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Defining the value of a statistical life: a comment.

Ake Blomqvist1

  • 1Applied Research and Analysis Directorate, Health Canada, and Department of Economics, University of Western Ontario, London. akeb@uwo.ca

Journal of Health Economics
|February 16, 2002
PubMed
Summary

This paper challenges the definition of the value of a statistical life (VSL), arguing the intuitive VSL definition is theoretically sound. It provides a basis for estimating the societal value of mortality-reducing projects.

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Area of Science:

  • Health Economics
  • Risk Assessment
  • Public Policy

Background:

  • Critiques the theoretical definition of the value of a statistical life (VSL).
  • Addresses claims that common VSL definitions and empirical estimates are biased.
  • Introduces an alternative theoretical VSL concept incorporating risk into budget constraints.

Discussion:

  • Argues for a theoretically correct VSL concept distinct from Johansson's.
  • Demonstrates how individual risk of death impacts lifetime budget constraints.
  • Contends that the intuitive VSL definition aligns with a robust theoretical framework.

Key Insights:

  • The intuitive definition of VSL is theoretically consistent.
  • A revised VSL concept integrates individual risk perception.

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  • Empirical VSL estimates can reliably inform mortality-reducing project valuation.

    • Outlook:

    • Re-evaluates the foundation for economic valuation of life-saving interventions.
    • Supports the use of established VSL metrics in policy decisions.
    • Highlights the importance of theoretical rigor in applied health economics.