The valuation of mortality risk
Abstract:Environmental, health and transport polices often reduce mortality risks substantially. It is necessary to value such risk changes in monetary terms in order to compare them to costs in cost‐benefit analysis. This report uses meta‐analysis methods to take stock of stated preference studies that estimate the value of a statistical life (VSL) for adults, with the aim to explain people's preferences for mortality risk reductions and to recommend specific VSL estimates that may be used in policy analyses. Current regulatory practices vary considerably even between agencies within the same country. Hence, there is considerable scope for more consistent and efficient treatment of the benefits of mortality risk reductions.
Document Type: Review Article
Publication date: January 1, 2012