In the estimation of the benefits of mortality reduction, a simple approach is to multiply the value of a statistical life (VSL) by the expected reduction in fatalities, thus holding the VSL constant. This procedure approximates benefits for small changes in mortality, but inaccurately...

The value of risks to life as measured by the risk-money trade-off plays a fundamental role in economic analyses of health and safety risks and serves as the principal benefit measure for government risk regulation policies. The hedonic models that have been employed to generate empirical...