Valuing Statistical Lives: The Choice of Measure Also Matters

Jack Knetsch

Journal of Consumer Policy, 2004, vol. 27, issue 1, 99-104

Abstract: In a comment on an article in Journal of Consumer Policy by Don Kenkel, the author questions the suggestion in the previous article that estimates of the value of a statistical life should regularly be based on the WTP (willingness to pay) approach. There is much evidence of large disparities between valuations using the WTP and the WTA (willingness to accept) approaches, and using the WTP measure may in some cases lead to biased levels of regulatory control of harmful outcomes.

Date: 2004
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