The OECD has published a new meta-analysis report titled “Mortality Risk Valuation in Policy Assessment”, updating Value of Statistical Life (VSL) estimates from over 50 years of global studies. The revised estimates reflect newer data, broader country coverage, and improved methodologies.
Key highlights:
The report compiles over 4,000 individual VSL estimates (from 1970–2023) and distils a subset (~2,400) for baseline policy use.
It provides recommended base VSL values across six country groupings, with guidance on adjusting them by GDP per capita ratios when applying to individual countries.
Findings suggest higher VSL estimates, even after inflation, for many regions compared to earlier benchmarks-reflecting evolving preferences and newer data.
It offers methodological advice on how to transfer VSL estimates between countries, adjust for income differences, incorporate uncertainty, and consider morbidity alongside mortality.
India can apply these adjusted VSLs to evaluate pollution control, road safety, disaster preparedness, etc. Using GDP-adjusted VSL benchmarks can localise global estimates for Indian policy. Applying morbidity valuation helps refine cost-benefit analysis in public health programmes. Adoption of such metrics promotes transparent and consistent decision-making in Indian regulatory frameworks.
What is Value of Statistical Life (VSL)? → VSL is a construct that expresses how much a population is willing to pay for small reductions in mortality risk (e.g., reducing one death per 100,000). It’s used in cost-benefit analyses of policies that affect life expectancy.
Follow the full report here: OECD Mortality Risk Valuation (2025)
