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Economic Valuation of Mortality Risk Reduction: Review and Recommendations for Policy and Regulatory Analysis

Report
March 2009

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Table of Content

• About this Report
• Abstract
• Executive Summary
• 1. Introduction
• 2. Background on Economic Valuation of Mortality Risk Reduction
  • Concepts
  • Approaches for Estimating WTP for Mortality Risk Reduction
  • Uses of WTP Results for Mortality Risk Reduction in Policy Analysis
  • Limitations and Concerns with the VSL Approach
• 3. Review of the Empirical Literature
  • VSL Estimates Previously Selected for Canadian Analyses (Chestnut et al., 1999)
  • Recent (1995-2004) Studies in Canada
    • Lanoie et al. (1995)
    • Meng and Smith (1999)
    • Krupnick et al. (2002), Alberini et al. (2004), and Alberini et al. (2006a)
    • Chestnut et al. (2003) and Chestnut et al. (2004)
    • DeShazo and Cameron (2004) and Cameron and DeShazo (2004)
  • Summary of New Information from Recent Canadian Studies
  • Recent Meta-Analyses of the VSL Literature in the United States and Other Countries
  • Emerging Results that Suggest How WTP May Vary in Different Contexts
  • Monetary Values for Risk Reductions in the Future
  • Size of the Mortality Risk Change
  • Cause of the Mortality Risk Change
  • Differences in Values Due to Age, Health Status, and Baseline Risk
  • Other Individual Characteristics Affecting Valuation for Mortality Risk Reduction
  • Willingness to Pay Values for Changes in Life Expectancy
• 4. Conclusions and Recommendations for Canadian Policy Analysis
  • Selected VSL Estimates that Reflect Recent Results in the Literature
  • Suggestions for Uncertainty and Sensitivity Analyses
• Notes
• References

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