Publication selection and the income elasticity of the value of a statistical life

Estimates of the value of a statistical life (VSL) establish the price government agencies use to value fatality risks. Transferring these valuations to other populations often utilizes the income elasticity of the VSL, which typically draw on estimates from meta-analyses. Using a data set consistin...

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Bibliographic Details
Published in:Journal of health economics 2014-01, Vol.33, p.67-75
Main Authors: Doucouliagos, Hristos, Stanley, T.D., Viscusi, W. Kip
Format: Article
Language:English
Subjects:
Demography
Elasticity
Fatalities
Health administration
Humans
Income - statistics & numerical data
Income elasticity
Meta-analysis
Meta-Analysis as Topic
Meta-regression analysis
Models, Statistical
Publication Bias - statistics & numerical data
Regression Analysis
Risk assessment
Selectivity bias
Studies
Valuation methods
Value of Life - economics
Value of statistical life
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Summary:Estimates of the value of a statistical life (VSL) establish the price government agencies use to value fatality risks. Transferring these valuations to other populations often utilizes the income elasticity of the VSL, which typically draw on estimates from meta-analyses. Using a data set consisting of 101 estimates of the income elasticity of VSL from 14 previously reported meta-analyses, we find that after accounting for potential publication bias the income elasticity of value of a statistical life is clearly and robustly inelastic, with a value of approximately 0.25–0.63. There is also clear evidence of the importance of controlling for levels of risk, differential publication selection bias, and the greater income sensitivity of VSL from stated preference surveys.
ISSN:0167-6296
1879-1646
DOI:10.1016/j.jhealeco.2013.10.010