The Value of a Statistical Life and the Coefficient of Relative Risk Aversion

Individuals’ risk preferences are estimated and employed in a variety of settings, notably including choices in financial, labor, and product markets. Recent work, especially in financial economics, provides estimates of individuals’ coefficients of relative risk aversion (R’s) in excess of one, and often significantly higher. However, it can be shown that high R’s imply equally high values for the income elasticity of the value of a statistical life. Yet estimates of this elasticity, derived from labor and product markets, are in the range of 0.5 to 0.6. Furthermore, it turns out that even an R below one is difficult to reconcile with these elasticity estimates. Thus, there appears to be an important (additional) anomaly involving individuals’ risk-taking behavior in different market settings.JEL Classification: D80, G11, G12, I10, J17     

On the Definition and Age-Dependency of the Value of a Statistical Life

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 adds new insights to several of the issues discussed in the literature. It is shown that the conventional way of measuring the value of a statistical life yields a biased estimate, in general. The major exception is the case where the estimate can be based on an infinitely short drop in the hazard rate. This is so in both life cycle models with and without actuarially fair annuities. Moreover, the claim that there are strong theoretical reasons for believing that the value of statistical life declines with age is shown to be wrong.     

The Value of a Statistical Life in Transport: Findings from a New Contingent Valuation Study in Sweden

This article presents the results of a contingent valuation study from Sweden aimed at estimating the value of a statistical life (VOSL) in road traffic safety. Data on respondents' own subjective risk was collected by use of visual aids presented in a mail questionnaire. The relationship between willingness-to-pay (WTP) and absolute risk reduction was estimated by using a non-linear, least absolute deviation estimation method. This study generated an income-adjusted VOSL of SEK22.3 million (US$2.6 million). Analysis of WTP's sensitivity to probability variation indicates that in future studies, valuing risk reductions in road traffic, the magnitude of absolute risk and relative risk reductions to consider should be in perceptible range. On addition it should also be possible for respondents to compare the magnitudes of different risk reductions.     

The Value of a Statistical Life: A Critical Review of Market Estimates Throughout the World

A substantial literature over the past thirty years has evaluated tradeoffs between money and fatality risks. These values in turn serve as estimates of the value of a statistical life. This article reviews more than 60 studies of mortality risk premiums from ten countries and approximately 40 studies that present estimates of injury risk premiums. This critical review examines a variety of econometric issues, the role of unionization in risk premiums, and the effects of age on the value of a statistical life. Our meta-analysis indicates an income elasticity of the value of a statistical life from about 0.5 to 0.6. The paper also presents a detailed discussion of policy applications of these value of a statistical life estimates and related issues, including risk-risk analysis.     

Changes in the Value of Life, 1940–1980

We present the first nationwide value of life estimates for the United States at more than one point in time. Our estimates are for every ten years between 1940 and 1980, a period when declines in fatal accident rates were historically unprecedented. Our estimated elasticity of value of life with respect to per capita GNP is 1.5 to 1.7. We illustrate the importance of rising value of life for policy evaluation by examining the benefits of improved longevity since 1900. Our estimated elasticity implies that the current marginal increase in longevity is more valuable than the large increase in the first half of the twentieth century.     

Risk Perceptions and Value of a Statistical Life for Air Pollution and Traffic Accidents: Evidence from Bangkok,Thailand

This paper presents results of two contingent valuation surveys conducted in Bangkok measuring individuals’ willingness to pay (WTP) to reduce mortality risk arising from two risk contexts: air pollution traffic accidents Results from the risk perception survey disclose that respondents view the two risks differently. WTP to reduce air pollution risk is influenced by degrees of dread, severity, controllability and personal exposure, while WTP to reduce traffic accident risk is influenced by perceived immediate occurrence. Nevertheless, the value of a statistical life (VSL) for both air pollution and traffic accidents are comparable (US$0.74 to $1.32 million and US$0.87 to $1.48 million, respectively). This indicates that the risk perception factor alone has little impact on the VSL, a finding similar to previous studies using program choice indifferences.JEL Classification: I18, D61, J17, J28     

生命价值观下的“同命同价”与“同命不同价”

我国目前正处于通过创制及健全相关民事立法——侵权责任法来积极应对各种事故导致人身与财产损害后果的关键时期。几年前最高人民法院关于人身侵权死亡赔偿的一个司法解释引发了社会上“同命同价”与“同命不同价”的激烈争论。生命双重价值观命题的提出对于理性回应“同命同价”与“同命：再同价”的质疑及剖析相关问题，具有一定的启示意义。     

Racial Differences in Labor Market Values of a Statistical Life

This article constructs measures of job fatality rates for black and white workers using information on job-related fatalities from 1992–1997. The fatality rates for black employees are somewhat greater than those for whites. Each of these groups receives significant compensating wage differentials for fatality risks, controlling for nonfatal risks and expected workers' compensation benefits. The implicit value of a statistical life is lower for black workers than for whites. These results in conjunction with evidence that blacks receive less annual compensation for fatality risks than do whites imply that black and white workers face different market offer curves that are flatter for blacks than for whites.     

