Environmental Economics

The Relevance of Willingness-to-Pay Estimates of the Value of a Statistical Life in Determining Wrongful Death Awards

Questions have been raised about the appropriateness of the use of willingness-to-pay (WTP) estimates in legal cases involving compensation for wrongful death. This paper discusses legal definitions of wrongful death compensation and alternative definitions of compensation. It discusses the theory behind willingness-to-pay estimates. The purpose and intent of the compensation awards are discussed versus what is measured in the estimates. The paper concludes that willingness to pay estimates are potentially useful when the definition of compensation includes putting a dollar figure on nonfinancial losses.

  • Keywords

    Subject:
    1. Benefits Analysis
    1. Benefits Analysis - Valuation
    1. Benefits Analysis - Valuation - Benefits Transfer
    Environmental Media:
    f. Multimedia
    Authors:
    Chestnut, Lauraine G.
    Violette, Daniel M.
    EPA Project Officer/ Manager:
    Fisher, Ann
    Geographic Area:
    Study Purpose:
    Methodology Development & Evaluation, Policy Evaluation
    Inventory Record #: EE-0157
  • Participating Organizations

    Research Organization:

    RCG/Hagler, Bailly, Inc. Address: P.O. Drawer O
    City: Boulder State: CO ZIP: 80306
    Phone: Fax:
    E-mail:
    Funding Organization:
    Environmental Protection Agency, Office of Policy, Planning and EvaluationAddress:
    City: Washington State: DC ZIP:
    Phone: Fax:
    E-mail:
  • Report Details
    Type:
    Final
    Date:
    06/01/1990
    Number of Pages:
    16
    Comment:
    EPA #:
    Grant/Contract #:
    EPA-230-07-90-079
    68-W8-0038
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    Date Linked: 05/28/2009