Cost-benefit analysts involved in evaluating projects influencing the risk of death and injury have access to a wide group of studies that provide a large range of estimates of the value of a statistical life (VOSL). It is of course a difficult task to pick the right estimate. This paper discusses the potential avenues available to analysts looking for values of a statistical life to be used in cost-benefit analyses of projects involving changes in road safety. First, we discuss the relevance of looking for an original set of estimates involving a new study and the collection of new data. We present many factors in favour of such a strategy. Second, if the time or the resources necessary to conduct a new study are not available, we offer an analytical framework that allows one to make a choice of estimates (or of a range of estimates) from existing studies. We conclude that a VOSL of 5 million dollars ($ CND, 2000) would be acceptable. Another contribution of this paper is to present, to our knowledge, the most up-to-date survey of studies on the value of a statistical life covering more than 85 papers. To illustrate our arguments, we refer to the situation prevailing in Quebec, but most of our discussion could easily apply to the rest of Canada, or to any other jurisdiction. (Author/publisher)
Samenvatting