Can Stated Preferences Yield Robust Estimates of the Value of Statistical Life? Lab and field applications of conventional and novel techniques for estimating adult and child VSL within an environmental context
Abstract
We use both laboratory and experimental procedures to test the reliability of two stated preference methods for eliciting the value of statistical life (VSL) for adults and children. Both lab and field results cast doubt upon the suitability of contingent valuation techniques for such applications.
However, implementation of the recently developed ‘chaining method’ both in the UK and Czech Republic yields more robust results with a high degree of consistency across the two countries including the finding that the VSL for avoiding child mortality is consistently higher than that for adults.