Conclusions and policy implications
Abstract:While it is clear that there is no single ratio which can capture differences in risk preferences for children and adults, there is some evidence that the VSL for a child is greater than that of an adult. This has implications for policy evaluation and prioritisation, perhaps resulting in certain policy interventions passing benefit‐cost tests when this would not have been the case with the use of an undifferentiated VSL. However, it is clear that further work is required.
Document Type: Review Article
Publication date: December 1, 2010