Value of Statistical Life
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).
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Ingia kwa akaunti ya bure ili kusoma sehemu hii.
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Vyanzo
- 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: 10.1023/A:1025598106257 ↗
- Rosen, S. (1974). Hedonic prices and implicit markets: product differentiation in pure competition. Journal of Political Economy, 82(1), 34–55. DOI: 10.1086/260169 ↗
Jinsi ya kunukuu ukurasa huu
ScholarGate. (2026, June 22). Value of a Statistical Life (VSL) Estimation. ScholarGate. https://scholargate.app/sw/economics/value-of-statistical-life
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