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Mortality Risk Valuation in Environment, Health and Transport Policies

image of Mortality Risk Valuation in Environment, Health and Transport Policies

The book presents a major meta-analysis of 'value of a statistical life' (VSL) estimates derived from surveys where people around the world have been asked about their willingness to pay for small reduction in mortality risks. The analysis seeks to explain the differences in the estimates, for example across countries. Differences in incomes and the magintude of the risk reduction people have been asked to value were found to be the factors having the strongest impact on VSL, but a number of other policy-relevant factors are also important. Based on the meta-analysis, and a broad review of the literature, the book also presents clear advice on how VSL values best can be used in assessments of environmental, health and transport policies, such as in cost-benefit analyses. Using explicit VSL estimates to quantify the benefits to society of fatality risk reductions can play an important role in the development of more cost-effective public policies.

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Using meta-analysis for benefit transfer

Issues and examples

There are many ways to conduct benefit transfer (BT), where a VSL estimate is transferred from the available literature to a policy context in need of a VSL estimate. One such method utilises meta-regression analysis to estimate how different policyrelevant factors affect VSL, in order to improve accuracy in BT. This chapter discusses issues to consider when using meta-analysis in BT and goes through a comprehensive example where the accuracy of simple and more advanced BT methods are compared. The example shows that the use of meta-analysis for BT may achieve accuracy gains over other methods in some situations.

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