对人生价值观几个关系的辩证分析

树立正确的人生价值观必须经过长期不懈的自我修养和锻炼的过程,如何处理好贡献与索取、自我设计与“社会需要”、科学价值与道德价值的辩证关系,是人们在对待人生价值观上值得探讨的几个问题。本文在充分阐明其辩证关系的同时,人们必须注重对崇高价值目标的选择。     

Age, Health and the Willingness to Pay for Mortality Risk Reductions: A Contingent Valuation Survey of Ontario Residents

We present the results of a contingent valuation survey eliciting willingness to pay (WTP) for mortality risk reductions. The survey was self-administered using a computer by 930 persons in Hamilton Ontario aged 40 to 75. Visual and audio aides were used to enhance risk comprehension. Mean WTP figures for a contemporaneous risk reduction imply a value of a statistical life of approximately C$l.2 to C$3.8 million (1999 C$). Mean WTP is constant with age up to 70 years, and is about 30 percent lower for persons aged 70 and older. WTP is unaffected by physical health status, but is affected by mental health.     

全球化语境下的民族价值观之构建

在全球化条件下,价值冲突出现了新的特点:它更多地以民族主义、民族传统冲突的形式出现;不同民族价值观的复杂性和多层次性得到了相当程度的展现;各种价值观更具有了实践性力量的特征;文化经济化和经济文化化倾向为国外的价值观念扩展自己的影响提供了适宜的土壤。民族价值观的构建必须同探索新的社会发展模式结合起来;必须以人类理性精神的重建为基础;必须正确处理本民族文化与异质文化的关系问题。因为全球化语境下的民族价值是动态开放的、具有内在张力的;是具有民族特色的、同时又符合普世价值的;是综合的、多元一体的、以协调为主的;是具有现时代特征的、以人为本的。     

Effects of Disease Type and Latency on the Value of Mortality Risk

We evaluate the effects of disease type and latency on willingness to pay (WTP) to reduce environmental risks of chronic, degenerative disease. Using contingent-valuation data collected from approximately 1,200 respondents in Taiwan, we find that WTP declines with latency between exposure to environmental contaminants and manifestation of any resulting disease, at a 1.5 percent annual rate for a 20 year latency period. WTP to reduce the risk of cancer is estimated to be about one-third larger than WTP to reduce risk of a similar chronic, degenerative disease. The value of risk reduction also depends on the affected organ, environmental pathway, or payment mechanism: estimated WTP to reduce the risk of lung disease due to industrial air pollution is twice as large as WTP to reduce the risk of liver disease due to contaminated drinking water.     

关于我国面临财政风险及其防范的思考

财政风险的形成原因较为复杂,涉及范围广,又往往处于隐蔽状态,防范、控制和化解财政风险有一定难度,从近年来"世界共解财政难题"的提出就足以说明这一点。切实采取措施,力求使这种风险的可能性消除或降低到最小的限度,已成为亟需深入探讨的一个重大现实课题。     

全球化背景下的中国文化与价值转型 --兼论一种现实主义的选择

现实中的全球化与理想中的全球化有巨大差异。全球化是世界一体化趋势最明显的体现,但同时也是各种文化与价值观念由于生存空间和利益的原因冲突最剧烈的时期,在对待中西方文化价值交流和中国的文化与价值转型问题上的理想主义倾向是不切实际的和危险的。指导中国文化与价值转型的原则应为:本土性、内生性、市场性及反思性。只有在这种现实主义选择的前提下,才能实现保证中国文化自觉和经济自主,彻底保障中国国家利益的文化与价值转型。     

Saving Lives: A Review of the Record

I present evidence on the cost-effectiveness of 76 regulatory actions promulgated by the Federal government from 1967 to 2001 by updating similar work published by the author in 1986. The paper first responds to several critiques of the original article recently published in prominent law journals by showing that most of the specific criticism is based on misrepresentations and mistakes. Wide differences in cost-effectiveness indicate we could save lives more effectively. Regulations aimed at reducing safety and cardiovascular risks have been more cost-effective than regulations aimed at reducing cancer risks. I suggest several potential regulations that could save lives more cost-effectively than the vast majority of regulations issued to date.     

