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The Value of Statistical Life: A Meta-analysis of Meta-analyses

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  • H. Spencer Banzhaf

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 paper responds by taking the meta-analysis another step, estimating a meta-analysis (or mixture distribution) of six meta-analyses. The baseline model yields a central VSL of $7.0m, with a 90% confidence interval of $2.4m to $11.2m. 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

  • H. Spencer Banzhaf, 2021. "The Value of Statistical Life: A Meta-analysis of Meta-analyses," NBER Working Papers 29185, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:29185
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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. 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.
    3. Amy B. Rosenstein & Treye Thomas & Igor Linkov & Christopher Cummings & Kelby Kramer & Jason Deng & Miriam Pollock & Jeffrey M. Keisler, 2024. "Development of a population attributable risk screening tool to estimate health consequences of consumer product exposure," Environment Systems and Decisions, Springer, vol. 44(2), pages 280-292, June.
    4. 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.
    5. 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.
    6. 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).
    7. Cardoso, Diego S. & Dahis, Ricardo, 2024. "Calculating the economic value of non-marginal mortality risk reductions," Economics Letters, Elsevier, vol. 237(C).
    8. 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.
    9. St-Amour, Pascal, 2024. "Valuing life over the life cycle," Journal of Health Economics, Elsevier, vol. 93(C).
    10. 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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