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Title:On the definition and age-dependency of the value of a statistical life: A review and extension PDF Logo
Authors:Johansson, Per-Olov
Issue Date:2002
Series/Report no.:SSE/EFI Working Paper Series in Economics and Finance 490
Abstract:The value of preventing a fatality or (saving) a statistical life is an important question in health economics as well as environmental economics. This paper reviews and adds new insights to several of the issues discussed in the literature. For example, how do we define the value of a (statistical) life? Are there really strong theoretical reasons for believing that the value of a life declines with age? The paper derives definitions of the value of a statistical life in both single-period models and life-cycle models. Models with and without actuarially fair annuities are examined, as well as the age-profile of the value of a statistical life.
Subjects:Value of a statistical life
value of preventing a fatality
age-specific values
willingness to pay
JEL:C61
D61
I10
Document Type:Working Paper
Appears in Collections:SSE/EFI Working Paper Series in Economics and Finance, EFI - The Economic Research Institute, Stockholm School of Economics

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