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Title: Changes in the Value of Life, 1940-1980

Citation Type: Journal Article

Publication Year: 2004

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Abstract: We present the first nationwide value of life estimates for the United States at more than one point in time. Ourestimates are for every ten years between 1940 and 1980, a period when declines in fatal accident rates werehistorically unprecedented. Our estimated elasticity of value of life with respect to per capita GNP is 1.5 to 1.7.We illustrate the importance of rising value of life for policy evaluation by examining the benefits of improvedlongevity since 1900. Our estimated elasticity implies that the current marginal increase in longevity is morevaluable than the large increase in the first half of the twentieth century.

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

Periodical (Full): Journal of Risk and Uncertainty

Issue: 2

Volume: 29

Pages: 159-180

Data Collections: IPUMS USA

Topics: Health, Labor Force and Occupational Structure

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