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Public Choice about the Value of a Statistical Life for Cost-Benefit Analyses: The Case of Road Safety

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  • Georges Dionne
  • Paul Lanoie

Abstract

Cost-benefit analysts involved in evaluating projects influencing the risk of death and injury have access to a wide group of studies that provide a large range of estimates of the value of a statistical life. It is a difficult task to pick the right estimate. This paper discusses the potential avenues available to analysts looking for values of a statistical life to be used in cost-benefit analyses of projects involving changes in road safety. First, it discusses the relevance of looking for an original set of estimates involving a new study and the collection of new data. Second, if the time or the resources necessary to conduct a new study are not available, an analytical framework that allows a choice of estimates is offered. Another contribution of this paper is to present an up-to-date survey of studies on the value of a statistical life. © The London School of Economics and the University of Bath 2004

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Bibliographic Info

Article provided by London School of Economics and University of Bath in its journal Journal of Transport Economics and Policy.

Volume (Year): 38 (2004)
Issue (Month): 2 (May)
Pages: 247-274

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Handle: RePEc:tpe:jtecpo:v:38:y:2004:i:2:p:247-274

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Web page: http://www.bath.ac.uk/e-journals/jtep

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Cited by:
  1. TREICH Nicolas, 2008. "The value of a Statistical Life under Ambiguity Aversion," LERNA Working Papers 08.05.249, LERNA, University of Toulouse.
  2. Rohlfs, Chris & Sullivan, Ryan & Kniesner, Thomas J., 2012. "New Estimates of the Value of a Statistical Life Using Air Bag Regulations as a Quasi-Experiment," IZA Discussion Papers 6994, Institute for the Study of Labor (IZA).

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