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The value of a statistical life: A meta-analysis with a mixed effects regression model

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  • Bellavance, Franois
  • Dionne, Georges
  • Lebeau, Martin

Abstract

The value of a statistical life (VSL) is a very controversial topic, but one which is essential to the optimization of governmental decisions. We see a great variability in the values obtained from different studies. The source of this variability needs to be understood, in order to offer public decision-makers better guidance in choosing a value and to set clearer guidelines for future research on the topic. This article presents a meta-analysis based on 39 observations obtained from 37 studies (from nine different countries) which all use a hedonic wage method to calculate the VSL. Our meta-analysis is innovative in that it is the first to use the mixed effects regression model [Raudenbush, S.W., 1994. Random effects models. In: Cooper, H., Hedges, L.V. (Eds.), The Handbook of Research Synthesis. Russel Sage Foundation, New York] to analyze studies on the value of a statistical life. We conclude that the variability found in the values studied stems in large part from differences in methodologies.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Health Economics.

Volume (Year): 28 (2009)
Issue (Month): 2 (March)
Pages: 444-464

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Handle: RePEc:eee:jhecon:v:28:y:2009:i:2:p:444-464

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Web page: http://www.elsevier.com/locate/inca/505560

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Keywords: Value of a statistical life Meta-analysis Mixed effects regression model Hedonic wage method Risk;

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Cited by:
  1. Martin L. Weitzman, 2009. "On Modeling and Interpreting the Economics of Catastrophic Climate Change," The Review of Economics and Statistics, MIT Press, vol. 91(1), pages 1-19, February.
  2. Hristos Doucouliagos, 2011. "How Large is Large? Preliminary and relative guidelines for interpreting partial correlations in economics," Economics Series 2011_5, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
  3. James K. Hammitt & Lisa A. Robinson, 2011. "The Income Elasticity of the Value per Statistical Life: Transferring Estimates between High and Low Income Populations," Journal of Benefit-Cost Analysis, De Gruyter, vol. 2(1), pages 1.
  4. Abdelaziz Benkhalifa & Mohamed Ayadi & Paul Lanoie, 2012. "Estimated hedonic wage function and value of life in an African country," Cahiers de recherche 12-01, HEC Montréal, Institut d'économie appliquée.
  5. Dionne, Georges & Lebeau, Martin, 2010. "Le calcul de la valeur statistique d’une vie humaine," L'Actualité Economique, Société Canadienne de Science Economique, vol. 86(4), pages 487-530, décembre.
  6. Olaf J. de Groot & Matthew D. Rablen & Anja Shortland, 2012. "Barrgh-gaining with Somali Pirates," Economics of Security Working Paper Series 74, DIW Berlin, German Institute for Economic Research.
  7. Cropper, Maureen & Hammitt, James & Robinson, Lisa, 2011. "Valuing Mortality Risk Reductions:Progress and Challenges," LERNA Working Papers 11.11.345, LERNA, University of Toulouse.
  8. Jaldell, Henrik & Lebnak, P & Anurak, A & Krongkan, B & Khanisthar, P, 2013. "Time is money, but how much? The monetary value of response time for Thai ambulance emergency services," Karlstad University Working Papers in Economics 8, Department of Economics, Karlstad University.
  9. Marija Bockarjova & Piet Rietveld & Erik T. Verhoef, 2012. "Composite Valuation of Immaterial Damage in Flooding: Value of Statistical Life, Value of Statistical Evacuation and Value of Statistical Injury," Tinbergen Institute Discussion Papers 12-047/3, Tinbergen Institute.
  10. T.D. Stanley & Hristos Doucouliagos, 2011. "Meta-Regression Approximations to Reduce Publication Selection Bias," Economics Series 2011_4, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
  11. Marija Bockarjova & Piet Rietveld & Erik T. Verhoef, 2012. "Scale, Scope and Cognition: Context Analysis of Multiple Stated Choice Experiments on the Values of Life and Limb," Tinbergen Institute Discussion Papers 12-046/3, Tinbergen Institute.
  12. Weitzman, Martin L., 2007. "Structural Uncertainty and the Value of Statistical Life in the Economics of Catastrophic Climate Change," Working paper 545, Regulation2point0.
  13. Jon Nelson & Peter Kennedy, 2009. "The Use (and Abuse) of Meta-Analysis in Environmental and Natural Resource Economics: An Assessment," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 42(3), pages 345-377, March.

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