighter safety regulations
Viscusi, W. Kip; Dalafave, Rachel;2022
Type: Aufsatz in Zeitschrift; Article in journal;
Availability:
Link Citations: 1 (based on OpenCitations)
8. Promoting equity through equitable risk tradeoffs
abstractThe impact and economic merits of President Biden's Executive Order 13985 on equity depend on how the executive order is implemented. While policy discussion to date has focused on equitable outcomes, we propose framing risk equity policies in terms of equitable risk tradeoff rates based on six policy guidelines. The starting point for ex ante evaluation of equity for mortality risk policies should be the symmetric application of the value of a statistical life (VSL) to all groups. Because of the substantial heterogeneity in VSLs by income and demographic characteristics, symmetric tradeoff rates generate subsidies and deficits relative to private values of risk. Efforts to provide for distributional preferences should be grounded in an understanding of the differentials already provided through application of a uniform VSL. Targeting government programs to specific groups ex ante should be coupled with estimates of the efficiency loss based on symmetric tradeoff rates and the implicit tradeoff rate ratio relative the average VSL needed to support the redistributive policy. Here we propose equity guidance that could be incorporated in a revised version of Office of Management and Budget Circular A-4. We contrast the ex ante equity guidance approach with the ex post risk equity evaluation procedure that is incorporated in the Biden Administration's recently proposed Justice40 plan, where 40 percent of the benefits of existing programs must be targeted to certain minority groups without ex post examination of their cost effectiveness either feasible or currently planned.
Kniesner, Thomas J.; Viscusi, W. Kip;2022
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
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Link Link 9. Compensating differentials for occupational health and safety risks : implications of recent evidence
abstractThe most enduring measure of how individuals make personal decisions affecting their health and safety is the compensating wage differential for job safety risk revealed in the labor market via hedonic equilibrium outcomes. The decisions in turn reveal the value of a statistical life (VSL), the value of a statistical injury (VSI), and the value of a statistical life year (VSLY), which have both mortality and morbidity aspects that we describe and apply here. All such tradeoff rates play important roles in policy decisions concerning improving individual welfare. Specifically, we explicate the recent empirical research on VSL and its related concepts and link the empirical results to the on-going examinations of many government policies intended to improve individuals' health and longevity. We pay special attention to recent issues such as the COVID pandemic and newly emerging foci on distributional consequences concerning which demographic groups may benefit most from certain regulations.
Kniesner, Thomas J.; Viscusi, W. Kip;2022
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
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Link Link 10. A Bayesian analysis of e-cigarette risk perceptions in the United Kingdom
Viscusi, W. Kip;2024
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link Link