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What determines the value of life? a meta‐analysis
Author(s) -
Mrozek Janusz R.,
Taylor Laura O.
Publication year - 2002
Publication title -
journal of policy analysis and management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.898
H-Index - 84
eISSN - 1520-6688
pISSN - 0276-8739
DOI - 10.1002/pam.10026
Subject(s) - meta analysis , sample (material) , value (mathematics) , economics , econometrics , range (aeronautics) , systematic review , policy analysis , actuarial science , statistics , medline , mathematics , political science , medicine , engineering , chemistry , chromatography , law , aerospace engineering
A large literature has developed in which labor market contracts are used to estimate the value of astatistical life (VSL). Reported estimates of the VSL vary substantially, from less than $100,000to more than $25 million. This research uses meta‐analysis to quantitatively assess the VSLliterature. Results from existing studies are pooled to identify the systematic relationships between VSLestimates and each study's particular features, such as the sample composition and research methods. Thismeta‐analysis suggests that a VSL range of approximately $1.5 million to $2.5 million(in 1998 dollars) is what can be reasonably inferred from past labor‐market studies when“best practice” assumptions are invoked. This range is considerably below many previous qualitativereviews of this literature. © 2002 by the Association for Public Policy Analysis and Management.