The value of a statistical life: theoretical and empirical evidence.
The value of a statistical life is an important concept in health and environmental economics. This paper provides definitions of the value of a statistical life, and considers single-period and life cycle models. It shows how the value of a statistical life can be measured simply in empirical studies, and addresses the important age profile issue. Available empirical evidence is briefly presented, and recent studies are included that use meta-analysis to determine which variables are appropriate to explain the variance of estimates of the value of statistical life.
Johansson
Per-Olov
PO
Stockholm School of Economics, Box 6501, SE-113 83 Stockholm, Sweden. Per-Olov.Johansson@hhs.se
D000367:Age Factors; D001294:Attitude to Health; D005382:Financing, Personal; D006302:Health Services Research; D006801:Humans; D007182:Income; D008017:Life Expectancy; D017059:Models, Econometric; D018570:Risk Assessment; D026712:Value of Life / Q000191:economics*