The Value of Life: Estimates with Risks by Occupation and Industry

The worker fatality risk variable constructed for this article uses BLS data on total worker deaths by both occupation and industry over the 1992–97 period rather than death risks by occupation or industry alone, as in past studies. The subsequent estimates using 1997 CPS data indicate a value of li...

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Bibliographic Details
Published in:Economic inquiry 2004-01, Vol.42 (1), p.29-48
Main Author: Viscusi, W. Kip
Format: Article
Language:English
Subjects:
Analysis
Compensation
Death
Economic analysis
Economic theory
Economics
Fatalities
Human capital
Injuries
Life insurance
Males
Mortality
Occupational accidents
Occupational health
Occupational safety
Risk
Value (Economics)
Variables
Wages & salaries
Workers compensation
Working conditions
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Summary:The worker fatality risk variable constructed for this article uses BLS data on total worker deaths by both occupation and industry over the 1992–97 period rather than death risks by occupation or industry alone, as in past studies. The subsequent estimates using 1997 CPS data indicate a value of life of $4.7 million for the full sample, $7.0 million for blue‐collar males, and $8.5 million for blue‐collar females. Unlike previous estimates, these values account for the influence of clustering of the job risk variable and compensating differentials for both workers' compensation and nonfatal job risks.
ISSN:0095-2583
1465-7295
DOI:10.1093/ei/cbh042