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July 26, 2022

SAB Review Draft. The Value of a Statistical Life: A Critical Review of Market Estimates Throughout the World by W. Kip Viscusi and Joseph E. Aldy Appendix I. VSL Studies Used in Three Meta Analyses Appendix J. Bibliography of New VSL Studies This paper is part of the Environmental Economics Research Inventory. The fractions shown in column 3 of Table 2-3 should be multiplied by the . According to AP's Seth Borenstein, "[I]n 2004, the agency cut the estimated value of a life by 8 percent." Then, in a May 2008 regulation for train and ship pollution, EPA failed to adjust the value for inflation. If you require an alternative version of files provided on this page, please contact jordan.riesenberg@dot.gov . . Uncertainties in value per statistical life estimates impact the extent to which COVID-19 policies yield net benefits. The VSL is not the value .

Measuring VSLY is complex though, especially in low-income and low-literacy communities. U.S. Environmental Protection Agency. Based on the gross domestic product (GDP) deflator this converts to approximately $6.2 million. . Values for years prior to 2021 are also shown in the table below: Current and Prior Year VSL Here's how the Associated Press describes a hypothetical result of this . There are complicatingassumptions used to derive these estimates so a Table 2-3 along with their corresponding dollar values (based on a $9.4 million value of a statistical life). Some have recommended using However, as noted by the US . CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): A substantial literature over the past thirty years has evaluated tradeoffs between money and fatality risks. We provide a pooled effect VSL estimate by applying the empirical Bayes random-effects estimation method. The Benefits and Costs of the Clean Air Act 1990 to 2010. . This Glucose 6-Phosphate Dehydrogenase Deficiency market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain . The U.S. Environmental Protection Agency once tried . It's something that has a role in public policy for instance, the EPA's guidelines include references to the VSL. Washington, DC: US Environmental Protection Agency, National Center for Environmental Economics. The DOT uses the following values to prepare its economic analyses: Statistical Value of Life and Injuries.

The Conversible Economist's Timothy Taylor pointed us to the EPA's FAQ page, which has an in-depth section devoted to calculating how much, for insurance purposes, a human life is worth . The value of a statistical life (VSL) is an estimate of the financial value society places on reducing the average number of deaths by one. The Numbers: The EPA values a life at around $9.7 million. the analysis of EPA's Science Advisory Board. Previously, the value of a human life was $7.8 million and the revised value is now $6.9 million. The DOT uses a value of statistical life (VSL) in evaluating some rulemaking initiatives. Economist of the Development Research Group, the World Bank, and Assistant Professor of Department of Economics, University of Sherbrooke. Indeed, how can These problems are both theoretical issues of interpretation, and difficult problems of measurement.1 A key issue to clarify at the outset is the precise meaning of the phrase 'the value of a statistical life', which many no doubt find distasteful. The fractions shown in column 3 of Table 2-3 should be multiplied by the . Ideally the value of statistical life would be estimated for each regulatory proposal taking into account the types of risks addressed and the people affected. From 1996 to 2003, the EPA kept the value of a statistical life generally around $7.8 million to $7.96 million in current dollars, according to reports analyzed by The AP. Value of a Statistical Life . Knowing that each statistical life is worth $4 . EPA (1998) uses a value per statistical life saved for fatal bladder cancers represented by a distribution with a mean of $5.6 million (1998 dollars). .

