VSL

Cost-Benefit Analysis Supports Continuing the National Shutdown

Cost-Benefit Analysis Supports Continuing the National Shutdown

The lives saved by four more weeks of social distancing requirements outweigh the harms to the economy.

The Value of a Statistical Life is Not Efficient

The Value of a Statistical Life is Not Efficient

Over-reliance on the VSL measure often leads to excessive consideration and regulation of risk.

Efficient Risk Regulations Do Not Increase Risks

Efficient Risk Regulations Do Not Increase Risks

As a practical matter, the VSL is successful in balancing the benefits and costs of regulation.

Putting the Horse Before the Cart in Cost-Benefit Analysis

Putting the Horse Before the Cart in Cost-Benefit Analysis

Regulators must measure welfare using transparent methods before determining the policies themselves.

The Long-Term Value of the Value of a Statistical Life

The Long-Term Value of the Value of a Statistical Life

The VSL is necessarily based on market preferences that accurately reflect society’s valuation of risks and benefits.

The Myopic Short-Termism of the Value of a Statistical Life

The Myopic Short-Termism of the Value of a Statistical Life

The primary drawback of the VSL is that it fails to account for future generations’ valuation of benefits and costs.

Failing to Think Properly About the Value of a Statistical Life

Failing to Think Properly About the Value of a Statistical Life

Using the VSL to measure benefits promotes the interests of individuals who are affected by regulation.

The Value of the Value of a Statistical Life

The Value of the Value of a Statistical Life

Analysts debate how agencies should measure the benefits of reducing mortality.

Rethinking the Value of a Statistical Life

Rethinking the Value of a Statistical Life

It is time to reconsider the value of the VSL in policy analysis.