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What's in a Name? A Systematic Search for Alternatives to "VSL"

Author

Listed:
  • Chris Dockins
  • Kelly B. Maguire
  • Steve Newbold
  • Nathalie B. Simon
  • Alan Krupnick
  • Laura O. Taylor
Abstract
Benefit-cost analyses of environmental, health, and safety regulations often rely on an estimate of the “value of statistical life,” or VSL, to calculate the aggregate benefits of human mortality risk reductions in monetary terms. The VSL represents the marginal rate of substitution between mortality risk and money, and while well-understood by economists, to many non-economists, decision-makers, media professionals, and others, the term resembles obfuscated jargon bordering on the immoral. This paper describes a series of seven focus groups in which we applied a systematic approach for identifying and testing alternatives to the VSL terminology. Our objective was to identify a term that better communicates the VSL concept. Specifically, a list of 17 alternatives to the VSL term was developed and tested in focus groups that culminated in a formal ranking exercise. Using a round-robin tournament approach to analyze the data, and our qualitative judgments, we identify “value of reduced mortality risk” as the dominant replacement term among the alternatives tested.

Suggested Citation

  • Chris Dockins & Kelly B. Maguire & Steve Newbold & Nathalie B. Simon & Alan Krupnick & Laura O. Taylor, 2018. "What's in a Name? A Systematic Search for Alternatives to "VSL"," NCEE Working Paper Series 201801, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Jan 2018.
    • Handle: RePEc:nev:wpaper:wp201801
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    Download full text from publisher

    File URL: https://www.epa.gov/environmental-economics/working-paper-whats-name-systematic-search-alternatives-vsl
    File Function: First version, 2018
    Download Restriction: no
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    Citations

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    Cited by:

    1. Hammitt, James K. & Treich, Nicolas, 2021. "Fatality Risk Regulation," TSE Working Papers 21-1177, Toulouse School of Economics (TSE).
    2. Nathalie B Simon & Chris Dockins & Kelly B Maguire & Stephen C Newbold & Alan J Krupnick & Laura O Taylor, 2019. "Policy Brief—What’s in a Name? A Search for Alternatives to “VSL”," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 13(1), pages 155-161.

    More about this item

    Keywords

    value of statistical life; mortality risk valuation; terminology; focus group;
    All these keywords.

    JEL classification:

    • J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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