The VSL would be calculated in this manner: $200 [The increase in taxes per voting tax payer] X 100,000 [The number of voting tax payers] /5 [the expected reduction in cancer deaths from 5 to 0] = $4,000,000 per statistical life; $20 million dollars would be needed to save five statistical lives. The DOT puts its figure at around $9.4 million. As a result of the latest calculation, the EPA's valuation of a statistical life dropped significantly. Such an average VSL figure is consistent with the amount of compensation that workers receive for each expected workplace fatality. The method by which EPA estimates the economic value of mortality, "value of statistical life" (VSL), is a linear extrapolation of empirical estimates of marginal WTP for small reductions in the risk of death (or, conversely, willingness to accept (WTA) compensation for small increases in that risk). a statistical life. Report 410-R-99-001. Copy Link. The majority ruled that the EPA must Other studies that have been published in peer-reviewed journals tend to fall within this range, but the probability of higher or . The question gets even tougher. Value of Statistical Life: Revealed Preference Evidence 243 for mortality risk reduction based on 26 studies, 21 of which focus on income-risk tradeoffs in labor markets (Environmental Protection Agency 1997; Viscusi 1993). While the average U.S. household has a net worth of less than $100,000, the Environmental Protection Agency pegs the value of one life at about $10 million, one of the highest among federal. The AP investigation found EPA's most recent life value, $6.9 million, to be about $1 million lower than it was five years ago. but a science advisory board nixed that on Thursday. The transfer of an estimate of willingness to pay for risk reduction from the market Our meta-analysis indicates an income elasticity of the value of a statistical life from about 0.5 to 0.6. As of 2011, the Environmental Protection Agency set the value of a human life at $9.1 million. And the FDA values a life at about $9.3 million. in . VSL estimates are used by government agencies such as the Environmental Protection Agency (EPA), Food and Drug Administration, and others to conduct cost-benefit analyses of pollution control policies or other public benefit programs. EPA 410-R-97-002. Value of a Statistical Life Year (VSLY) provides an important economic measure of an individual's trade-off between health risks and other consumption, and is a widely used policy parameter. The simulations by Shepard and Zeck-hauser (1984) show a steadily declining value of life if there . A. Nobel Laureate Thomas Schelling, a game theorist, first coined the term "value of a statistical life" (VSL) in a 1968 essay titled The Life You Save May Be Your Own. The EPA also proposed changing person-value . At the EPA's $10 per micromort, it would be worth spending $100,000 to prevent a single infection with Covid-19. 1 WHY PREPARE AN RIA? Explain why economists need to calculate the value of a statistical life in order to estimate the costs and benefits of the new drinking water policy? Anti-pollution rules enacted by this agency, over the last five The absolute . epa recommends that the central estimate of $7.4 million ($2006), updated to the year of the analysis, be used in all benefits analyses that seek to quantify mortality risk reduction benefits regardless of the age, income, or other population characteristics of the affected population until revised guidance becomes available (see " what is the . U.S. Environmental Protection Agency (EPA) to revise downward its standardized estimate of society's WTP for aggregate mortality risk reductions from environmental policies (i.e., its estimate of "the VSL") from $7.8 million to $6.9 million.4 While Borenstein interviewed Measuring VSLY is complex though, especially in low-income and low-literacy communities. The value of statistical life . The value of a statistical life is easiest to understand through an example. For Chennai, for example, Table 2. The number increases to about $10 million when considering that workers are willing to give up some wages and additional benefits in order to work in safer conditions, Taylor and Lee found. Aldy's research is supported by the U.S. Environmental Protection Agency STAR program, the Switzer Foundation, and the Udall Founda-tion. Meanwhile, the Food and Drug Administration put it at $7.9 million and the Department of Transportation figure was around $6 million. The paper also presents a detailed discussion of policy applications of these value of a statistical life estimates and related issues, including risk-risk analysis. Columnist Jo Craven McGinty explores the . RIAs provide objective information and analysis that is essential for evidence-based decision-making. Abstract This paper on the value of a statistical life (VSL) has been prepared for the Handbook in Transport Economics, edited by Andr de Palma, Robin Lindsey, Emile Quinet and Roger Vickerman. That translates to a VSL of about $7 million very close to the $7.4 million in 2006 terms adopted by the EPA. (United States Environmental Protection Agency (USEPA), 1999), benefits of reduced mortality risks accounted for well over 90 percent of total monetized benefits. Value of Statistical Life Estimates on Which EPA VSL Estimate is Based B. Excerpts from Review of the Revised Analytical Plan for EPA's Second Prospective Analysis - Benefits and Costs of the Clean Air Act 1990-2020 , Draft Report, #EPA-SAB- on human life. THE VALUE OF STATISTICAL LIFE AND THE SOCIAL COST OF CARBON by Ethan Case Dr. Timothy Johnson, Adviser April 2013 . This is an oversimplification, of course; the actual formula is more like this: V = pum (w) + (1 - p)us (w) - but we won't try to break that down here. In Western countries and other liberal democracies, estimates for the value of a statistical life typically range from US$1 million US$10 million; for example, the United States FEMA estimated the value of a statistical life at US$7.5 million in 2020. The disutility factors or fractions are based on work conducted by Rebecca S. Spicer and Ted R. Miller. A 2017 article from Bloomberg took a deeper look into how the government uses VSL in setting policy, and what those implications are. . Specifically, the EPA uses $7.4 million in 2006 dollars and then adjusts for inflation, which works out to be $9.4 . The "value of statistical life" terminology was introduced by Thomas Schelling (1968) in his essay, "The Life You Save May Be Your Own." To that point, when econo- . Columns 2 and 4 of Table 2 Value of a Statistical Life Year (VSLY) provides an important economic measure of an individual's trade-off between health risks and other consumption, and is a widely used policy parameter. $7 million is the value of a human life according to EPA. (United States Environmental Protection Agency (USEPA) 1999; 2005), benets of reduced mortality risks accounted for well over 90 percent of total monetized benets. (EPA) set a lower value for the VSLs of elderly citizens than for younger citizens, to account for their fewer remaining life-years. In a Regulatory Impact Analysis of a proposed rule on surface water treatment, improvements in drinking water filtration are estimated to reduce mortality from Cryptosporidium illnesses (EPA, 2000a). "Final

