title: Are estimates of the value of a statistical life exaggerated?
abstract: The magnitude of the value of a statistical life (VSL) is critical to the evaluation of many health and safety initiatives. To date, the large and rigorous VSL research literature has not explicitly accommodated publication selectivity bias (i.e., the reduced probability that insignificant or negative VSL values are reported). This study demonstrates that doing so is essential. For studies that employ hedonic wage equations to estimate VSL, correction for selection bias reduces the average value of a statistical life by 70-80%. Our meta-regression analysis also identifies several sources for the wide heterogeneity found among reported VSL estimates.
authors.affiliation: Deakin University, School of Accounting, Economics and Finance, Faculty of Business and Law, 221 Burwood Highway, Burwood VIC 3125, Australia. douc@deakin.edu.au
authors.forename: Chris
authors.initials: C
authors.lastname: Doucouliagos
authors.forename: T D
authors.initials: TD
authors.lastname: Stanley
authors.forename: Margaret
authors.initials: M
authors.lastname: Giles
mesh_terms: D003362:Cost-Benefit Analysis; D006801:Humans; D011336:Probability; D017594:Publication Bias; D012044:Regression Analysis; D015983:Selection Bias; D026712:Value of Life / Q000191:economics*