Best Estimate Selection Bias in the Value of a Statistical Life. Issue 2 (9th October 2017)

• Record Type: Journal Article
• Authors: Viscusi, W. Kip
• Is Part Of: Journal of benefit-cost analysis. Volume 9:Issue 2(2018)
• Page Start: 205
• Page End: 246
• Publication Date: 2017-10-09
• Subjects: I18, -- I12, -- K32, -- J17, -- J31; meta-analysis, -- publication selection bias, -- value of a statistical life, -- VSL; Cost effectiveness -- Periodicals; 658.1554
• DOI: 10.1017/bca.2017.21
• Languages: English
• ISSNs: 2194-5888

Abstract

Abstract : Selection of the best estimates of economic parameters frequently relies on the "best estimates" or a meta-analysis of the "best set" of parameter estimates from the literature. Using an all-set dataset consisting of all reported estimates of the value of a statistical life (VSL) as well as a best-set sample of the best estimates from these studies, this article estimates statistically significant publication selection biases in each case. Biases are much greater for the best-set sample, as one might expect, given the subjective nature of the best-set selection process. For the all-set sample, the mean bias-corrected estimate of the VSL for the preferred specification is $8.1 million for the whole sample and $11.4 million based on the CFOI data, while for the best-set results, the whole sample value is $3.5 million, and the CFOI data estimate is $4.4 million. Previous estimates of huge publication selection biases in the VSL estimates are attributable to these studies' reliance on best-set samples.