1997. In 2004, for a major air . Alberini A, Cropper M, Krupnick A, Simon NB. Based on that, Pakistan has an economic value of life equal to $1.08m as opposed to $3.21m in the United States. Schelling's breakthrough . Broughel is also concerned that, by using a uniform value for the VSL, the U.S. Environmental Protection Agency (EPA) values short life extensions by $10 million. It's not a perfect science. Joseph Aldy, a public policy professor at Harvard's Kennedy School of Government, said that under President George W. Bush, the EPA tried to put a lower value on the life of an older person in . This analysis updates EPA's standard VSL estimate by using a more comprehensive collection of VSL studies that include studies published between 1992 and 2000, as well as applying a more appropriate statistical method. How do we value a statistical life? VSL value per statistical life VSLY value per statistical life year WTA willingness to accept compensation WTP willingness to pay. Bloomberg News has a really interesting piece about how the "value of a statistical life" that the government uses for regulatory purposes $10 million at the EPA, $9.5 million at the FDA, $9.6 million at the Department of Transportation is sharply higher than other measures, such as lifetime earnings for college graduates, jury wrongful death awards, or life insurance policy face values. USEPA (United States Environmental Protection Agency) 2000, Guidelines for Preparing Economic Analyses, Office of the Administrator, EPA 240-R-00-003 . When the tradeoff values are derived from choices in market contexts the VSL serves as both a measure of the population's

Does the value of a statistical life vary with age and health . Value of statistical life analysis and environmental policy: A white paper (for Presentation to Science Advisory Board, Environmental Economics Advisory Committee). The premiums estimated for job risks in Table 2 are used to estimate the implicit value of life and limb. From 1996 to 2003, EPA kept the value of a statistical life generally around $7.8 million to $7.96 million in current dollars, according to reports analyzed by The AP. Valuation of a Statistical Life Update 2021 - Transmittal Memorandum DOT is committed to ensuring that information is available in appropriate alternative formats to meet the requirements of persons who have a disability. A Critique of the Value of Statistical Life Matthew D. Adler,1 Duke University June 25, 2020 Abstract: The value of statistical life (VSL) . . . For more information, please see the latest memorandum on " Revised Departmental Guidance on Valuation of a Statistical Life in Economic Analysis ." (1999). [3] Contents 1 Treatment in economics and methods of calculation 2 Comparisons to other methods Are any of these the right answer? 4 One related issue is whether to report only the value individuals are willing to pay (e.g., the $900 in the preceding example) or to convert it into a value per statistical case (the $9 million in the example). The absolute size of mortality benefits is driven by two factors, the relatively strong The Value of Statistical Life: A Contingent Investigation in China Hua Wang and Jie He1 JEL classification: Key words: Value of Statistical Life (VSL), Contingent Valuation, Willingness to Pay, MBDC, China 1 The authors are Sr. The Benefits and Costs of the Clean Air Act, 1970 to 1990. Table 2.

