Cross-Sector Valuation of Life, Health, and Safety

London, England
06 February 2009
Hosted By: University College London and the London School of Economics

NERA Special Consultant Michael Spackman participated in this conference, which was held at the London School of Economics on 6 February 2009 in support of a UK Government Economists Working Group on the Valuation of Life and Injury. Mr. Spackman delivered a presentation entitled "Possibilities of Cross-Sector Consistency." He argued that although "willingness-to-pay" is generally the best approach to value small changes in risks of death or injury in the UK, the "Quality Adjusted Life Year" used in health economics is also relevant to the relative rankings of non-fatal injuries and to the valuation of illness. He also noted that political factors have a major impact on how such valuations are applied, and that such factors need to be transparent, as opposed to being hidden in the valuations fed into cost-benefit analyses.

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