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Full Description
Focuses on the variation in VSL both across different studies in the academic literature and in different policy contexts. These differences often reflect quite legitimate heterogeneity in the valuation of risk. This review of the academic literature is coupled with an examination of the policy arena's use of the VSL methodology.
Government agencies adopted the VSL approach to valuing risk regulations almost three decades ago. As government agencies continue to refine their benefit assessment procedure, the potential role of heterogeneity of VSL has moved to the forefront of these debates. Sections II through IV review various analytical underpinnings of the VSL methodology, particularly focusing onlabour market estimates. Subsequent sections consider different sources of heterogeneity, how these sources should influence benefit assessments, and how they have been used in actual policy contexts.
Contents
1. Introduction. 2. Calculating the Value of Statistical Life. 3. Heterogeneity of VSL Based on the Risk Level. 4. Segmented Labor Markets. 5. Heterogeneity Based on Age. 6. Value of a Statistical Life Year (VSLY). 7. Income Effects. 8. The Advent of Using VSL in the Policy Arena. 9. The "Senior Discount" Controversy. 10. Should Income Levels Matter? 11. The Devaluation of Life Controversy. 12. Adjustments for the Size of Risk. 13. Latency and Cancer Benefit Issues. 14. Dread and Contextual Sources of Variation in Valuing Life: Deaths from Attacks by Terrorists. 15. Should the VSL Be Added to the Present Value of Economic Damages? 16. Conclusion.
