meaning “having a certain kind or extent of life,” is not derived from the preterit and past participle of the verb live [liv] /lɪv/ (Show IPA)
but from the noun life [lahyf] /laɪf/
to which the suffix -ed
has been added. The original pronunciation, therefore, and one still heard, is [lahyvd] /laɪvd/
which retains the vowel (ī) of life.
Since the f
changes to v
with the addition of this suffix, as when leaf
is identical in spelling with the preterit and past participle lived,
and conflation of the two has led to the increasingly frequent pronunciation of this lived
as [livd] /lɪvd/
in such combinations as long-lived
Both pronunciations are considered standard.