This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

The Value of Statistical Life in Road Safety: A Meta-Analysis

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Arianne de Blaeij ()
Raymond J.G.M. Florax
Piet Rietveld ()
Erik T. Verhoef () (Vrije Universiteit)

Additional information is available for the following registered author(s):

Abstract

Accident costs are an important component of the external costs of traffic, a substantial part of which is related to fatal accidents. The evaluation of fatal accident costs crucially depends on the availability of an estimate for the economic value of a statistical life. The aim of the current paper is to present an overview of such estimates contained in the empirical literature on the economic valuation of statistical life in road safety. The technique of meta-analysis is used to determine which variables are most appropriate to explain the variance of the value of statistical life (VOSL) estimates that have been reported in the literature. The analysis shows, among other things, that the magnitude of estimates of the VOSL depends on the research method, as there is a significant difference between stated and revealed preference studies. It also shows that VOSL estimates cannot simply be averaged over studies, as the magnitude of a VOSL estimate is directly related to the initial level of risk to be caught up in a fatal traffic accident as well as the risk decline implied by the research set-up.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. 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.

File URL: http://www.tinbergen.nl/discussionpapers/00089.pdf
File Format: application/pdf
File Function:
Download Restriction: no

Publisher Info
Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 00-089/3.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length:
Date of creation: 16 Nov 2000
Date of revision:
Handle: RePEc:dgr:uvatin:20000089

Contact details of provider:
Web page: http://www.tinbergen.nl/

For technical questions regarding this item, or to correct its listing, contact: (Walther Schoonenberg).

Related research
Keywords: 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:

References listed on IDEAS
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.:
  1. Dreyfus, Mark K & Viscusi, W Kip, 1995. "Rates of Time Preference and Consumer Valuations of Automobile Safety and Fuel Efficiency," Journal of Law & Economics, University of Chicago Press, vol. 38(1), pages 79-105, April.
  2. Jondrow, James & Bowes, Marianne & Levy, Robert, 1983. "The Optimal Speed Limit," Economic Inquiry, Oxford University Press, vol. 21(3), pages 325-36, July.
  3. 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.
  4. 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.
    Other versions:
  5. 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. [Downloadable!] (restricted)
  6. Ghosh, Debapriya & Lees, Dennis & Seal, William, 1975. "Optimal Motorway Speed and Some Valuations of Time and Life," The Manchester School of Economic & Social Studies, Blackwell Publishing, vol. 43(2), pages 134-43, June.
  7. 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. [Downloadable!]
  8. 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. [Downloadable!] (restricted)
  9. 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. [Downloadable!] (restricted)
  10. Winston, Clifford & Mannering, Fred, 1984. "Consumer Demand for Automobile Safety," American Economic Review, American Economic Association, vol. 74(2), pages 316-19, May. [Downloadable!] (restricted)
  11. 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. [Downloadable!] (restricted)
  12. 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. [Downloadable!] (restricted)
  13. 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.
  14. 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. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, 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.)

  1. Strand, Jon, 2009. "Valuing statistical lives from observations of speed limits and driving behavior," HERO On line Working Paper Series 2003:21, Oslo University, Health Economics Research Programme. [Downloadable!]
  2. Georges Dionne & Paul Lanoie, 2002. "How to Make a Public Choice About the Value of a Statistical Life: The Case of Road Safety," Cahiers de recherche 02-04, HEC Montréal, Institut d'économie appliquée. [Downloadable!]
    Other versions:
  3. André de Palma & Néjia Zaouali, 2007. "Monétarisation des externalités de transport : un état de l'art," THEMA Working Papers 2007-08, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise. [Downloadable!]
  4. Oltmer, Katrin, 2003. "Agricultural Policy, Land Use And Environmental Effects: Studies In Quantitative Research Synthesis," Report Series 29088, Agricultural Economics Research Institute. [Downloadable!]
  5. Knut Veisten & Åse Nossum & Juned Akhtar, 2009. "Total costs of injury from accidents in the home and during education, sports and leisure activities: estimates for Norway with assessment of uncertainty," The European Journal of Health Economics, Springer, vol. 10(3), pages 337-346, July. [Downloadable!] (restricted)
  6. Jorge Eduardo Martínez Pérez & José María Abellán Perpiñán & José Luis Pinto Prades, 2007. "El Valor Monetario de la Vida Estadística en España a través de las Preferencias Declaradas," Hacienda Pública Española, IEF, vol. 183(4), pages 125-144, december. [Downloadable!]
    Other versions:
  7. Eric Koomen & Jasper Dekkers & Mark Koetse & Piet Rietveld & Henk Scholten, 2005. "Valuation of metropolitan open space - presenting the research framework," ERSA conference papers ersa05p599, European Regional Science Association. [Downloadable!]
Statistics
Access and download statistics

Did you know? You can use IDEAS to provide links to papers and articles in your course syllabus.

This page was last updated on 2009-12-3.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.