English, Article edition: Mismeasuring the value of statistical life Till Grune-Yanoff

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Mismeasuring the value of statistical life
Author
  • Till Grune-Yanoff
Physical Description
  • article
Notes
  • The value of a statistical life (VSL) is an important tool for cost-benefit analysis of regulatory policies that concern fatality risks. Its proponents claim that it measures people's risk preferences, and that VSL therefore is a tool of vicarious governance. This paper criticizes the revealed preference method for measuring VSL. It specifies three minimal conditions for vicarious governance: sensitivity, fairness and hypothetical compromise, and shows that the VSL measure, in its common application in policy formation and analysis, violates these conditions. It therefore concludes that the revealed preference VSL measure, in its current form, is not a tool of vicarious governance.
  • cost-benefit analysis, risk, value of life, vicarious governance,
  • RePEc:taf:jecmet:v:16:y:2009:i:2:p:109-123
Language
  • English
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