Authors

W. Kip Viscusi

Document Type

Article

Publication Title

Duke Law Journal

Publication Date

2013

Page Number

1735

Keywords

mortality risk reduction, life expectancy forecasting, mortality statistics

Disciplines

Health Law and Policy | Insurance Law | Law

Abstract

A principal component of many benefit-cost analyses (BCAs) of health, safety, and environmental regulations is the valuation of the fatality risk effects of the underlying policy. Government agencies currently value these expected effects using estimates of the value of a statistical life (VSL), that is, the tradeoff rate between money and very small risks of death. This measure corresponds to BCA's theoretically appropriate benefits measure, which is society's willingness to pay for the risk reduction. Here, I will review the VSL approach, compare it to suggested alternatives that use happiness measures of well-being, and address some of the misunderstandings that may be contributing to some researchers' advocacy for the use of happiness scores for policy valuation.

Share

COinS
 
 

To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.