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| Author: | Viscusi, W. K. Aldy, E. A. |
| Title: | Labor market estimates of the senior discount for the value of statistical life |
| Journal: | Journal of Environmental Economics and Management
2007 : VOL. 53:3, p.377-392 |
| Index terms: | risk work |
| Freeterms: | value of statistical life senior discount compensating differentials |
| Language: | eng |
| Abstract: | This paper develops the first measures of age-industry job risks to examine the age variations in the value of statistical life. Due to the greater risk vulnerability of older workers, they face flatter wage-risk gradients than younger workers, which is shown empirically. Accounting for this heterogeneity in hedonic market equilibria leads to estimates of the value of statistical life-age relationship that follows an inverted U shape. The estimates of the value of statistical life range from $6.4 million for younger workers to a peak of $9.0 million for those aged 35-44, and then a decline to $3.8 million for those aged 55-62. The decline of the estimated value of statistical life with age is consistent with there being some senior discount in the Clear Skies Initiative analysis. |
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