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Valuing Mortality Risk Reductions in Global Benefit-Cost Analysis.

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Summary

Estimating the value of statistical life (VSL) is crucial for public health policies. Direct VSL estimates are scarce in low- and middle-income countries, necessitating careful extrapolation and sensitivity analysis.

Keywords:
low- and middle-income countriesvalue of mortality risk reductionsvalue per statistical lifewillingness to pay

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Area of Science:

  • Environmental Economics
  • Public Health Policy
  • Risk Assessment

Background:

  • Valuation of mortality risk reductions, often expressed as the value per statistical life (VSL), is critical for assessing public health and environmental policies.
  • While VSL is well-researched in high-income nations, data for low- and middle-income countries (LMICs) are limited, posing challenges for policy analysis.

Purpose of the Study:

  • To review the availability and limitations of VSL estimates in LMICs.
  • To highlight the common practice of extrapolating VSL from high-income countries and its inherent uncertainties.
  • To recommend methods for improving the reliability of VSL estimates in LMIC policy contexts.

Main Methods:

  • Systematic identification of 26 studies on VSL conducted in 172 LMICs over the past 20 years.
  • Analysis of the limitations and data gaps in existing VSL studies for LMICs.
  • Evaluation of extrapolation methods, including the selection of base values and income elasticities.

Main Results:

  • Few direct VSL estimates exist for most LMICs, with many identified studies having significant limitations.
  • Analysts commonly extrapolate VSL from high-income countries, adjusting solely for income differences.
  • The validity of these extrapolation assumptions is uncertain, impacting the reliability of policy-relevant VSL figures.

Conclusions:

  • The scarcity of direct VSL data in LMICs necessitates standardized sensitivity analyses when using extrapolated values.
  • Analysts must acknowledge the uncertainties associated with income-based VSL extrapolations.
  • Further research is essential to develop robust VSL estimates tailored to the contexts of low- and middle-income countries.