COVID and the Age–VSL Relationship
2021
In this article, the researchers explore the approach used to value COVID-19 mortality risk reductions in analyses of lockdowns and other policies. Many rely on a population-average estimate of the value per statistical life (VSL); others adjust VSL for life expectancy at the age of death. The article explores the implications of theory and empirical studies, which suggest that the relationship between age and VSL is uncertain; these uncertainties in turn may affect whether the policy is found to be cost-beneficial. The authors also note that analyses of these policies generally fail to consider other characteristics of COVID-19 deaths that may increase or decrease the VSL estimates.
COVID and the Age–VSL Relationship
Source:
Robinson LA, Sullivan R, Shogren JF. Do the Benefits of COVID-19 Policies Exceed the Costs? Exploring Uncertainties in the Age–VSL Relationship. Risk Analysis 2021; 41 (5): 761-770. https://doi.org/10.1111/risa.13561