There are many possible connections between VSL and behavioral economics. A list of topics includes endowment effects, risk salience, ambiguity aversion, present bias, reference groups, reference points, and experienced versus decision utilities. There are also nudges that connect to estimating...

Value of statistical life (VSL) is an important measure to support cost-benefit analysis of public policies to improve social welfare. According to existing literature, the marginal willingness to pay (WTP) for reducing fatal risk is affected by heterogeneity in personal characteristics, and...

Two recent articles (Córdoba and Ripoll, 2017; Hugonnier, Pelgrin, and St-Amour, 2013) have proposed a recursive formulation of utility functions combining a positive value of life, preference homotheticity, and a constant elasticity of substitution. However, when the elasticity of substitution is...

This paper accounts for the value of children and future generations in the evaluation of health policies. This is achieved through the incorporation of altruism and fertility in quot;value of lifequot; type of framework. We are able to express adults' willingness to pay for changes in child...

There are many possible connections between VSL and behavioral economics. A list of topics includes endowment effects, risk salience, ambiguity aversion, present bias, reference groups, reference points, and experienced versus decision utilities. There are also nudges that connect to estimating...

Economic analyses of development projects and policies often involve assigning an economic value to changes in the risk of loss of human life. A typical term used in the economic analyses is the value of statistical life, which reflects the aggregation of individuals' willingness to pay for...

The fatality risk-money tradeoff that is the value of a statistical life (VSL) may vary with the nature of the fatality event. While all fatalities involve loss of future life expectancy, the morbidity effects and their duration may differ. This article analyzes fatality risks accompanied by...

We analyze lifecycle saving strategies using a recursive utility model calibrated to match empirical estimates for the value of a statistical life. We show that, with a positive value of life, risk aversion reduces savings and annuity purchase. Risk averse agents are willing to make an early...

Objective: The objective of this article is to examine how people value two different attributes of Value of Life Year (VOLY): life expectancy and the quality of life. The results of the first VOLY estimations conducted in Poland are discussed and compared with Polish cost-effectiveness...

Economic analyses of development projects and policies often involve assigning an economic value to changes in the risk of loss of human life. A typical term used in the economic analyses is the value of statistical life, which reflects the aggregation of individuals' willingness to pay for...