In particular, fatality risk reduction is central to the mission of the Environmental Protection Agency (EPA). Based on the methodology adopted in the 2013 guidance, price and real income changes since 2012 yield a current VSL estimate of $11.8 million for analyses using a base year of 2021. Premature deaths may be caused for many reasons, one of these, is air pollution, another, unhealthy food and water, and so View the full answer W. Kip Viscusi Joseph E. Aldy the risk of physical harm - known as the value of statistical life. The US Environmental Protection Agency (EPA) has been the target of two recent controversies involving the devaluation of life: the 2003 use of a senior discount for the value of statistical life for people over age 65, and the 2008 downward reassessment of the value of statistical life by the EPA Air Office. Footnote 3 In order to estimate the value of a statistical life based on the coefficients obtained, the values of the coefficients need to be scaled up. EPA = s Guidelines advise analysts to use a central VSL estimate of $4.8 million in 1990 dollars. in measuring the value of a statistical life. 9 A review published in 2013 reported that there were "well over a hundred VSL studies." 3 Based primarily on wage-risk studies, EPA currently values a statistical life at $7.4 million (2006 dollars), the .

Bloomberg News has a really interesting piece about how the "value of a statistical life" that the government uses for regulatory purposes $10 million at the EPA, $9.5 million at the FDA, $9.6 million at the Department of Transportation is sharply higher than other measures, such as lifetime earnings for college graduates, jury wrongful death awards, or life insurance policy face values. Based on international and Australian research a credible estimate of the value of statistical life is $5.0m and the value of statistical life year is $000 in 217, 2020 dollars. National Center for Environmental Economics, U.S. Environmental Protection Agency. Using a large randomized experiment (N = 3027), we study methodological aspects of stated-preference elicitation . The US Environmental Protection Agency (EPA) began using VSL estimates to value lives saved by environmental standards in the mid-1980s. this white paper addresses current and recent u.s. environmental protection agency (epa) practices regarding the valuation of mortality risk reductions, focusing especially on empirical estimates of the "value of a statistical life" (vsl) from stated preference and hedonic wage studies and how they might be summarized and applied to new policy U.S. Environmental Protection Agency (EPA). of the Value of a Statistical Life for Environmental Policy Analysis . $129,000 is the average historic legal value of a human life in America. 3. Last week, it was revealed that an Environmental Protection Agency office had lowered its official estimate of life's value, from about $8.04-million to about $7.22-million. The Value of a Statistical Life Thomas J. Kniesner and W. Kip Viscusi Summary and Keywords The value of a statistical life (VSL) is the local tradeoff rate between fatality risk and money. The above-mentioned drinking water policy is estimated to have a total value of $3 million dollars for a . The disutility factors or fractions are based on work conducted by Rebecca S. Spicer and Ted R. Miller. The agency used numbers as low as $6.8 million during the . Reducing mortality risk represents the largest category of monetised benefits in Federal regulations over the past decade (US OMB 2014).

cited in "Value of Statistical Life Analysis and Environmental Policy: A White Paper" (April 21, 2004) This article reviews more than 60 studies of mortality risk premiums from ten countries and approximately 40 studies that present . Using a large randomized experiment (N = 3027), we study methodological aspects of stated-preference elicitation . The EPA wanted to soften "value of a statistical life" to "value of mortality risk" (lame!) The Income Elasticity of the Value per Statistical Life: Transferring Estimates between High and Low Income Populations - Volume 2 Issue 1. . VSL is the Value of a Statistical Life, which means, how much does it cost to avoid a premature death for an american citizen. If all life is worth the same amount, what is that dollar figure? Some have proposed using the "value of a statistical life year," or VSLY, as an alternative to the VSL in some cases. These values in turn serve as estimates of the value of a statistical life. The EPA's estimate of the "value of a statistical life" was $6.9m as of this May - down from $7.8m five years ago - according to an Associated Press study released today.