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Article
Skill and the Value of Life
Journal of Political Economy (2002)
  • Jason Shogren
  • Tommy Stamland
Abstract
The value of statistical life (VSL) can be inferred through real-world wage-fatality risk trade-offs made across different occupations. paper shows that the VSL based on the wage risk trade-off tends be biased upward if it does not account for the diversity of unobservable skill to cope privately with job risk. This upward arises because the highest required wage differential among the workers is divided by their average risk across the population.
Disciplines
Publication Date
October, 2002
Publisher Statement
Original publication can be found in Journal of Political Economy
Citation Information
Jason Shogren and Tommy Stamland. "Skill and the Value of Life" Journal of Political Economy Vol. 110 Iss. 5 (2002)
Available at: http://works.bepress.com/jason_shogren/4/