Replication "Valuing Life as an Asset, as a Statistic, and at Gunpoint"

This project provides the data sets to replicate the results of the paper "Valuing Life as an Asset, as Statistics, and at Gunpoint" of Hugonnier, Pelgrin, and Saint-Amour (2021). The paper can be summarized as follows.<br><br>Rationalizing the stark differences between the Human Capital (HK) and the StatisticalValues (VSL) of a human life is complicated by the absence of common foundations.We solve a human capital investment model with longevity risk to characterize the HK.The associated indirect utility yields the willingness to pay (WTP) against mortality; themarginal WTP solves the VSL. Indifference between life and certain death characterizesthe limiting WTP and provides a Gunpoint Value (GPV). A structural estimation revealssimilar HK (300 K$) and GPV (251 K$) and explains a much larger VSL (4.98 M$) by astrongly concave WTP.