The Economic Value of Preventing Fatalities: Recent evidence on the value of a statistical life in Sweden
Aims: 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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|Date of creation:||14 Oct 2010|
|Publication status:||Published as Hultkrantz, Lars and Mikael Svensson, 'The Value of a Statistical Life in Sweden: A Review of the Empirical Literature' in Health Policy, 2012, pages 302-310.|
|Contact details of provider:|| 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/
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- Andersson, Henrik & Lindberg, Gunnar, 2007. "Benevolence and the value of road safety," Working Papers 2007:4, Swedish National Road & Transport Research Institute (VTI), revised 04 Jun 2008.
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- Krüger, Niclas A. & Svensson, Mikael, 2009. "The impact of real options on willingness to pay for mortality risk reductions," Journal of Health Economics, Elsevier, vol. 28(3), pages 563-569, May.
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