title: The fatality and morbidity components of the value of statistical life.
abstract: The fatality risk-money tradeoff that is the value of a statistical life (VSL) may vary with the nature of the fatality event. While all fatalities involve loss of future life expectancy, the morbidity effects and their duration may differ. This article analyzes fatality risks accompanied by morbidity effects of different duration to disentangle the mortality and morbidity components of VSL using data from the Census of Fatal Occupational Injuries (CFOI). The VSL is comprised of the sum of the value of the fatality risk and the value of the morbidity risk. Labor market valuations of morbidity risks are positive, even for fatalities that are caused by traumatic injuries. The value of the fatality risk is the dominant component of VSL, rather than the value of the morbidity risk.
authors.affiliation: Vanderbilt University, 131, 21st Avenue South, Nashville, TN 37203, United States. Electronic address: elissa.philip@vanderbilt.edu.
authors.forename: Elissa Philip
authors.initials: EP
authors.lastname: Gentry
authors.affiliation: University Distinguished Professor of Law, Economics, and Management, Vanderbilt University 131, 21st Avenue South, Nashville, TN 37203, United States. Electronic address: kip.viscusi@vanderbilt.edu.
authors.forename: W Kip
authors.initials: WK
authors.lastname: Viscusi
mesh_terms: D000062:Accidents, Occupational / Q000401:mortality*; D019352:Censuses; D006801:Humans; D015233:Models, Statistical; D009017:Morbidity; D011050:Policy Making; D018570:Risk Assessment / Q000706:statistics & numerical data; D014481:United States / Q000453:epidemiology; D026712:Value of Life / Q000191:economics
keywords: Census of Fatal Occupational Injuries; Fatality; Morbidity; VSL; Value of a statistical life