Value of a life year (VOLY)

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Scope

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Monetary value of a statistical life year derived from studies on societal willingness to pay (WTP) for mortality risk reductions.

Definition

Data

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ExternE 2005

Results are based on a contingent valuation study (NewExt) on changes in life-expectancy conducted simultaneously in France, UK, and Italy. The objective of the study was to derive monetary unit value for the incidence of premature death resulting from air pollution in Europe. The survey protocol included people over the age of 40, with 1/3 of these above the age of 60.

• Chronic exposure mortality impacts (death after 10 years of exposure, 3% discount rate applied)
  • Upper bound: €151 110
  • Mean: €125 250
  • Median: €55 800 (rounded to €50 000, recommended central estimate)
  • Lower bound: €18 250
• Acute exposure mortality impacts (immediate death, assumed that the victim's health condition is not a factor in WTP, no discount applied)
  • Upper bound: €225 000
  • Median: €75 000
  • Lower bound: €27 240
• A Weibull distribution is assumed because it had the best fit to the data
• Upper and lower bounds are considerably less robust than the central estimates

Values used in CAFE CBA 2005 Service Contract for Carrying out Cost-Benefit Analysis of Air Quality Related Issues, in particular in the Clean Air for Europe (CAFE) Programme. Volume 2: Health Impact Assessment. AEA Technology Environment, 2005.</ref>

Values are based on the NewExt study

• Chronic exposure mortality impacts
  • Median: €52 000
  • Mean: €120 000

NEEDS 2006

Recommended mean VOLY estimates for Europe:

• EU15 + Switzerland €41 000
• New member countries €33 000
• EU25 €40 000

Causality

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Unit

Unit in which the result is expressed.

euro/one statistical life year

Formula

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(e.g. Analytica code between the ''<anacode></anacode>'' delimiters).

Result

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See also

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References

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