This paper is the first empirical study to determine the value of a statistical life for the Federal Republic of Germany. The analyses are conducted on the basis of a data set composed of the IAB employment sample and information concerning industrial accidents from the employers' liability...

Longevity risk has become a major challenge for governments, individuals, and annuity providers in most countries, and especially its aggregate form, i.e. the risk of unsystematic changes to general mortality patterns, bears a large potential for accumulative losses for insurers. As obvious risk...

1 Introduction 11 1.1 Motivation 11 1.2 Pension insurance and riskmanagement 12 1.3 Solvency II 15 1.4 Value-at-Risk (VaR) 18 1.5 Insurancemodeling 19 2 Equity index model 23 2.1 Data on equity returns 23 2.2 Model specification and preliminary estimation 29 2.3 Parameter uncertainty via Markov...

We back out an estimate of a personal discount rate of between 3 and 4 percent for a person with a life expectancy of 74 years who dies at age 30 (or 40) and has a value of statistical life of $6.3 million. Central to these calculations is the series generated by Murphy and Topel of value of...