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Value of Life Saving: Implications of Consumption Activity
Abstract
This paper focuses on the typical individual's value of a small change in the probability of his survival. With a simple life-cycle model, the value is shown to be implied by consumption activity which affects risk. The premium an individual is willing to pay to reduce risk is estimated using probit analysis of automobile seat-belt use. The "value of life" is found to be about $370,000. This estimate is contrasted with the foregone-earnings approach by showing that a surplus value above earnings exists and the elasticity of the value with respect to earnings is less than one.
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Cited by
The value of a statistical life: A critical review of market estimates throughout the world
Viscusi, W. K., & Aldy, J. E. (2003) · Journal of Risk and Uncertainty · doi:10.1023/a:1025598106257 · Cited by 2,135
Willingness to Pay for a Quality-adjusted Life Year: In Search of a Standard
Hirth, R. A., Chernew, M. E., Miller, E., Fendrick, A. M., & Weissert, W. G. (2000) · Medical Decision Making · doi:10.1177/0272989x0002000310 · Cited by 850
The Value of Safety: Results of a National Sample Survey
Jones-Lee, M. W., Hammerton, M., & Philips, P. R. (1985) · The Economic Journal · doi:10.2307/2233468 · Cited by 508
The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World
Viscusi, W. K. K., & Aldy, J. E. (2002) · SSRN Electronic Journal · doi:10.2139/ssrn.362840 · Cited by 508
The value of statistical life in road safety: a meta-analysis
de Blaeij, A., Florax, R. J. G. M., Rietveld, P., & Verhoef, E. (2003) · Accident Analysis & Prevention · doi:10.1016/s0001-4575(02)00105-7 · Cited by 293
Metadata
- Authors
- Blomquist, G.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1979-06
- Volume
- 87
- Issue
- 3
- Pages
- 540-558
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2094963127
- Cited by
- 202
- References
- 0
- FWCI
- 20.95
- Type
- journal article
- Language
- en
- Open access
- closed
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- Blomquist, G. (1979). Value of Life Saving: Implications of Consumption Activity. Journal of Political Economy. https://doi.org/10.1086/260777
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
