The value of statistical life for adults and children: Comparisons of the contingent valuation and chained approaches

Abstract

Accounting for Differences Across Age, Latency and Risk Categories with a Particular Focus on Children (VERHI Children) project, funded under CEC -Sixth Framework Programme grant FP6-2003-SSP-3. The funding body had no involvement in the study itself, or in the decision to submit the article. We are grateful to steering group representatives from both the US EPA and the EEA (including Richard Carson, Maureen Cropper, James Hammitt and Alan Krupnick) whose advice we gratefully acknowledge. We also owe a great debt to Graham Loomes for his input throughout this research and to Andreas Isoni for discussion of findings. Finally, we are grateful to the editor and two anonymous referees for their insightful comments and suggestions. All opinions expressed in this paper and any remaining errors therein are the responsibility of the authors.

Estimating the Value of Statistical Life in a Road Safety Context Based on the Contingent Valuation Method

“…Studies based on any comparison fall under the third category of the literature. [25] compared CV approaches based on the chaining method and found that VSL values for reducing child fatalities highly exceed those for adults, confirming previous assumptions. Finally, they replicated the chaining strategy in a large, nationally representative sample of parents for the first time.…”

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“…They conclude that “the ratio of values for children to values for adults ranges from 0.6 to 2.9; however, most estimates are greater than 1.5.” My benchmark calibration reflects this meta‐observation. Balmford et al (2019) used a contingent valuation method to estimate the value ratio of child to adult, with a value of 2.37 in the baseline case. This is also in line with my calibration.…”

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“… 17 The value of statistical life measures how much people are willing to pay to avoid their own death or the death of other people. Such values are higher for children ( Zinszer et al, 1994 , Andersson & Treich, 2011 , Balmford, Bateman, Bolt, Day, & Ferrini, 2019 ) because “parents are usually more concerned about the mortality and morbidity risks of their children than for themselves” ( Leung and Guria, 2006 , Vyborny, 2021 ). …”