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 ^[1]

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 ^[2]

Recommended mean VOLY estimates for Europe:

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

Causality

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References

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[1] European Commission 2005. ExternE, Externalities of Energy, Methodology 2005 Update. Bickel P & Friedrich R (Eds.)

[2] Desaigues et al. 2006. Final report on the monetary valuation of mortality and morbidity risks from air pollution. Ned Energy Externalities Developments for Sustainability (NEEDS). Sixth framework programme, Project no: 502687.

[1]

[2]