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The Value of Statistical Life: A Meta-Analysis of Meta-Analyses

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  • Banzhaf, H. Spencer

Abstract

The value of statistical life (VSL) is arguably the most important number in benefit–cost analyses of environmental, health, and transportation policies. However, agencies have used a wide range of VSL values. One reason may be the embarrassment of riches when it comes to VSL studies. While meta-analysis is a standard way to synthesize information across studies, we now have multiple competing meta-analyses and reviews. Thus, to analysts, picking one such meta-analysis may feel as hard as picking a single “best study.” This article responds by taking the meta-analysis another step, estimating a meta-analysis (or mixture distribution) of seven meta-analyses. The baseline model yields a central VSL of $8.0 m, with a 90 % confidence interval of $2.4–$14.0 m. The provided code allows users to easily change subjective weights on the studies, add new studies, or change adjustments for income, inflation, and latency.

Suggested Citation

  • Banzhaf, H. Spencer, 2022. "The Value of Statistical Life: A Meta-Analysis of Meta-Analyses," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 13(2), pages 182-197, July.
    • Handle: RePEc:cup:jbcoan:v:13:y:2022:i:2:p:182-197_3
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    Cited by:

    1. Alexander Cheung & Joseph Marchand & Patricia Mark, 2022. "Loss of Life and Labor Productivity: The Canadian Opioid Crisis," The ANNALS of the American Academy of Political and Social Science, , vol. 703(1), pages 303-323, September.
    2. Cardoso, Diego S. & Dahis, Ricardo, 2024. "Calculating the economic value of non-marginal mortality risk reductions," Economics Letters, Elsevier, vol. 237(C).
    3. Zubova, Ekaterina, 2022. "Value of statistical life in Russia: Estimates based on panel microdata for 2010–2020," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 65, pages 45-64.
    4. Bishop, Kelly C. & Kuminoff, Nicolai V. & Mathes, Sophie M. & Murphy, Alvin D., 2024. "The marginal cost of mortality risk reduction: Evidence from housing markets," Journal of Urban Economics, Elsevier, vol. 139(C).
    5. Jessica Carrick-Hagenbarth & Eric Edlund & Avanti Mukherjee, 2023. "Analysis of Hybrid Epidemiological-Economic Models of COVID-19 Mitigation Policies," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 49(4), pages 585-612, October.
    6. Cropper, Maureen L. & Joiner, Emily & Krupnick, Alan, 2023. "Revisiting the Environmental Protection Agency's Value of a Statistical Life," RFF Working Paper Series 23-30, Resources for the Future.
    7. St-Amour, Pascal, 2024. "Valuing life over the life cycle," Journal of Health Economics, Elsevier, vol. 93(C).
    8. Peter Benczur & Virmantas Kvedaras & Nadir Preziosi, 2023. "Health-adjusted income: complementing GDP to reflect the valuation of life expectancy," JRC Research Reports JRC134152, Joint Research Centre.
    9. Liang Tan & Aochen Cao & Dongyang Qiu & Bolin Liang, 2023. "Life Value Assessment Methods in Emerging Markets: Evidence from China," Sustainability, MDPI, vol. 15(10), pages 1-13, May.

    More about this item

    JEL classification:

    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • K32 - Law and Economics - - Other Substantive Areas of Law - - - Energy, Environmental, Health, and Safety Law
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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