Value of a statistical life (VSL)

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Scope

This includes a verbal definition of the spatial, temporal, and other limits
(system boundaries) of the variable. The scope is defined according to the use
purpose of the assessment(s) that the variable belongs to.

Monetary value of a statistical life. The value is derived from studies on societal willingness to pay (WTP) for mortality risk reductions. VSL should be thought of as a convenient way to summarize the value of small reductions in mortality risks. It is not meant to be applied to the value of saving the life of an identified person (i.e., the value of changing the risk of mortality from one to zero).

Definition

Data

Description of the data used for obtaining the value of the variable
(e.g. measurement data; mathematical method and its parameters).
Please include references (preferably using the <ref></ref> tags)
and links to original data, as appropriate.

VSL values used in CAFE CBA (2005)

• Median VSL €980 000
• Mean VSL €2 000 000

The values are based on the NewExt study, the objective of which was to derive monetary unit value for the incidence of premature death resulting from air pollution in Europe. Values were based on three surveys undertaken simultaneously in UK, France and Italy, using a common survey instrument designed to elicit willingness to pay for mortality risk reductions. The survey protocol included people over tha age of 40, with 1/3 of these above the age of 60.

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/life of one person

Formula

Algebra or other explicit methods if possible
(e.g. Analytica code between the ''<anacode></anacode>'' delimiters).

Result

If possible, a numerical expression or distribution.

See also

Links to relevant information that does not belong to Definition.

References

Will appear here automatically, if cited above using the <ref></ref> tags.
Additional references can also be listed here.