Nber Working Paper Series the Mortality Cost to Smokers

This article estimates the mortality cost of smoking based on the first labor market estimates of the value of statistical life by smoking status. Using these values in conjunction with the increase in the mortality risk over the life cycle due to smoking, the value of statistical life by age and gender, and information on the number of packs smoked over the life cycle, produces an estimate of the private mortality cost of smoking of $222 per pack for men and $94 per pack for women in 2006 dollars, based on a 3 percent discount rate. At discount rates of 15 percent or more, the cost decreases to under $25 per pack. W. Kip Viscusi Vanderbilt Law School 131 21st Avenue South Nashville, TN 37203-1181 and NBER [email protected] Joni Hersch Vanderbilt Law School 131 21st Avenue South Nashville, TN 37203-1181 [email protected]