Is there a meaningful definition of the value of a statistical life?
A definition of the value of a statistical life is derived. This definition has a meaningful interpretation in terms of the monetary value of expected present value utility if consumption is age-independent. In all other cases, empirical estimates of the value of a statistical life are biased estimators of the monetary counterpart to expected present value utility.
Johansson
P O
PO
Stockholm School of Economics, Box 6501, SE-113 83 Stockholm, Sweden. hepoj@hhs.se
D003627:Data Interpretation, Statistical; D006801:Humans; D008017:Life Expectancy; D008722:Methods; D017059:Models, Econometric; D019057:Quality-Adjusted Life Years; D014481:United States; D026712:Value of Life