Value of a life year (VOLY)

This page is a knowledge crystal of subtype variable. The page identifier is Op_en3462
Moderator:Virpi Kollanus (see all)
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Scope

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Monetary value of a statistical life year derived from studies on societal willingness to pay (WTP) for mortality risk reductions.

Definition

Data

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ExternE 2005

Results are based on a contingent valuation study on changes in life-expectancy conducted in France, UK, and Italy.

• Chronic mortality impacts (death after 10 years of exposure, 3% discount rate applied)
  • Upper bound: €151 110
  • Mean: €125 250
  • Median: €55 800 (rounded to €50 000, recommended central estimate)
  • Lower bound: €18 250
• Acute mortality impacts (immediate death, assumed that the victim's health condition is not a factor in WTP, no discount applied)
  • Upper bound: €225 000
  • Median: €75 000
  • Lower bound: €27 240
• A Weibull distribution is assumed because it had the best fit to the data
• Upper and lower bounds are considerably less robust than the central estimates

NEEDS 2006

Recommended mean VOLY estimates for Europe:

• EU15 + Switzerland €41 000
• New member countries €33 000
• EU25 €40 000

Causality

List of upstream variables.
The variables can be listed used descriptive (free-format) names or unambiguous identifiers
(e.g. Analytica IDs).

Unit

Unit in which the result is expressed.

euro/one statistical life year

Formula

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(e.g. Analytica code between the ''<anacode></anacode>'' delimiters).

Result

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See also

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References

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