Valuing lives equally Defensible premise or unwar

Authors: Rachel Baker Susan Chilton Michael JonesLee Hugh Metcalf

Publish Date: 2008/02/06

Volume: 36, Issue: 2, Pages: 125-138

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Abstract

This article examines the nature of the restrictions on the underlying social welfare function that would appear to be required in order to justify the application of a “common” Value of Statistical Life VSL for any particular hazard within a given society and considers the way in which the magnitude of this common VSL might relate to the values actually employed in practice The article also considers the question of whether by contrast discounts or premia might legitimately be applied to the VSL in order to take account of factors such as age or current exposure to risk and explores the form that such discounts or premia might reasonably takeWe are grateful to John Broome for drawing our attention to the assumption concerning the structure of the social welfare function that underpins our argument We also acknowledge the very perceptive and constructive comments of two referees and the Editor

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