The devaluation of life
Version of Record online: 11 JUN 2009
© 2009 Blackwell Publishing Asia Pty Ltd
Regulation & Governance
Volume 3, Issue 2, pages 103–127, June 2009
How to Cite
Viscusi, W. K. (2009), The devaluation of life. Regulation & Governance, 3: 103–127. doi: 10.1111/j.1748-5991.2009.01052.x
- Issue online: 11 JUN 2009
- Version of Record online: 11 JUN 2009
- Accepted for publication 30 April 2009.
- environmental regulation;
- regulatory impact analyses;
- risk regulation;
- senior discount;
- value of statistical life
The US Environmental Protection Agency (EPA) has been the target of two recent controversies involving the devaluation of life: the 2003 use of a senior discount for the value of statistical life for people over age 65, and the 2008 downward reassessment of the value of statistical life by the EPA Air Office. Even though these new values of statistical life were still among the highest used in the Federal government, there was a strong negative public reaction to each. The public outcry over the EPA policies appears to have stemmed from an irrational response to decreases in the value of statistical life. Proposed Congressional legislation that purportedly seeks to reform the valuations would politicize benefit assessments. A sounder approach is to establish a peer-reviewed scientific advisory panel to advise agencies on the value of statistical life.