The Value of Individual and Societal Risks to Life and Health
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grounded in economic theory and incorporate the linkage between VSL and the risk-
risk cutoff value into the empirical analysis.
7.15 GOVERNMENT PRACTICES FOR USE OF VSL
7.15.1 The Evolution of VSL Benefit Assessment Practices
Over the past three decades the use of value of life or value of statistical life estimates has
become the standard practice for government agencies valuing risk. Policy assessments
utilizing VSL amounts continue to play a central role in government policy, especially
those pertaining to risk and environmental regulations (Robinson, 2007;Graham,
2008). In the ...
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