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An overview of Value of Statistical Life Estimations- Transportation Perspective

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  • Rouhani, Omid

Abstract

In this paper, I review the value of statistical life (VOSL) definitions/concepts, mainly in the transportation context. After examining the concept, I provide a background, discussing how the estimates should be different for each case study. Next, I overview a variety of previous studies globally, focusing on their estimated values. Finally, I summarize a few interesting observations regarding this extremely important factor for public policy analyses. The adjusted 2024 VOSL in U.S. dollars ranges from 0.1 million in Russia to 32 million in Canada; 320 times difference! In fact, VOSL values differ substantially by income, age, and geographical region as well as the sector of concern. This conclusion significantly impacts the application of VOSL for social welfare evaluations of transportation projects.

Suggested Citation

  • Rouhani, Omid, 2024. "An overview of Value of Statistical Life Estimations- Transportation Perspective," MPRA Paper 123119, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:123119
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    File URL: https://mpra.ub.uni-muenchen.de/123119/1/MPRA_paper_123119.pdf
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    More about this item

    Keywords

    Value of statistical life; Transportation; Health-related costs of travel; Social cost benefit analysis;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • H7 - Public Economics - - State and Local Government; Intergovernmental Relations
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • O22 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Project Analysis
    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics
    • R4 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics
    • R48 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Government Pricing and Policy

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