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The Value of Statistical Life in Road Safety: A Meta-Analysis

Adriana Blaeij, Raymond Florax, Piet Rietveld and Erik Verhoef

No 00-089/3, Tinbergen Institute Discussion Papers from Tinbergen Institute

Abstract: Accident costs are an important component of the external costs of traffic, a substantial part of whichis related to fatal accidents. The evaluation of fatal accident costs crucially depends on theavailability of an estimate for the economic value of a statistical life. The aim of the currentpaper is to present an overview of such estimates contained in the empirical literature on theeconomic valuation of statistical life in road safety. The technique of meta-analysis is used todetermine which variables are most appropriate to explain the variance of the value of statisticallife (VOSL) estimates that have been reported in the literature. The analysis shows, among otherthings, that the magnitude of estimates of the VOSL depends on the research method, as there is asignificant difference between stated and revealed preference studies. It also shows that VOSLestimates cannot simply be averaged over studies, as the magnitude of a VOSL estimate is directlyrelated to the initial level of risk to be caught up in a fatal traffic accident as well as the riskdecline implied by the research set-up.

Keywords: transport safety; value of statistical life; meta-analysis (search for similar items in EconPapers)
JEL-codes: D12 D81 I10 (search for similar items in EconPapers)
Date: 2000-11-16
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Citations: View citations in EconPapers (55)

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