The Economic Value of Preventing Fatalities: Recent evidence on the value of a statistical life in Sweden
AbstractAims: This paper briefly reviews the theoretical and empirical foundation for the economic valuation of preventing fatalities, referred to as the value of a statistical life (VSL), and summarizes recent published empirical evidence on VSL in Sweden. Methods: Literature searches were conducted in Econlit, Pubmed, Google Scholar and in bibliographies of published papers. Results: A total of nine published papers on the value of preventing fatalities in Sweden where identified since year 2000. Most studies have been conducted in a road-safety context, which may be explained by the widespread use of economic evaluations in this sector. Preferred policy estimates of the value of a statistical life in the road sector ranges from 13 to 57 million Swedish kronor (€1.4 to €6.1 million). Currently, official authorities in Sweden recommend a VSL of 22 million Swedish kronor (€2.4 million). Conclusion: In order to conduct an economic evaluation of a life-saving intervention it is necessary to have an explicit economic value of a prevented fatality. Empirical research on Swedish data suggests that an appropriate value is in the range of 13 to 57 million Swedish kronor (€1.4 to €6.1 million).
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Bibliographic InfoPaper provided by Örebro University, School of Business in its series Working Papers with number 2010:14.
Length: 15 pages
Date of creation: 14 Oct 2010
Date of revision:
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Postal: Örebro University School of Business, SE - 701 82 ÖREBRO, Sweden
Phone: 019-30 30 00
Fax: 019-33 25 46
Web page: http://www.oru.se/Institutioner/Handelshogskolan-vid-Orebro-universitet/
More information through EDIRC
Willingness to pay; Value of a statistical life; Stated Preferences; Revealed Preferences; Economic Evaluation;
Find related papers by JEL classification:
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
- H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health
- I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
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