Measuring the value of a statistical life: Problems and prospects

Orley Ashenfelter

doi:10.1111/j.1468-0297.2006.01072.x

Measuring the value of a statistical life: Problems and prospects

Orley Ashenfelter

Economics

Research output: Contribution to journal › Article › peer-review

79 Scopus citations

Abstract

Tradeoffs between monetary wealth and fatal safety risks are summarised in the value of a statistical life (VSL), a measure that is widely used for the evaluation of public policies in medicine, the environment, and transportation safety. This article demonstrates the widespread use of this concept and summarises the major issues, both theoretical and empirical, that must be confronted in order to provide a credible estimate of a VSL. The article concludes with an application of these issues to a particular study of speed limits and highway safety.

Original language	English (US)
Pages (from-to)	C10-C23
Journal	Economic Journal
Volume	116
Issue number	510
DOIs	https://doi.org/10.1111/j.1468-0297.2006.01072.x
State	Published - Mar 2006

All Science Journal Classification (ASJC) codes

Economics and Econometrics

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10.1111/j.1468-0297.2006.01072.x

Cite this

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Measuring the value of a statistical life: Problems and prospects

Abstract

All Science Journal Classification (ASJC) codes

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