Complementarity and the Measurement of Individual Risk Tradeoffs: Accounting for Quantity and Quality of Life Effects

被引：0
作者：
Mary F. Evans
V. Kerry Smith
机构：
[1] University of Tennessee,Department of Economics
[2] Arizona State University,Department of Economics
来源：
Environmental and Resource Economics | 2008年 / 41卷
关键词：
Value of a statistical life; Hedonic wage method; Benefit cost analysis; Quality of life; J17; I12;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
This paper considers the factors responsible for differences with age in estimates of the wage compensation an individual requires to accept increased occupational fatality risk. We derive a relationship between the value of a statistical life (VSL) and the degree of complementarity between consumption and labor supplied when health status serves as a potential source of variation in this relationship. Our empirical analysis finds that variations in an individual’s health status or quality of life and anticipated longevity threats lead to significant differences in the estimated wage/risk tradeoffs. We describe how extensions to the specification of hedonic wage models, including measures for quality of life and anticipated longevity threats, help to explain the diversity in past studies examining how the estimated wage–risk tradeoff changes with age.
引用
收藏
页码：381 / 400
页数：19
相关论文
共 44 条
  • [1] Aldy JE(2007)Age differences in the value of statistical life: revealed preference evidence Rev Environ Econ Policy 1 240-260
  • [2] Viscusi WK(1997)Preference parameters and behavioral heterogeneity: an experimental approach in the health and retirement study Q J Econ 112 537-580
  • [3] Barsky RB(1978)The effect of taxation on labor supply: evaluating the gary negative income tax experiment J Polit Econ 86 1103-1130
  • [4] Juster FT(2006)A new method for estimating risk aversion Am Econ Rev 96 1821-1834
  • [5] Kimball MS(2001)Background risks and the value of a statistical life J Risk Uncertain 23 261-279
  • [6] Shapiro MD(2004)Does risk aversion increase the value of mortality risk? J Environ Econ Manage 47 13-29
  • [7] Burtless G(2002)Identifying hedonic models Am Econ Rev Proc 92 304-309
  • [8] Hausman JA(2006)Do we really understand the Age–VSL relationship? Resour Energy Econ 28 242-261
  • [9] Chetty R(2007)The value of life and the rise in health spending Q J Econ 122 39-72
  • [10] Eeckhoudt LR(1991)Willingness to pay and willingness to accept: how much can they differ? Am Econ Rev 81 635-647
12345