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The Monetary Value of a Statistical Life in the Context of Atherosclerotic Cardiovascular Disease

Author

Listed:
  • Jorge-Eduardo Martínez-Pérez

    (University of Murcia)

  • Fernando-Ignacio Sánchez-Martínez

    (University of Murcia)

  • José-María Abellán-Perpiñán

    (University of Murcia)

  • Domingo Pascual-Figal

    (University of Murcia)

Abstract

Aim This study aims to estimate the value of a statistical life (VSL) in the context of atherosclerotic cardiovascular disease (ASCVD) in Spain using a contingent valuation/standard gamble (CV/SG) chained approach. Methods The study employed a two-stage preference elicitation method that combined contingent valuation and a modified standard gamble technique. Specifically, willingness-to-pay and willingness-to-accept values were obtained for two health states depicting hypothetical outcomes following cardiovascular events. Subsequently, relative utility losses for the health states were derived using a modified standard gamble framing two risky choices. Chaining these elicited values allowed for VSL calculation without requiring direct valuation of small mortality risk reductions. The study was conducted through in-person interviews with a representative sample of 412 Spanish adults selected by stratified quotas. Results The estimated VSL range is from 1.59 to 2.06 million euros. Minor differences emerge between VSL figures on the basis of each of the two health states. These VSL estimates for ASCVD are congruent with the recent update of the official VSL estimated for Spain in the context of road traffic accidents, though the upper limit of the range is slightly higher (almost 9%). Conclusions VSL estimates align with existing ranges in other European countries, particularly in the context of road safety, where a significant portion of existing studies is concentrated. Comparisons with other contexts, involving cardiovascular diseases, also lend support to the estimates presented here.

Suggested Citation

  • Jorge-Eduardo Martínez-Pérez & Fernando-Ignacio Sánchez-Martínez & José-María Abellán-Perpiñán & Domingo Pascual-Figal, 2025. "The Monetary Value of a Statistical Life in the Context of Atherosclerotic Cardiovascular Disease," PharmacoEconomics, Springer, vol. 43(6), pages 677-689, June.
    • Handle: RePEc:spr:pharme:v:43:y:2025:i:6:d:10.1007_s40273-025-01482-3
    DOI: 10.1007/s40273-025-01482-3
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    References listed on IDEAS

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    1. Joseph E. Aldy & W. Kip Viscusi, 2007. "Age Differences in the Value of Statistical Life: Revealed Preference Evidence," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 1(2), pages 241-260, Summer.
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    6. Viscusi, W Kip, 1993. "The Value of Risks to Life and Health," Journal of Economic Literature, American Economic Association, vol. 31(4), pages 1912-1946, December.
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