Value of a Statistical Life (Alternate value 5)can help you understand the value of
$7-12 million per statistical lifeThis value ranges from $7 million to $12 million. In some circumstances it may be more appropriate to use an average of $9.5 million.
Edit this entry!
This valuation relates to the value of a statistical life. This is the value an individual is willing to pay for a marginal change in their likelihood of death. This value is designed to reflect the value that a person would conceivably place on their own life in their private decisions.
This valuation was produced by Kniesner, Viscusi, Woock and Ziliak in a study into VSL derived from labour markets.
The value of statistical life is often used to estimate the benefits of reducing the risk of death. The value of statistical life is an estimate of the financial value society places on reducing the average number of deaths by one. For example, if an individual is willing to pay £1000 to reduce their annual risk of death by 1 in 10,000, this would give them a VSL of £10,000,000.
Is this page...