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The Value of a Statistical Life for Risk-Averse and Risk-Seeking Individuals

机译：规避风险和寻求风险的个人的统计生命的价值

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摘要

This article estimates the value of a statistical life (VSL) for Chile under the hedonic wage method while accounting for individual risk preferences. Two alternative measures of risk aversion are used. First, risk aversion is directly measured using survey measures of preferences over hypothetical gambles, and second, over observed individual behaviors that may proxy for risk preferences, such as smoking status, are used. I reconcile the results with a theoretical model of economic behavior that predicts how the wage-risk tradeoff changes as risk aversion differs across individuals. The VSL estimates range between 0.61 and 8.68 million dollars. The results using smoking behavior as a proxy for risk attitudes are consistent with previous findings. However, directly measuring risk aversion corrects the wage-risk tradeoff estimation bias in the opposite direction. The results are robust to other observed measures of risk aversion such as drinking behavior and stock investments. Results suggest that, consistent with the literature that connects smoking behavior with labor market outcomes, smoking status could be capturing poor health productivity effect in addition to purely risk preferences.
机译：本文估算了享乐主义工资法下智利的统计寿命（VSL）值，同时考虑了个人风险偏好。使用了两种规避风险的方法。首先，使用对假设赌博的偏好调查方法直接测量风险规避，其次，使用观察到的可替代风险偏好（例如吸烟状况）的个人行为。我将这种结果与经济行为的理论模型相吻合，该模型预测了工资风险权衡会随着风险规避在各个个体之间的不同而变化。 VSL估计范围在0.61和868万美元之间。使用吸烟行为替代风险态度的结果与以前的发现一致。但是，直接测量风险厌恶可在相反方向上纠正工资-风险权衡估计偏差。该结果对于其他观察到的风险规避措施（如饮酒行为和股票投资）是有力的。结果表明，根据将吸烟行为与劳动力市场结果联系起来的文献，吸烟状态除了纯粹的风险偏好之外，还可能捕获不良的健康生产力影响。

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