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| Value of Statistical Life× | Mfumo wa Bei za Hedonic× | |
|---|---|---|
| Nyanja | Uchumi | Uchumi |
| Familia≠ | Process / pipeline | Regression model |
| Mwaka wa asili≠ | 2003 | 1974 |
| Mwanzilishi≠ | Thomas Schelling; W. Kip Viscusi (empirical synthesis) | Sherwin Rosen |
| Aina≠ | Nonmarket valuation of mortality-risk reductions | Revealed preference valuation method |
| Chanzo asilia≠ | Viscusi, W. K., & Aldy, J. E. (2003). The value of a statistical life: a critical review of market estimates throughout the world. Journal of Risk and Uncertainty, 27(1), 5–76. DOI ↗ | Rosen, S. (1974). Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition. Journal of Political Economy, 82(1), 34–55. DOI ↗ |
| Majina mbadala≠ | VSL, Value of Statistical Life, Value per Statistical Life, Statistical Value of Life | Hedonic Regression, Characteristics Pricing Model |
| Zinazohusiana | 3 | 3 |
| Muhtasari≠ | The value of a statistical life (VSL) is the marginal rate of substitution between income and the probability of death — how much a population is collectively willing to pay for a small reduction in mortality risk, expressed per expected life saved. It is not the value of any identified person's life but the aggregate willingness to trade money for tiny risk changes: if 100,000 people each pay $100 to reduce their annual fatality risk by one in 100,000, society spends $10 million to prevent one statistical death, implying a VSL of $10 million. VSL is the central input to benefit-cost analysis of health, safety, and environmental regulations, and is estimated from labor-market wage-risk data (revealed preference) or from surveys (stated preference). | The hedonic pricing model, developed by Sherwin Rosen in 1974 and building on Kevin Lancaster's characteristics theory (1966), is an econometric method for valuing the implicit prices of product attributes by regressing market prices on observed characteristics. It reveals the trade-offs consumers are willing to make among product features and can be used to infer valuations of environmental amenities (e.g., air quality via house prices) and to adjust price indices for quality changes. |
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