![]() ![]() This is best explained by way of an example. In the scientific literature, these estimates of willingness to pay for small reductions in mortality risks are often referred to as the "value of a statistical life.” This is because these values are typically reported in units that match the aggregate dollar amount that a large group of people would be willing to pay for a reduction in their individual risks of dying in a year, such that we would expect one fewer death among the group during that year on average. Rather, when conducting a benefit-cost analysis of new environmental policies, the Agency uses estimates of how much people are willing to pay for small reductions in their risks of dying from adverse health conditions that may be caused by environmental pollution. The EPA does not place a dollar value on individual lives. What does it mean to place a value on life? When will revised Guidance on Mortality Risk Valuation be available?.Is EPA proposing a numeric value for VMR?.How will EPA Estimate the Value of Mortality Risk (VMR)?. ![]()
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