Value of statistical life

Term · Environment · MLC-T-ENV-029474

1. Amount people are willing to pay to reduce risk so that on average one less person is expected to die from the risk.The VSL is not intended to value very large reductions in mortality risk or place a value on the lives of identified individuals. VSL measures the monetized value of small reductions in mortality risk for a large number of people.

2. The marginal rate of substitution (MRS) between mortality risk and money, i.e., the willingness-to-pay (WTP) for small reduction in the risk of premature mortality.

Table 1. Record
Identifier	MLC-T-ENV-029474
Field	Environment
Subject	Social and economic factors
Abbreviation	VSL
References	DHS Risk Steering Committee Risk Lexicon 2010 Edition; Economic Analyses Glossary; Preparing Economic Analyses Glossary

Record as JSON

{
  "id": "MLC-T-ENV-029474",
  "term": "Value of statistical life",
  "field": "Environment",
  "term_source": "Value of Statistical Life",
  "definition": "1. Amount people are willing to pay to reduce risk so that on average one less person is expected to die from the risk.The VSL is not intended to value very large reductions in mortality risk or place a value on the lives of identified individuals. VSL measures the monetized value of small reductions in mortality risk for a large number of people.\n\n2. The marginal rate of substitution (MRS) between mortality risk and money, i.e., the willingness-to-pay (WTP) for small reduction in the risk of premature mortality.",
  "abbreviation": "VSL",
  "subject": "Social and economic factors",
  "references": [
    "DHS Risk Steering Committee Risk Lexicon 2010 Edition",
    "Economic Analyses Glossary; Preparing Economic Analyses Glossary"
  ],
  "url": "https://mlchart.com/terminology/environment/value-of-statistical-life/"
}

Record 28,668 of 29,894 in Environment terminology (MLC-0121). Request the full dataset.