The Devaluation of Life

42 Pages Posted: 23 Apr 2009

See all articles by W. Kip Viscusi

W. Kip Viscusi

Vanderbilt University - Law School; National Bureau of Economic Research (NBER); Vanderbilt University - College of Arts and Science - Department of Economics; Vanderbilt University - Owen Graduate School of Management; Vanderbilt University - Strategy and Business Economics

Date Written: April 3, 2009

Abstract

The U.S. Environmental Protection Agency (EPA) has been the target of two recent controversies involving the devaluation of life - the 2003 use of a senior discount for the value of statistical life for those over age 65 and the 2008 downward reassessment of the value of statistical life by the EPA Air Office. Even though these new values of statistical life were still among the highest used in the Federal government, there was a strong negative public reaction to each. The public outcry over the EPA policies appears to have stemmed from an irrational response to decreases in the value of statistical life. Proposed congressional legislation that purportedly seeks to reform the valuations would politicize benefit assessments. A sounder approach is to establish a peer reviewed scientific advisory panel to advise agencies on the value of statistical life.

Keywords: Value of statistical life, risk regulation, environmental regulation, senior discount, regulatory impact analyses

JEL Classification: J17, J31, K32

Suggested Citation

Viscusi, W. Kip, The Devaluation of Life (April 3, 2009). Vanderbilt Law and Economics Research Paper No. 09-14, Available at SSRN: https://ssrn.com/abstract=1393771 or http://dx.doi.org/10.2139/ssrn.1393771

W. Kip Viscusi (Contact Author)

Vanderbilt University - Law School ( email )

131 21st Avenue South
Nashville, TN 37203-1181
United States
615-343-7715 (Phone)
615-322-5953 (Fax)

HOME PAGE: http://law.vanderbilt.edu/bio/?pid=w-kip-viscusi

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Vanderbilt University - College of Arts and Science - Department of Economics

Box 1819 Station B
Nashville, TN 37235
United States
(615) 343-7715 (Phone)
(615) 343-5953 (Fax)

HOME PAGE: http://as.vanderbilt.edu/economics/bio/wkip-viscusi/

Vanderbilt University - Owen Graduate School of Management

401 21st Avenue South
Nashville, TN 37203
United States
(615) 343-7715 (Phone)
(615) 343-5953 (Fax)

HOME PAGE: http://business.vanderbilt.edu/bio/w-kip-viscusi/

Vanderbilt University - Strategy and Business Economics

Nashville, TN 37203
United States

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
256
Abstract Views
1,598
Rank
217,401
PlumX Metrics