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Safety Investment and the Value of Life and Injury

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  • Barbara A. Soby
  • David J. Ball
  • Dawn P. Ives

Abstract

The requirement to reduce risk is moderated under British law by the notion of practicability or reasonable practicability. This implies that a balance should be struck, inter alia, between the costs of a risk‐reducing measure and its benefits in terms of life‐saving and injury avoidance. Clearly, were lives and injuries valued in monetary terms, balances and imbalances would be all the more easily identified. This paper reports on progress on the application of the Relative Utility Loss Approach to the valuation of injuries in the consumer and transportation spheres in the United Kingdom. Although the tools are as yet imperfect, striking accord is noticed between valuations of a range of serious and slight injuries obtained using three health state utility indices of disparate origin.

Suggested Citation

  • Barbara A. Soby & David J. Ball & Dawn P. Ives, 1993. "Safety Investment and the Value of Life and Injury," Risk Analysis, John Wiley & Sons, vol. 13(3), pages 365-370, June.
    • Handle: RePEc:wly:riskan:v:13:y:1993:i:3:p:365-370
    DOI: 10.1111/j.1539-6924.1993.tb01088.x
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    Cited by:

    1. Henson, Spencer & Caswell, Julie, 1999. "Food safety regulation: an overview of contemporary issues," Food Policy, Elsevier, vol. 24(6), pages 589-603, December.
    2. Fredrik Carlsson & Dinky Daruvala & Henrik Jaldell, 2012. "Do administrators have the same priorities for risk reductions as the general public?," Journal of Risk and Uncertainty, Springer, vol. 45(1), pages 79-95, August.
    3. Joakim A. L. Ramsberg & Lennart Sjöberg, 1997. "The Cost‐Effectiveness of Lifesaving Interventions in Sweden," Risk Analysis, John Wiley & Sons, vol. 17(4), pages 467-478, August.
    4. Bleichrodt, H., 2008. "The Value of Health," ERIM Inaugural Address Series Research in Management EIA-2008-036-MKT, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam..
    5. George Halkos & Argyro Zisiadou, 2020. "An Overview of the Technological Environmental Hazards over the Last Century," Economics of Disasters and Climate Change, Springer, vol. 4(2), pages 411-428, July.
    6. Knut Veisten & Åse Nossum & Juned Akhtar, 2009. "Total costs of injury from accidents in the home and during education, sports and leisure activities: estimates for Norway with assessment of uncertainty," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 10(3), pages 337-346, July.

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