Physical Sciences and Mathematics Commons^™

The Value Of Statistical Life: Pursuing The Deadliest Catch, Kurt E. Schnier, William C. Horrace, Ronald G. Felthoven

Center for Policy Research

Observed tradeoffs between monetary returns and fatality risk identify estimates of the value of a statistical life (VSL), inform public policy and quantity preferences for environmental quality, health and safety. To date, few investigations have estimated the VSL associated with tradeoffs between returns from natural resource extraction activities and the fatality risks they involve. Furthermore researchers have been unable to determine whether or not one's VSL is stable across multiple decision environments using revealed preference methods. Understanding these tradeoffs (and the VSL that they imply) may be used to inform resource management policy and safety regulations, as well as our …