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Title: The Rising Price of Nonmarket Goods

Citation Type: Journal Article

Publication Year: 2003

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Abstract: We document the price dynamics of nonmarket goods by estimating repeat cross-sectional hedonic regressions. We focus on two important and measurable nonmarket goods: job fatality risk and climate. In both cases we find that both price and quantity have been rising. This evidence is consistent with rising valuation. We use our estimates of job-risk compensating differentials to construct new evidence on long-run trends in value of life. Accounting for price changes affects how we view the retrospective and prospective benefits of medical innovations. A rising value of life implies that marginal improvements in safety and in longevity are becoming more valuable. We report evidence that the price of living in a temperate winter and summer climate has significantly increased over time.

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Authors: Costa, Dora L.; Kahn, Matthew E.

Periodical (Full): American Economic Review

Issue: 2

Volume: 93

Pages: 227-232

Data Collections: IPUMS USA

Topics: Other

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