The Value of Statistical Life: A discussion of the Issues

The Value of Statistical Life: A discussion of the Issues

This talk covers issues in the uses of the value of statistical life in cost-benefit studies, with special reference to Australia. These include: whether and how to update the national value of life, still based on Dr Abelson's 2007 OBPR report; whether the values of lives lost by inaction or poor actions should be different from the values of lives saved; if the value of life should vary with other circumstances; when to use value of life years instead of value of life; and whether the value of a statistical life year should equal the value of a quality adjusted life year.

This event is a hybrid event and can be attended in-person or virtually.

About the Speaker

Peter Abelson (B.A. Oxford University, M.Sc., London School of Economics, Ph.D. London University.) Peter was Professor Economics, Macquarie University, 2001-06; Visiting Fellow, Sydney University, 2006-12. From 1993 to 2006, Peter was Secretary of the ESA. Since 2006, Peter has been an ongoing part-time economic advisor to the NSW Treasury. From 2012 to 2017, he was the first popularly elected Mayor of Mosman Council. Peter is currently Hon Professor, Macquarie University, lecturing in cost-benefit analysis, and a Visiting Fellow at Crawford School, ANU. In 2007 Peter wrote a report on the Value of Statistical Life (VOSL) for the Commonwealth Office of Best Practice Regulation (OBPR). The OBPR (now the Office for Impact Analysis) adopted his recommended VOSL and, updating this VOSL using ABS Wage Price Index data, now values life at $5.4m in 2023 dollars. Peter has also recently completed a report for Seqwater on ethical considerations in valuing life for water management policies.

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