Estimating the Value of a Statistical Life: The Importance of Omitted Variables and Publication Bias

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  • 1 January 2004
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      • Published in RePEc
Abstract
In this paper we show that omitted variables and publication bias lead to severely biased estimates of the value of a statistical life. Although our empirical results are obtained in the context of a study of choices about road safety, we suspect that the same issues plague the estimation of monetary trade-offs regarding safety in other contexts.
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