Estimates of The Value of Life
In the US, the following estimates have been applied to the value of life. The estimates are either for one year of additional life or for the statistical value of a single life.
- $50 000 per year of quality life (international standard most private and government-run health insurance plans worldwide use to determine whether to cover a new medical procedure)
- $129 000 per year of quality life (based on analysis of kidney dialysis procedures by Stefanos Zenios and colleagues at Stanford Graduate School of Business)
- $6.9 million (Environmental Protection Agency)
- $7.9 million (Food and Drug Administration)
- $6 million (Transportation Department)
- $7 million (median value for prime aged workers)
The income elasticity of the value of statistical life has been estimated at 0.5 to 0.6. Developing markets have smaller statistical value of life. The statistical value of life also decreases with age.
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