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Estimating the value of a statistical life2004

the importance of omitted variables and publication bias

by Orley Ashenfelter

"In this paper we show that omitted variables and publication bias lead to severely biased estimates of the value of a statistical life. Although our empirical results are obtained in the context of a study of choices about road safety, we suspect that the same issues plague the estimation of monetary trade-offs regarding safety in other contexts"--National Bureau of Economic Research web site.

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