The fatality and morbidity components of the value of statistical life

Journal of Health Economics
Elissa Philip Gentry, W Kip Viscusi

Abstract

The fatality risk-money tradeoff that is the value of a statistical life (VSL) may vary with the nature of the fatality event. While all fatalities involve loss of future life expectancy, the morbidity effects and their duration may differ. This article analyzes fatality risks accompanied by morbidity effects of different duration to disentangle the mortality and morbidity components of VSL using data from the Census of Fatal Occupational Injuries (CFOI). The VSL is comprised of the sum of the value of the fatality risk and the value of the morbidity risk. Labor market valuations of morbidity risks are positive, even for fatalities that are caused by traumatic injuries. The value of the fatality risk is the dominant component of VSL, rather than the value of the morbidity risk.

References

Mar 23, 2013·Health Economics·W Kip ViscusiJason Bell
Dec 5, 2013·Journal of Health Economics·Hristos DoucouliagosW Kip Viscusi
Dec 27, 2013·Case Reports in Anesthesiology·Eric S SchwenkEugene R Viscusi

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Citations

Aug 14, 2020·International Journal of Clinical Practice·David K MilesAdrian H Heald
Jul 18, 2020·Risk Analysis : an Official Publication of the Society for Risk Analysis·Lisa A RobinsonJason F Shogren
Nov 10, 2020·Journal of Risk and Uncertainty·W Kip Viscusi
Apr 7, 2021·Southern Economic Journal·W Kip Viscusi

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