Lives in the hands of economists : a critical review of the main methodologies used to derive the value of a statistical life

Patokos, Tassos (2010) Lives in the hands of economists : a critical review of the main methodologies used to derive the value of a statistical life. Environmental Economics, 1 (2). pp. 8-17. ISSN 1998-6041
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This paper aims at describing the notion of the value of a statistical life and its use for conducting cost-benefit analyses relevant to policies that affect health and safety. The distinction between statistical and identified lives is discussed, and the common methodologies for valuing a statistical life are critically presented. It is argued that, moral issues aside, there is also a series of technical and conceptual problems that relate to the valuation of a statistical life. The implication of this assertion is that, although cost-benefit analyses may generate insightful results, their policy suggestions should by no means be conclusive – especially when safety is at stake, and that various exogenous considerations should also be taken into account.


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