现代性视域中的风险

作为现代性的产物和后果,风险及风险社会存在与人类社会由简单现代性向反思现代性的转变过程中,它预示着社会可能面临的“危险”和“灾难”。当代中国虽然没有进入风险社会,但由于正处于社会的转型过程中,各种潜在和现实的风险大量存在。为此,我们必须以科学发展观为指导,不断强化风险意识,并建立有效的风险管理机制,进一步加强国际合作,实现风险的全球治理,力求以最小的风险获取最大的发展。     

Statistical vs. identified lives in benefit-cost analysis

Evaluation of projects that affect mortality risk usually assumes that risk changes are small and similar across individuals. In reality, risks differ among individuals and information about risk heterogeneity determines the extent to which affected lives are “statistical” or “identified” and influences the outcome of benefit-cost analysis (BCA). The effects of information about risk heterogeneity on BCA depend on, inter alia, whether information concerns heterogeneity of baseline or change in risk and whether valuation uses compensating or equivalent variation. BCA does not systematically favor identified over statistical lives. We suggest some political factors that may explain the apparent public bias.

Uncertainty aversion and aversion to increasing uncertainty

According to the original Ellsberg (1961) examples there is uncertainty version if the decision maker prefers to bet on an urn of known composition rather than on an urn of unknown composition. According to another definition (Schmeidler, 1989), there is uncertainty aversion if any convex combination of two acts is preferred to the least favorable of these acts. We show that these two definitions differ: while the first one truly refers to uncertainty aversion, the second one refers to aversion to increasing uncertainty. Besides, with reference to Choquet Expected Utility theory, uncertainty aversion means that there exists the core of a capacity, while aversion to increasing uncertainty means that the capacity is convex. Consequently, aversion to increasing uncertainty implies uncertainty aversion, but the opposite does not hold. We also show that a completely analogous situation holds for the case of risk and we define a set of risk and uncertainty premiums according to the previous analysis.     

A Choice Experiment Approach to the Valuation of Mortality

This paper presents an integrated framework for evaluating the reduction of several types of mortality risk using a Choice Experiment (CE) approach, a type of stated preference technique. Using this approach, we can distinguish the marginal willingness to pay (MWTP) for the amount of risk reduction from the MWTP for the opportunity of risk reduction and therefore calculate the “Quantity-based” Value of a Statistical Life. The risks in our survey include mortality risks due to accident, cancer, and heart disease. The Quantity-based VSL is calculated to be 350 million JPY (in 2002 Japanese Yen, about 2.9 million US dollars). Furthermore, we analyzed the influence of subjective risk perception and population characteristics of the respondents on their MWTP. Estimated results suggest that it is unnecessary to adjust the VSL according to the differences in the type of risk if the VSL is calculated using an adequate approach. However, adjustments for the timing of risk reduction and population characteristics are found to be significant for the execution of benefit transfer.JEL Classification: I18, D81, J17     

价值哲学研究的基本范式及其效用

价值哲学是以生活世界中的价值问题为研究对象的 ,因之从学科定位和学科使命来说 ,价值哲学应是社会哲学的或实践论的 ,而不是形而上的纯哲学理论。它原本不以建构形式上严密的逻辑体系为己任 ,而以在对社会生活中重大价值问题进行缜密研究基础上给出正确的价值理念为使命。但价值哲学用以把握价值问题的方式却又是反思的和批判的 ,借以完成此任的有效途径只能是基本原则的设定和范畴体系的设置。价值哲学的学科定位和学科使命决定了价值哲学研究的两种基本范式 :抽象化的即本体论的和认识论的途径 ;现实化的即社会哲学的和实践论的途径。本体论的研究范式保证了价值问题研究的彻底性 ,社会哲学的研究范式保证了价值问题研究的现实性。价值哲学之两种研究范式及其关联决定了 ,它首先要确立一种问题意识 ,然后把社会结构及其变迁作为实践基础 ,视创价与代价为分析框架 ,以供给一定的价值理念为学科使命。只有这样 ,价值哲学才能做到逻辑与历史的一致、理论与实践的结合、科学性与规范性的统一。