ananthapavan-systematicreviewto-2021.pdf (738.46 kB)
Systematic review to update ‘value of a statistical life’ estimates for Australia
journal contribution
posted on 2021-01-01, 00:00 authored by Jaithri AnanthapavanJaithri Ananthapavan, Marj MoodieMarj Moodie, A J Milat, Rob CarterRob CarterThe value of a statistical life (VSL) estimates individuals’ willingness to trade wealth for mortality risk reduction. This economic parameter is often a major component of the quantified benefits estimated in the evaluation of government policies related to health and safety. This study reviewed the literature to update the VSL recommended for Australian policy appraisals. A systematic literature review was conducted to capture Australian primary studies and international review papers reporting VSL estimates published from 2007 to January 2019. International estimates were adjusted for income differences and the median VSL estimate was extracted from each review study. VSL estimates were used to calculate the value of a statistical life year. Of the 18 studies that met the inclusion criteria, two studies were primary Australian studies with a weighted mean VSL of A$7.0 million in 2017 values. The median VSL in the review studies was A$7.3 million. For Australian public policy appraisals, we recommend the consideration of a base case VSL for people of all ages and across all risk contexts of A$7.0 million. Sensitivity analyses could use a high value of A$7.3 million and a low value that reflects the value (A$4.3 million) currently recommended by the Australian government.
History
Journal
International journal of environmental research and public healthVolume
18Issue
11Article number
6168Pagination
1 - 17Publisher
MDPILocation
Basel, SwitzerlandPublisher DOI
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ISSN
1661-7827eISSN
1660-4601Language
EnglishPublication classification
C1 Refereed article in a scholarly journalUsage metrics
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cost-benefit analysisDECISION-MAKINGDIFFERENTIALSEnvironmental SciencesEnvironmental Sciences & EcologyGLOBAL VALUESHEALTHINCOME ELASTICITYLife Sciences & BiomedicineMETAANALYSISMORTALITY RISK REDUCTIONSPublic, Environmental & Occupational HealthPUBLICATION SELECTIONROAD SAFETYScience & TechnologySTATED PREFERENCEsystematic reviewvalue of a statistical life
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