Estimating the Value of a Statistical Life Using Labor Market Data

Economic valuation of a rise in ambient radiation risks: Hedonic pricing evidence from the accident in Fukushima

“…The numbers using the discrete change in radiation or the Yinger approach are approximately 30 percent higher and so they too lie above the range of the Itaoka et al. () numbers, but all the estimates are significantly lower than the Miyazato () figure. None of the estimates provide clear evidence of a specific “dread” of radiation compared to other sources of risk or estimates of the risk of a fatal cancer (Gayer, Hamilton, & Viscusi, ).…”

“…() produces a figure of 103 to 344 million yen for the VSL. On the other hand, Miyazato () uses a hedonic analysis of labor market data to come up with a figure of 820 million to 2.14 billion yen, noting that the figures “are higher than those produced by overseas studies that have calculated the value of a statistical life based on labor market data.” For an example of an “overseas study,” the meta‐study by Viscusi and Aldy () has been widely used to provide crude estimates of the VSL for countries lacking detailed local evidence. Their formula is based on an estimated elasticity of 0.5 for VSL with respect to GDP per capita coupled with VSL estimates for the USA.…”

How Much Is a Human Life Worth? A Systematic Review

“…Of 120 included studies, only 2 reported quality-adjusted life year (QALY) estimates 93,143 and 9 studies reported VSLY estimates 73,82,95,115,127,128,130,157,165 (Appendix Tables 3 and 4 in Supplemental Materials found at https://doi.org/10.1016/j.jval.2 021.04.003), all of which were for developed countries with only 1 exception. Reported QALY values ranged from $61 000 to $7.6 million, whereas VSLY estimates ranged from $13 000 to $796 000 (approximately $10 000-$613 000 per QALY assuming a utility weight of 0.77 for the general population 176 ).…”