Is there a meaningful definition of the value of a statistical life?

A definition of the value of a statistical life is derived. This definition has a meaningful interpretation in terms of the monetary value of expected present value utility if consumption is age-independent. In all other cases, empirical estimates of the value of a statistical life are biased estima...

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Bibliographic Details
Published in:Journal of health economics 2001, Vol.20 (1), p.131-139
Main Author: Johansson, Per-Olov
Format: Article
Language:English
Subjects:
Consumption
Data Interpretation, Statistical
Expected utility
Health administration
Health economics
Humans
Life Expectancy
Mathematical economics
Mathematical models
Methods
Models, Econometric
Present value
QALYs
Quality adjusted life years
Risk
Statistical analysis
Studies
Uncertainty
United States
Value of a statistical life
Value of Life
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Summary:A definition of the value of a statistical life is derived. This definition has a meaningful interpretation in terms of the monetary value of expected present value utility if consumption is age-independent. In all other cases, empirical estimates of the value of a statistical life are biased estimators of the monetary counterpart to expected present value utility.
ISSN:0167-6296
1879-1646
1879-1646
DOI:10.1016/S0167-6296(00)00073-4