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Valuing lives and life years: anomalies, implications, and an alternative

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  • DOLAN, PAUL
  • METCALFE, ROBERT
  • MUNRO, VICKI
  • CHRISTENSEN, MICHAEL C.

Abstract

Many government interventions seek to reduce the risk of death. The value of preventing a fatality (VPF) is the monetary amount associated with each statistical death that an intervention can be expected to prevent. The VPF has been estimated using a preference-based approach, either by observing market behaviour (revealed preferences) or by asking hypothetical questions that seek to replicate the market (stated preferences). The VPF has been shown to differ across and within these methods. In theory, the VPF should vary according to factors such as baseline and background risk, but, in practice, the estimates vary more by theoretically irrelevant factors, such as the starting point in stated preference studies. This variation makes it difficult to choose one unique VPF. The theoretically irrelevant factors also affect the estimates of the monetary value of a statistical life year and the value of a quality-adjusted life year. In light of such problems, it may be fruitful to focus more research efforts on generating the VPF using an approach based on the subjective well-being associated with different states of the world.

Suggested Citation

  • Dolan, Paul & Metcalfe, Robert & Munro, Vicki & Christensen, Michael C., 2008. "Valuing lives and life years: anomalies, implications, and an alternative," Health Economics, Policy and Law, Cambridge University Press, vol. 3(3), pages 277-300, July.
  • Handle: RePEc:cup:hecopl:v:3:y:2008:i:03:p:277-300_00
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    Cited by:

    1. Balmford, Ben & Bateman, Ian J. & Bolt, Katherine & Day, Brett & Ferrini, Silvia, 2019. "The value of statistical life for adults and children: Comparisons of the contingent valuation and chained approaches," Resource and Energy Economics, Elsevier, vol. 57(C), pages 68-84.
    2. Metcalfe, Robert & Dolan, Paul, 2012. "Behavioural economics and its implications for transport," Journal of Transport Geography, Elsevier, vol. 24(C), pages 503-511.
    3. Adler, Matthew, 2020. "What should we spend to save lives in a pandemic? A critique of the value of statistical life," LSE Research Online Documents on Economics 105283, London School of Economics and Political Science, LSE Library.
    4. Samuel Shillcutt & Damian Walker & Catherine Goodman & Anne Mills, 2009. "Cost Effectiveness in Low- and Middle-Income Countries," PharmacoEconomics, Springer, vol. 27(11), pages 903-917, November.
    5. Kevin Marsh & Ceri Phillips & Richard Fordham & Evelina Bertranou & Janine Hale, 2012. "Estimating cost-effectiveness in public health: a summary of modelling and valuation methods," Health Economics Review, Springer, vol. 2(1), pages 1-6, December.

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