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The Value of Statistical Life: Pursuing the Deadliest Catch

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Abstract
Observed tradeoffs between monetary returns and fatality risk identify estimates of the value of a statistical life (VSL), inform public policy and quantity preferences for environmental quality, health and safety. To date, few investigations have estimated the VSL associated with tradeoffs between returns from natural resource extraction activities and the fatality risks they involve. Furthermore researchers have been unable to determine whether or not one's VSL is stable across multiple decision environments using revealed preference methods. Understanding these tradeoffs (and the VSL that they imply) may be used to inform resource management policy and safety regulations, as well as our general understanding of the value of life. By modeling a commercial fishing captain's choice to fish or not, conditional on the observed risk, this research investigates these toics using data from the Alaskan red king crab and snow crab fisheries. Using weather conditions and policy variables as instruments, our estimates of the mean VSL range from $4.00 to $4.67M (depending on the modeling assumption and fishery analyzed) and are robust to the incorporation of heterogeneous preferences. Furthermore, given the unique nature of the data we are able to conduct an intra-vessel comparison of the VSL and conclude that for roughly 92% of the fishermen observed in the data seet their VSL estimates are stable across both fisheries.

Suggested Citation

  • Kurt E. Schnier & William C. Horrace & Ronald G. Felthoven, 2009. "The Value of Statistical Life: Pursuing the Deadliest Catch," Center for Policy Research Working Papers 117, Center for Policy Research, Maxwell School, Syracuse University.
    • Handle: RePEc:max:cprwps:117
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    File URL: https://surface.syr.edu/cpr/49/
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    Citations

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    Cited by:

    1. Thomas J. Kniesner & W. Kip Viscusi, 2023. "Compensating Differentials for Occupational Health and Safety Risks: Implications of Recent Evidence," Research in Labor Economics, in: 50th Celebratory Volume, volume 50, pages 83-116, Emerald Group Publishing Limited.
    2. Chris Rohlfs & Ryan Sullivan & Thomas Kniesner, 2015. "New Estimates of the Value of a Statistical Life Using Air Bag Regulations as a Quasi-experiment," American Economic Journal: Economic Policy, American Economic Association, vol. 7(1), pages 331-359, February.
    3. Kurt E. Schnier & Ronald G. Felthoven, 2013. "Production Efficiency and Exit in Rights-Based Fisheries," Land Economics, University of Wisconsin Press, vol. 89(3), pages 538-557.
    4. Laura Armey & Thomas J. Kniesner & John D. Leeth & Ryan Sullivan, 2022. "Combat, casualties, and compensation: Evidence from Iraq and Afghanistan," Contemporary Economic Policy, Western Economic Association International, vol. 40(1), pages 66-82, January.
    5. Akbar Marvasti & Sami Dakhlia, 2017. "Occupational Safety and the Shift from Common to Individual Fishing Quotas in the Gulf of Mexico," Southern Economic Journal, John Wiley & Sons, vol. 83(3), pages 705-720, January.
    6. Akbar Marvasti, 2020. "Value Of Life And Injury: Evidence From A U.S. Fishery," Contemporary Economic Policy, Western Economic Association International, vol. 38(4), pages 711-722, October.
    7. Goucher, Jeremy & Horrace, William C., 2012. "The value of life: Real risks and safety-related productivity in the Himalaya," Labour Economics, Elsevier, vol. 19(1), pages 27-32.
    8. James O’Brien, 2018. "Age, autos, and the value of a statistical life," Journal of Risk and Uncertainty, Springer, vol. 57(1), pages 51-79, August.
    9. Sami Dakhlia & Akbar Marvasti, 2020. "Regulatory Change, Market Structure, and Fatalities: The Case of the Gulf of Mexico Reef Fish Fishery," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 57(1), pages 1-26, August.

    More about this item

    Keywords

    value of statistical life (VSL); intra-agent VSL comparison; Alaskan crab fisheries;
    All these keywords.

    JEL classification:

    • J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy
    • Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery

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