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| Value of Statistical Life× | Contingent Valuation Method× | |
|---|---|---|
| Campo | Economia | Economia |
| Famiglia | Process / pipeline | Process / pipeline |
| Anno di origine≠ | 2003 | 1963 |
| Ideatore≠ | Thomas Schelling; W. Kip Viscusi (empirical synthesis) | Robert K. Davis (early use); methodology codified by the NOAA panel |
| Tipo≠ | Nonmarket valuation of mortality-risk reductions | Survey-based stated-preference valuation method |
| Fonte seminale≠ | Viscusi, W. K., & Aldy, J. E. (2003). The value of a statistical life: a critical review of market estimates throughout the world. Journal of Risk and Uncertainty, 27(1), 5–76. DOI ↗ | Hanemann, W. M. (1994). Valuing the environment through contingent valuation. Journal of Economic Perspectives, 8(4), 19–43. DOI ↗ |
| Alias | VSL, Value of Statistical Life, Value per Statistical Life, Statistical Value of Life | CVM, Stated-Preference Valuation, Willingness-to-Pay Survey, Survey-Based Non-Market Valuation |
| Correlati≠ | 3 | 2 |
| Sintesi≠ | The value of a statistical life (VSL) is the marginal rate of substitution between income and the probability of death — how much a population is collectively willing to pay for a small reduction in mortality risk, expressed per expected life saved. It is not the value of any identified person's life but the aggregate willingness to trade money for tiny risk changes: if 100,000 people each pay $100 to reduce their annual fatality risk by one in 100,000, society spends $10 million to prevent one statistical death, implying a VSL of $10 million. VSL is the central input to benefit-cost analysis of health, safety, and environmental regulations, and is estimated from labor-market wage-risk data (revealed preference) or from surveys (stated preference). | The contingent valuation method (CVM) is a survey-based stated-preference technique for estimating the economic value people place on goods that are not traded in markets — clean air, an endangered species, a wilderness area, the existence of a natural resource. Respondents are presented with a carefully constructed hypothetical scenario and asked how much they would be willing to pay for a described change in provision; their answers are used to estimate mean or median willingness to pay, including non-use (existence) values that no market reveals. |
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