Valuing Reductions in Fatal Illness Risks: Implications of Recent Research

Hammitt, James K. and Robinson, Lisa A. (2016) Valuing Reductions in Fatal Illness Risks: Implications of Recent Research. Health Economics, 25 (8). pp. 1039-1052.

Full text not available from this repository.
Official URL: http://tse-fr.eu/pub/30284

Abstract

The value of mortality risk reductions, conventionally expressed as the value per statistical life (VSL), is an important determinant of the net benefits of many government policies. U.S. regulators currently rely primarily on studies of fatal injuries, raising questions about whether different values might be appropriate for risks associated with fatal illnesses. Our review suggests that, despite the substantial expansion of the research base in recent years, few U.S. studies of illness-related risks meet criteria for quality, and those that do yield similar values to studies of injury-related risks. Given this result, combining the findings of these few studies with the findings of the more robust literature on injury-related risks appears to provide a reasonable range of estimates for application in regulatory analysis. Our review yields estimates ranging from about $4.2 million to $13.7 million with a mid-point of $9.0 million (2013 dollars). Although the studies we identify differ from those that underlie the values currently used by Federal agencies, the resulting estimates are remarkably similar, suggesting that there is substantial consensus emerging on the values applicable to the general U.S. population.

Item Type: Article
Language: English
Date: August 2016
Refereed: Yes
Uncontrolled Keywords: benefit-cost analysis, value per statistical life, regulation
JEL codes: D61 - Allocative Efficiency; Cost-Benefit Analysis
H43 - Project Evaluation; Social Discount Rate
I18 - Government Policy; Regulation; Public Health
Q51 - Valuation of Environmental Effects
Subjects: B- ECONOMIE ET FINANCE
Divisions: TSE-R (Toulouse)
Site: UT1
Date Deposited: 18 Mar 2016 14:39
Last Modified: 07 Mar 2018 13:23
OAI ID: oai:tse-fr.eu:30284
URI: http://publications.ut-capitole.fr/id/eprint/19966

Actions (login required)

View Item View Item