The Value of a Statistical Life (VSL)

The Value of a Statistical Life (VSL) is a way to quantify how much people are willing to pay to reduce the risk of death, helping policymakers evaluate safety measures and regulations. It doesn't reflect the worth of an individual's life, but rather the aggregate value society places on reducing small risks across many people. For example, if workers support safety improvements that slightly lower their chance of dying, the total amount they’re willing to pay indicates society’s valuation of life preservation in that context. VSL aids in making informed, efficient decisions to improve public safety.