Fixed-effects hedonic price model for statistical value of live estimations

Pere Riera, Abir Mhawej, Robert Mavsar, Raul Brey

Research output: Contribution to journalArticleResearchpeer-review

7 Citations (Scopus)

Abstract

Relatively little attention has been given to the differences in value of statistical life (VSL) from developed and less developed countries. The paper derives a cross-countries VSL estimate based on road fatality accidents and it provides a test to check for such differences. Estimations were obtained from a fixed-effect hedonic price model applied to a panel of data using new and second-hand car prices from 27 countries as a dependent variable. The VSL estimate of €6.63 million is in line with results from other studies; and the income elasticity of VSL between countries is close to unity, implying that VSL is approximately proportional to income. © 2006 Taylor & Francis.
Original languageEnglish
Pages (from-to)487-500
JournalTransport Reviews
Volume26
Issue number4
DOIs
Publication statusPublished - 1 Jul 2006

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