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Related Experiment Video

Updated: Oct 18, 2025

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How Much Is a Human Life Worth? A Systematic Review.

Elena Keller1, Jade E Newman1, Andreas Ortmann2

  • 1Centre for Big Data Research in Health, Sydney, New South Wales, Australia; National Perinatal Epidemiology and Statistics Unit, Sydney, New South Wales, Australia.

Value in Health : the Journal of the International Society for Pharmacoeconomics and Outcomes Research
|October 1, 2021
PubMed
Summary
This summary is machine-generated.

The value of a statistical life (VSL) varies significantly based on context, not methodology. Health economists and policymakers should utilize context-specific VSL estimates for accurate economic evaluations.

Keywords:
VSLrevealed preferencestated preferencesystematic reviewvalue of statistical lifewillingness to pay

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Area of Science:

  • Health Economics
  • Environmental Economics
  • Risk Analysis

Background:

  • The value of a statistical life (VSL) is a critical metric in policy decisions for risk-benefit analysis.
  • Existing VSL estimates exhibit considerable variation, necessitating a review of their elicitation methods and contexts.

Purpose of the Study:

  • To systematically review and compare monetary VSL estimates across various sectors and contexts.
  • To critically evaluate the elicitation methods employed in VSL studies.

Main Methods:

  • A systematic literature search was conducted across multiple databases (e.g., PubMed, Scopus, Web of Science) in June 2019.
  • 120 studies were included from 1455 identified, using PRISMA guidelines and a modified CHEERS checklist for quality assessment.
  • Methods included stated-preference (contingent valuation, discrete-choice experiments) and revealed-preference (compensating wage differentials) approaches.

Main Results:

  • VSL estimates varied substantially, influenced by context (sector, country income, socioeconomic status).
  • Median VSL estimates (2019 USD) were $5.7M (overall), $6.8M (health), $8.7M (labor market), and $5.3M (transportation safety).
  • Most included studies (87%) were assessed as high quality.

Conclusions:

  • Context, rather than methodology, is the primary driver of VSL estimate variation.
  • Higher median VSLs were observed for labor markets and developed countries.
  • There is a need for context-specific VSL estimates and methodological standardization for improved comparability.