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Policy Brief—What’s in a Name? A Search for Alternatives to “VSL”

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Listed:
  • Nathalie B Simon
  • Chris Dockins
  • Kelly B Maguire
  • Stephen C Newbold
  • Alan J Krupnick
  • Laura O Taylor

Abstract

Benefit–cost analyses of environmental, health, and safety regulations often rely on an estimate of the value of statistical life (VSL) to calculate the aggregate benefits of reducing human mortality risk. The VSL represents the marginal rate of substitution between mortality risk and money. Although this concept is well understood by economists, it is viewed by many noneconomists as confusing technical jargon that borders on the immoral. Based on focus groups and a quantitative ranking exercise, this article describes a systematic approach for identifying and testing alternatives to the VSL terminology, with the goal of identifying an alternative term that more clearly communicates the VSL concept to a broad audience.

Suggested Citation

  • Nathalie B Simon & Chris Dockins & Kelly B Maguire & Stephen C Newbold & Alan J Krupnick & Laura O Taylor, 2019. "Policy Brief—What’s in a Name? A Search for Alternatives to “VSL”," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 13(1), pages 155-161.
    • Handle: RePEc:oup:renvpo:v:13:y:2019:i:1:p:155-161.
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    File URL: http://hdl.handle.net/10.1093/reep/rey022
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    References listed on IDEAS

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    1. Scotton, Carol R. & Taylor, Laura O., 2011. "Valuing risk reductions: Incorporating risk heterogeneity into a revealed preference framework," Resource and Energy Economics, Elsevier, vol. 33(2), pages 381-397, May.
    2. Trudy Ann Cameron, 2010. "Euthanizing the Value of a Statistical Life," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 4(2), pages 161-178, Summer.
    3. Chris Dockins & Kelly B. Maguire & Steve Newbold & Nathalie B. Simon & Alan Krupnick & Laura O. Taylor, 2018. "What's in a Name? A Systematic Search for Alternatives to "VSL"," NCEE Working Paper Series 201801, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Jan 2018.
    4. H. Spencer Banzhaf, 2014. "Retrospectives: The Cold-War Origins of the Value of Statistical Life," Journal of Economic Perspectives, American Economic Association, vol. 28(4), pages 213-226, Fall.
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    Cited by:

    1. Jin, Yana & Andersson, Henrik & Zhang, Shiqiu, 2020. "Do preferences to reduce health risks related to air pollution depend on illness type? Evidence from a choice experiment in Beijing, China," Journal of Environmental Economics and Management, Elsevier, vol. 103(C).

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