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Public Choice about the Value of a Statistical Life for Cost-Benefit Analyses: The Case of Road Safety

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  • Georges Dionne
  • Paul Lanoie

Abstract

Cost-benefit analysts involved in evaluating projects influencing the risk of death and injury have access to a wide group of studies that provide a large range of estimates of the value of a statistical life. It is a difficult task to pick the right estimate. This paper discusses the potential avenues available to analysts looking for values of a statistical life to be used in cost-benefit analyses of projects involving changes in road safety. First, it discusses the relevance of looking for an original set of estimates involving a new study and the collection of new data. Second, if the time or the resources necessary to conduct a new study are not available, an analytical framework that allows a choice of estimates is offered. Another contribution of this paper is to present an up-to-date survey of studies on the value of a statistical life. © The London School of Economics and the University of Bath 2004

Suggested Citation

  • Georges Dionne & Paul Lanoie, 2004. "Public Choice about the Value of a Statistical Life for Cost-Benefit Analyses: The Case of Road Safety," Journal of Transport Economics and Policy, University of Bath, vol. 38(2), pages 247-274, May.
    • Handle: RePEc:tpe:jtecpo:v:38:y:2004:i:2:p:247-274
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    Citations

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    Cited by:

    1. Treich, Nicolas, 2010. "The value of a statistical life under ambiguity aversion," Journal of Environmental Economics and Management, Elsevier, vol. 59(1), pages 15-26, January.
    2. Ortiz, Ramon Arigoni & Markandya, Anil & Hunt, Alistair, 2009. "Willingness to Pay for Mortality Risk Reduction Associated with Air Pollution in Sao Paulo," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 63(1), April.
    3. Bellavance, Franois & Dionne, Georges & Lebeau, Martin, 2009. "The value of a statistical life: A meta-analysis with a mixed effects regression model," Journal of Health Economics, Elsevier, vol. 28(2), pages 444-464, March.
    4. Wijnen, Wim & Wesemann, Paul & de Blaeij, Arianne, 2009. "Valuation of road safety effects in cost-benefit analysis," Evaluation and Program Planning, Elsevier, vol. 32(4), pages 326-331, November.
    5. Dionne, Georges & Lebeau, Martin, 2010. "Le calcul de la valeur statistique d’une vie humaine," L'Actualité Economique, Société Canadienne de Science Economique, vol. 86(4), pages 487-530, décembre.
    6. Santos, Georgina & Behrendt, Hannah & Maconi, Laura & Shirvani, Tara & Teytelboym, Alexander, 2010. "Part I: Externalities and economic policies in road transport," Research in Transportation Economics, Elsevier, vol. 28(1), pages 2-45.
    7. W. Viscusi & Elissa Gentry, 2015. "The value of a statistical life for transportation regulations: A test of the benefits transfer methodology," Journal of Risk and Uncertainty, Springer, vol. 51(1), pages 53-77, August.
    8. Dionne, Georges & Pinquet, Jean, 2005. "Mesure des effets incitatifs à la prudence au volant créés par les sanctions et évaluation du pouvoir prédictif des infractions sur le risque routier," Working Papers 05-6, HEC Montreal, Canada Research Chair in Risk Management.
    9. Chris Rohlfs & Ryan Sullivan & Thomas Kniesner, 2015. "New Estimates of the Value of a Statistical Life Using Air Bag Regulations as a Quasi-experiment," American Economic Journal: Economic Policy, American Economic Association, vol. 7(1), pages 331-359, February.
    10. Arends, B.J. & Jonkman, S.N. & Vrijling, J.K. & van Gelder, P.H.A.J.M, 2005. "Evaluation of tunnel safety: towards an economic safety optimum," Reliability Engineering and System Safety, Elsevier, vol. 90(2), pages 217-228.
    11. Bert van Wee, 2011. "Transport and Ethics," Books, Edward Elgar Publishing, number 14281.
    12. Paul Lanoie & Alexandra Rochon-Fabien, 2011. "Promoting Pollution Prevention in Small Businesses: Costs and Benefits of the “Enviroclub” Initiative," Cahiers de recherche 11-02, HEC Montréal, Institut d'économie appliquée.
    13. Bert Wee & Piet Rietveld, 2013. "Using value of statistical life for the ex ante evaluation of transport policy options: a discussion based on ethical theory," Transportation, Springer, vol. 40(2), pages 295-314, February.
    14. Elaheh Ainy & Hamid Soori & Mojtaba Ganjali & Henry Le & Taban Baghfalaki, 2014. "Estimating Cost of Road Traffic Injuries in Iran Using Willingness to Pay (WTP) Method," PLOS ONE, Public Library of Science, vol. 9(12), pages 1-16, December.

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