EfD Discussion Paper,
Environment for Development, University of Gothenburg

Abstract: In this paper, we estimate the Value of Statistical Life (VSL) for Chile, Colombia, and the United States using a hedonic wage model and a pseudo-panel approach. The VSL is a major component of costbenefit analysis of many policies including public health, transportation safety, and environmental regulation. Using pseudo-panels, also known as synthetic cohort data, to estimate the VSL is relevant for low- and middle-income countries, because many do not have panel data but do have repeated crosssectional information. We conclude that the pseudo-panel approach is a suitable alternative to estimate the VSL when panel data is not available.

Keywords: value of statistical life; hedonic price model; pseudo-panels

JEL-codes: Q51

Language: English

27 pages, June 23, 2020

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