VSL reconsidered: what do labor supply estimates reveal about risk preferences?
Smith, V. K., Pattanayak, S., & Van Houtven, G. (2003). VSL reconsidered: what do labor supply estimates reveal about risk preferences? Economics Letters, 80(2), 147-153.
We propose and illustrate a theoretically consistent framework for linking estimates of the value of a statistical life (VSL) to individual preferences. Our example suggests a method for using estimates of the labor supply elasticity to impute a VSL estimate. (C) 2003 Elsevier B.V. All rights reserved