Measuring the Value of a Statistical Life: Problems and Prospects

Orley Ashenfelter

No 884, Working Papers from Princeton University, Department of Economics, Industrial Relations Section.

Abstract: Tradeoffs between monetary wealth and fatal safety risks are summarized in the value of a statistical life (VSL), a measure that is widely used for the evaluation of public policies in medicine, the environment, and transportation safety. This paper demonstrates the widespread use of this concept and summarizes the major issues, both theoretical and empirical, that must be confronted in order to provide a credible estimate of a VSL. The paper concludes with an application of these issues to a particular study of speed limits and highway safety.

Keywords: Value of a statistical life; speed limits; value of time; safety risk (search for similar items in EconPapers)
JEL-codes: H43 I18 J17 R40 (search for similar items in EconPapers)
Date: 2005-12
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Citations: View citations in EconPapers (1)

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Related works:
Journal Article: Measuring the Value of a Statistical Life: Problems and Prospects (2006)
Working Paper: Measuring the Value of a Statistical Life: Problems and Prospects (2006)
Working Paper: Measuring the Value of a Statistical Life: Problems and Prospects (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:pri:indrel:505

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