The Value of Statistical Life: A Meta-analysis of Meta-analyses

Spencer Banzhaf

No 29185, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The Value of Statistical Life (VSL) is arguably the most important number in benefit-cost analyses of environmental, health, and transportation policies. However, agencies have used a wide range of VSL values. One reason may be the embarrassment of riches when it comes to VSL studies. While meta-analysis is a standard way to synthesize information across studies, we now have multiple competing meta-analyses and reviews. Thus, to analysts, picking one such meta-analysis may feel as hard as picking a single "best study." This paper responds by taking the meta-analysis another step, estimating a meta-analysis (or mixture distribution) of six meta-analyses. The baseline model yields a central VSL of $7.0m, with a 90% confidence interval of $2.4m to $11.2m. The provided code allows users to easily change subjective weights on the studies, add new studies, or change adjustments for income, inflation, and latency.

JEL-codes: I12 I18 J17 J31 K32 Q51 (search for similar items in EconPapers)
Date: 2021-08
New Economics Papers: this item is included in nep-cwa, nep-hea, nep-isf and nep-lma
Note: EEE
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Citations: View citations in EconPapers (4)

Published as H. Spencer Banzhaf, 2022. "The Value of Statistical Life: A Meta-Analysis of Meta-Analyses," Journal of Benefit-Cost Analysis, vol 13(2), pages 182-197.

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Journal Article: The Value of Statistical Life: A Meta-Analysis of Meta-Analyses (2022)
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