The Value of Statistical Life in Road Safety: A Meta-Analysis
AbstractAccident costs are an important component of the external costs of traffic, a substantial part of whichis related to fatal accidents. The evaluation of fatal accident costs crucially depends on theavailability of an estimate for the economic value of a statistical life. The aim of the currentpaper is to present an overview of such estimates contained in the empirical literature on theeconomic valuation of statistical life in road safety. The technique of meta-analysis is used todetermine which variables are most appropriate to explain the variance of the value of statisticallife (VOSL) estimates that have been reported in the literature. The analysis shows, among otherthings, that the magnitude of estimates of the VOSL depends on the research method, as there is asignificant difference between stated and revealed preference studies. It also shows that VOSLestimates cannot simply be averaged over studies, as the magnitude of a VOSL estimate is directlyrelated to the initial level of risk to be caught up in a fatal traffic accident as well as the riskdecline implied by the research set-up.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 00-089/3.
Date of creation: 16 Nov 2000
Date of revision:
Contact details of provider:
Web page: http://www.tinbergen.nl
transport safety; value of statistical life; meta-analysis;
Find related papers by JEL classification:
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- I10 - Health, Education, and Welfare - - Health - - - General
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Johannesson, Magnus & Johansson, Per-Olov & O'Conor, Richard M., 1996.
"The Value of Private Safety versus the Value of Public Safety,"
Working Paper Series in Economics and Finance
103, Stockholm School of Economics.
- Johannesson, Magnus & Johansson, Per-Olov & O'Conor, Richard M, 1996. "The Value of Private Safety versus the Value of Public Safety," Journal of Risk and Uncertainty, Springer, vol. 13(3), pages 263-75, November.
- Kip Viscusi, W. & Magat, Wesley A. & Huber, Joel, 1991. "Pricing environmental health risks: survey assessments of risk-risk and risk-dollar trade-offs for chronic bronchitis," Journal of Environmental Economics and Management, Elsevier, vol. 21(1), pages 32-51, July.
- Lanoie, Paul & Pedro, Carmen & Latour, Robert, 1995. "The Value of a Statistical Life: A Comparison of Two Approaches," Journal of Risk and Uncertainty, Springer, vol. 10(3), pages 235-57, May.
- Atkinson, Scott E & Halvorsen, Robert, 1990. "The Valuation of Risks to Life: Evidence from the Market for Automobiles," The Review of Economics and Statistics, MIT Press, vol. 72(1), pages 133-36, February.
- Dreyfus, Mark K & Viscusi, W Kip, 1995. "Rates of Time Preference and Consumer Valuations of Automobile Safety and Fuel Efficiency," Journal of Law and Economics, University of Chicago Press, vol. 38(1), pages 79-105, April.
- Smith, V Kerry & Desvousges, William H, 1987. "An Empirical Analysis of the Economic Value of Risk Changes," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 89-114, February.
- Jondrow, James & Bowes, Marianne & Levy, Robert, 1983. "The Optimal Speed Limit," Economic Inquiry, Western Economic Association International, vol. 21(3), pages 325-36, July.
- Card, David & Krueger, Alan B, 1995. "Time-Series Minimum-Wage Studies: A Meta-analysis," American Economic Review, American Economic Association, vol. 85(2), pages 238-43, May.
- Maier, G. & Gerking, S.D. & Weiss, P., 1989. "The economics of traffic accidents on Austrian roads: Risk lovers or policy deficit?," Open Access publications from Tilburg University urn:nbn:nl:ui:12-4742827, Tilburg University.
- Nijkamp, Peter & Rietveld, Piet & Spierdijk, Laura, 1999. "Classification techniques in quantitative comparative research : a meta-comparison," Serie Research Memoranda 0056, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
- Jones-Lee, Michael W & Loomes, Graham & Philips, P R, 1995. "Valuing the Prevention of Non-fatal Road Injuries: Contingent Valuation vs. Standard Gambles," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 676-95, October.
- Jones-Lee, M W & Loomes, G, 1995. "Scale and Context Effects in the Valuation of Transport Safety," Journal of Risk and Uncertainty, Springer, vol. 11(3), pages 183-203, December.
- Winston, Clifford & Mannering, Fred, 1984. "Consumer Demand for Automobile Safety," American Economic Review, American Economic Association, vol. 74(2), pages 316-19, May.
- Blomquist, Glenn C, 1979. "Value of Life Saving: Implications of Consumption Activity," Journal of Political Economy, University of Chicago Press, vol. 87(3), pages 540-58, June.
- Ghosh, Debapriya & Lees, Dennis & Seal, William, 1975. "Optimal Motorway Speed and Some Valuations of Time and Life," The Manchester School of Economic & Social Studies, University of Manchester, vol. 43(2), pages 134-43, June.
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page. reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Antoine Maartens (+31 626 - 160 892)).
If references are entirely missing, you can add them using this form.