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Synthesizing Values of Statistical Life for Energy-Environmental Policy Analysis

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  • J.P. Huang
  • B.W. Ang
  • K.L. Poh

Abstract

In energy and environmental investment or policy analysis, the valuation of human health risk is becoming an increasingly important issue. An often used measure of the human health risk is the value of the statistical life. However, estimates of this value tend to vary significantly from one study to another, due to the controversial nature of the problem. We use a recently proposed approach to synthesizing estimates of the value of life given in 19 different studies for the United States. The approach uses the Finite Mixture Distributions statistical technique and the Analytic Hierarchy Process multi-attribute analysis method. In the multi-attribute analysis, we assess the value of life estimates using nine criteria. We present the results obtained, and describe the uncertainty involved and some possible applications of the results.

Suggested Citation

  • J.P. Huang & B.W. Ang & K.L. Poh, 1997. "Synthesizing Values of Statistical Life for Energy-Environmental Policy Analysis," Energy & Environment, , vol. 8(3), pages 179-190, September.
    • Handle: RePEc:sae:engenv:v:8:y:1997:i:3:p:179-190
    DOI: 10.1177/0958305X9700800301
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    References listed on IDEAS

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    1. J.P. Huang & B.W. Ang & K.L. Poh, 1996. "Synthesizing Environmental Externality Costs – A Statistical and Multi-Attribute Analysis Approach," Energy & Environment, , vol. 7(3), pages 253-266, May.
    2. Craig A. Olson, 1981. "An Analysis of Wage Differentials Received by Workers on Dangerous Jobs," Journal of Human Resources, University of Wisconsin Press, vol. 16(2), pages 167-185.
    3. Yoram Wind & Thomas L. Saaty, 1980. "Marketing Applications of the Analytic Hierarchy Process," Management Science, INFORMS, vol. 26(7), pages 641-658, July.
    4. Kniesner, Thomas J & Leeth, John D, 1991. "Compensating Wage Differentials for Fatal Injury Risk in Australia, Japan, and the United States," Journal of Risk and Uncertainty, Springer, vol. 4(1), pages 75-90, January.
    5. Moore, Michael J. & Viscusi, W. Kip, 1990. "Discounting environmental health risks: New evidence and policy implications," Journal of Environmental Economics and Management, Elsevier, vol. 18(2), pages 51-62, March.
    6. Samuel Fankhauser, 1994. "The Social Costs of Greenhouse Gas Emissions: An Expected Value Approach," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 157-184.
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    Cited by:

    1. Zhou, P. & Ang, B.W. & Poh, K.L., 2006. "Decision analysis in energy and environmental modeling: An update," Energy, Elsevier, vol. 31(14), pages 2604-2622.

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