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Title: The value of statistical life in Singapore.
Authors: Hoon, Shi.
Lim, Khee Meng.
Keywords: DRNTU::Social sciences::Economic theory
DRNTU::Social sciences::Sociology::Social and public welfare
Issue Date: 2008
Abstract: Value of statistical life (VSL) in Singapore is an important piece of information to evaluate the cost of public health programs and environmental policies in Singapore. For policy-makers; quantifying VSL is important for cost-benefit analyses; especially VSL for the elderly and the ill; as Singapore is currently facing an ageing population.; This paper evaluates the results of a contingent valuation survey that elicits willingness-to-pay (WTP) for mortality risk reductions. 801 Singaporeans and Singapore Permanent Residents aged 40 and above were interviewed face-to-face. Mean WTP figures for a simultaneous risk reduction entail a value of statistical life of approximately S$850; 000 to S$2.05 million (2007 S$).; Mean WTP is shown to have an inverse relationship with age; i.e. mean WTP decreases as age increases; and is about 20% lower for persons aged 70 and older. Consistent with existing literature; the study also finds that mean WTP is not affected by physical health; but is affected by mental health. In addition; mean WTP is not affected by covariates such as gender; race; and personal income; but is affected by covariates such as household income; age; occupation and level of education.
Fulltext Permission: restricted
Fulltext Availability: With Fulltext
Appears in Collections:HSS Student Reports (FYP/IA/PA/PI)

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