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 [[http://www.externe.info/brussels/methup05a.pdf European Commission 2005. ExternE, Externalities of Energy, Methodology 2005 Update. Bickel P & Friedrich R (Eds.)

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, as it had the best fit

Causality

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Result

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