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There are many possible connections between VSL and behavioral economics. A list of topics includes endowment effects … utilities. There are also nudges that connect to estimating or using VSL in government decisions and cousins of behavioral …. Current evidence suggests that VSL and behavioral economics best connect via (1) possible multi-attribute reference group …
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This paper examines factors that may influence the estimates of the Value of a Statistical Life obtained from contingent valuation surveys that elicit the willingness to pay (WTP) for mortality risk reductions. We examine the importance of distributional assumptions, the choice of the welfare...
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