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

Authors

W. Kip Viscusi

Document Type

Article

Publication Title

Economic Inquiry

Publication Date

1-2004

ISSN

0095-2583

Page Number

29

Keywords

fatality risk, workers compensation

Disciplines

Law

Abstract

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. (JEL, J3, I1)

Recommended Citation

W. Kip Viscusi, The Value of Life: Estimates with Risks by Occupation and Industry, 42 Economic Inquiry. 29 (2004)
Available at: https://scholarship.law.vanderbilt.edu/faculty-publications/1583