Aggregation Biases in Estimates of the Value of a Statistical Life: Evidence from Logitudianl Matched Worker-Firm Data in Tawain

Hammitt, James K., Liu, Jin-Tan and Tsai, W-J (2011) Aggregation Biases in Estimates of the Value of a Statistical Life: Evidence from Logitudianl Matched Worker-Firm Data in Tawain. Environmental and Resource Economics, 49 (3). pp. 425-449.

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Official URL: http://tse-fr.eu/pub/25664

Abstract

This study uses a unique longitudinally-linked employer–employee dataset to
estimate the magnitude of bias in estimating the value per statistical life (VSL) that arises
from the conventional use of industry-average occupational risk. This unique dataset, covering
workers in Taiwan over the period 1998–2002, allows us to distinguish among potential
sources of bias including omitted variables and to control for the potential endogeneity of
firm-specific job risk with respect to unobserved worker and firm characteristics. We find
that VSL estimates based on risk data aggregated by three-digit manufacturing SIC codes
are biased downward by an order of magnitude compared with estimates using firm-specific
risk that control for endogeneity.

Item Type: Article
Language: English
Date: 2011
Refereed: Yes
Uncontrolled Keywords: Value per statistical life, Firm-level risk data, Linked employer-employee data
Subjects: B- ECONOMIE ET FINANCE
Divisions: TSE-R (Toulouse)
Site: UT1
Date Deposited: 09 Jul 2014 17:24
Last Modified: 07 Mar 2018 13:22
OAI ID: oai:tse-fr.eu:25664
URI: http://publications.ut-capitole.fr/id/eprint/15231

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