@article{ref1,
title="The value of a statistical life and the coefficient of relative risk aversion",
journal="Journal of risk and uncertainty",
year="2005",
author="Kaplow, Louis",
volume="31",
number="1",
pages="23-34",
abstract="Individuals' risk preferences are estimated and employed in a variety of settings, notably including choices in financial, labor, and product markets. Recent work, especially in financial economics, provides estimates of individuals' coefficients of relative risk aversion ( R's ) in excess of one, and often significantly higher. However, it can be shown that high R's imply equally high values for the income elasticity of the value of a statistical life. Yet estimates of this elasticity, derived from labor and product markets, are in the range of 0.5 to 0.6. Furthermore, it turns out that even an R below one is difficult to reconcile with these elasticity estimates. Thus, there appears to be an important (additional) anomaly involving individuals' risk-taking behavior in different market settings.<p />",
language="",
issn="0895-5646",
doi="10.1007/s11166-005-2928-1",
url="http://dx.doi.org/10.1007/s11166-005-2928-1"
}