How Much Is a Human Life Worth? A Systematic Review

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.