Abstract
Policymakers use estimates of the Value of a Statistical Life (VSL) in performing regulatory reviews to assess the benefits and costs of policies that affect mortality. This paper empirically estimates an adjustment to conventional VSL measures to account for altruistic sentiments and concludes that conventional VSL measures are underestimated by a factor of two to three, suggesting we are greatly undervaluing life in regulatory reviews. This conclusion is attained by estimating the VSL multiplier suggested by Jones-Lee (Econ J 102(410):80-90, 1992), which hinges on assessing whether individuals are more health altruistic than wealth altruistic. The estimated VSL multiplier is greatest for policies that affect children's mortality, as health altruism is dominant regarding children. SUPPLEMENTARY INFORMATION: The online version contains supplementary material available at 10.1007/s11205-021-02784-7.