Table 2.
VSL values from review papers (A$2017).
| Study | Australian Studies Included | Minimum VSL Estimate a | Maximum VSL Estimate a | Median VSL a | Median VSL Estimate Using Income Elasticity of 0.5 b | VSLY Estimate a,c | ||
|---|---|---|---|---|---|---|---|---|
| 3% Discount Rate | 7% Discount Rate | 10% Discount Rate | ||||||
| Stated Preference Studies | ||||||||
| Anderson & Treich 2008 [29] | All VSL estimates from studies published prior to 2007 | |||||||
| Bahamonde-Birke et al., 2015 [30]-CV studies | ||||||||
| Bahamonde-Birke et al., 2015 [30]–SC studies | Hensher et al., 2011 [45]; Hensher et al., 2009 [44] | 3,665,233 | 116,716,019 | 7,581,962 d | 7,581,962 d | 328,014 | 568,716 | 775,327 |
| Dekker et al., 2011 [32] | 1,704,668 | 3,344,120 | 1,878,772 | 2,088,128 | 90,337 | 156,629 | 213,531 | |
| Hein et al., 2016 [18] | - | - | - | - | 88,136 (minimum: 37,118; maximum: 468,272) e | |||
| Hultkrantz & Svensson 2012 [34] | 2,514,675 | 24,564,302 | 7,369,291 | 8,707,750 | 376,718 | 653,161 | 890,449 | |
| Lindhjem et al., 2011 [27] | 284,209 | 10,231,524 | 4,717,651 | 6,114,775 | 264,540 | 458,664 | 625,293 | |
| Robinson & Hammitt 2016 [37] | 9,451,322 | 15,799,226 | 15,415,350 | 13,944,413 | 603,268 | 1045,958 | 1425,948 | |
| Robinson et al., 2019 [22] | 583,468 | 28,202,141 | 11,532,035 | 2,410,916 | 104,302 | 180,841 | 246,539 | |
| Milligan et al., 2014 [36] | 1,399,051 | 17,899,440 | 15,094,617 | 16,306,529 | 705,459 | 1,223,139 | 1,667,496 | |
| Median SP VSL | 1,399,051 | 17,899,440 | 7,581,962 | 7,581,962 | 328,014 | 568,716 | 775,327 | |
| Mean SP VSL | 2,755,655 | 30,965,253 | 9,084,240 | 8,370,241 | 353,234 | 612,444 | 834,940 | |
| Revealed Preference Studies | ||||||||
| Anderson & Treich 2008 [29] | All VSL estimates from RP studies published prior to 2007 | |||||||
| Bahamonde-Birke et al., 2015 [30]-CV | Kniesner & Leeth 1991 [46] | |||||||
| Bellavance et al., 2009 [31] | Kniesner & Leeth 1991 [46] Miller et al., 1997 [47] |
|||||||
| Doucouliagos et al., 2012 [33] | ||||||||
| Hultkrantz & Svensson 2012 [34] | 4,049,761 | 7,043,063 | 5,546,412 | 6,026,316 | 260,713 | 452,029 | 616,248 | |
| Robinson & Hammitt 2016 [37] | 3,808,498 | 37,722,267 | 15,596,707 | 14,108,465 | 610,366 | 1,058,264 | 1442,723 | |
| Robinson et al., 2019 [22] | 1,642,971 | 111,900,063 | 17,101,389 | 7,014,189 | 303,450 | 526,128 | 717,267 | |
| Viscusi & Masterman 2017 [38] f | Kniesner & Leeth 1991 [46] Miller et al., 1997 [47] |
189,912 | 20,074,339 | 3,536,095 | 3,715,149 | 160,726 | 278,670 | 379,909 |
| 17,964,045 | 17,399,366 | 752,738 | 1,305,111 | 1799,249 | ||||
| Wheeler & Dockins 2013 [40] g | 10,842,282 | 8,229,684 | 10,757,518 | 465,396 | 806,912 | 1,100,058 | ||
| Median RP VSL | 2,725,735 | 20,074,339 | 11,913,195 | 8,885,852 | 384,423 | 666,520 | 908,662 | |
| Mean RP VSL | 2,422,786 | 37,516,403 | 11,329,055 | 9,836,834 | 425,565 | 737,852 | 1,005,909 | |
| Yaduma et al., 2013 [42] | Kniesner & Leeth 1991 [46] Miller et al., 1997 [47] |
990,572 | 8,464,034 | 2,261,696 | 1,007,897 | 43,604 | 75,601 | 103,067 |
| Median all studies VSL | 1,521,011 | 17,899,440 | 7,905,823 | 7,298,074 | 315,732 | 547,422 | 746,297 | |
| Mean all studies VSL | 2,497,608 | 31,754,063 | 9,603,764 | 8,370,241 | 362,117 | 627,845 | 855,936 | |
a International studies have been translated to Australian values by adjusting for income using The World Bank Gross National Index (GNI) values [48], converted to A$ using OECD purchasing power parities (PPP) [49] and inflated to 2017 values using the gross domestic product price deflator index values [50]; b The impact of the income elasticity varies depending on the income of the country the median estimate is from. If the estimate used is from a country with a higher income compared to Australia, an income elasticity below 1 results in a higher estimate and an elasticity over 1 results in a lower estimate. The opposite occurs if the estimates used is from a country with a lower income to Australia; c The VSLY is calculated using the median estimate, assuming an income elasticity of 0.5; d The median estimate is from an Australian study and therefore various income elasticities are not relevant; e This study reports VSLY. Therefore the discount rates are not relevant. The minimum and maximum values are reported. The median value from the study is used for the summary calculations; f The first row represents values from international studies. The second row presents values used to estimate the VSL using Census of Fatal Occupational Injuries (CFOI) data. Primary data used to calculate the VSL was not reported. The median value for this CFOI dataset is reported here; g The maximum value is the mean VSL of the sample. The median value is the publication bias corrected estimate; A$: Australian dollars; CFOI: Census of Fatal Occupational Injuries; CV: contingent valuation; GNI: Gross National Income; OECD: Organisation for Economic Co-operation and Development; RP: revealed preference; SC: stated choice; VSL: value of a statistical life; VSLY: value of a statistical life year.