Economists often analyze cross-sectional data to estimate the value people implicit place on attributes of goods using hedonic methods. Usually strong enough assumptions are made on the functional form of utility to point identify individuals' willingness-to-pay (WTP) for changes in attribute...

The value of risks to life as measured by the risk-money trade-off plays a fundamental role in economic analyses of health and safety risks and serves as the principal benefit measure for government risk regulation policies. The hedonic models that have been employed to generate empirical...

Benefit-cost analyses in public health typically calculate the benefits of mortality reduction interventions by multiplying the Value of a Statistical Life (VSL) and the expected decrease in fatalities. This procedure approximates the benefits of small mortality changes but is inaccurate for...