The value of statistical life in Singapore.
Value of statistical life (VSL) in Singapore is an important piece of information to evaluate the cost of public health programs and environmental policies in Singapore. For policy-makers; quantifying VSL is important for cost-benefit analyses; especially VSL for the elderly and the ill; as Singapor...
| Main Authors: | , |
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| Other Authors: | |
| Format: | Final Year Project (FYP) |
| Language: | English |
| Published: |
2008
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/12870 |
| _version_ | 1826114642414403584 |
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| author | Hoon, Shi. Lim, Khee Meng. |
| author2 | Chia, Wai Mun |
| author_facet | Chia, Wai Mun Hoon, Shi. Lim, Khee Meng. |
| author_sort | Hoon, Shi. |
| collection | NTU |
| description | Value of statistical life (VSL) in Singapore is an important piece of information to evaluate the cost of public health programs and environmental policies in Singapore. For policy-makers; quantifying VSL is important for cost-benefit analyses; especially VSL for the elderly and the ill; as Singapore is currently facing an ageing population.; This paper evaluates the results of a contingent valuation survey that elicits willingness-to-pay (WTP) for mortality risk reductions. 801 Singaporeans and Singapore Permanent Residents aged 40 and above were interviewed face-to-face. Mean WTP figures for a simultaneous risk reduction entail a value of statistical life of approximately S$850; 000 to S$2.05 million (2007 S$).; Mean WTP is shown to have an inverse relationship with age; i.e. mean WTP decreases as age increases; and is about 20% lower for persons aged 70 and older. Consistent with existing literature; the study also finds that mean WTP is not affected by physical health; but is affected by mental health. In addition; mean WTP is not affected by covariates such as gender; race; and personal income; but is affected by covariates such as household income; age; occupation and level of education. |
| first_indexed | 2024-10-01T03:42:27Z |
| format | Final Year Project (FYP) |
| id | ntu-10356/12870 |
| institution | Nanyang Technological University |
| language | English |
| last_indexed | 2024-10-01T03:42:27Z |
| publishDate | 2008 |
| record_format | dspace |
| spelling | ntu-10356/128702019-12-10T10:49:28Z The value of statistical life in Singapore. Hoon, Shi. Lim, Khee Meng. Chia, Wai Mun School of Humanities and Social Sciences DRNTU::Social sciences::Economic theory DRNTU::Social sciences::Sociology::Social and public welfare Value of statistical life (VSL) in Singapore is an important piece of information to evaluate the cost of public health programs and environmental policies in Singapore. For policy-makers; quantifying VSL is important for cost-benefit analyses; especially VSL for the elderly and the ill; as Singapore is currently facing an ageing population.; This paper evaluates the results of a contingent valuation survey that elicits willingness-to-pay (WTP) for mortality risk reductions. 801 Singaporeans and Singapore Permanent Residents aged 40 and above were interviewed face-to-face. Mean WTP figures for a simultaneous risk reduction entail a value of statistical life of approximately S$850; 000 to S$2.05 million (2007 S$).; Mean WTP is shown to have an inverse relationship with age; i.e. mean WTP decreases as age increases; and is about 20% lower for persons aged 70 and older. Consistent with existing literature; the study also finds that mean WTP is not affected by physical health; but is affected by mental health. In addition; mean WTP is not affected by covariates such as gender; race; and personal income; but is affected by covariates such as household income; age; occupation and level of education. Bachelor of Arts 2008-05-16T08:41:08Z 2008-10-07T01:41:41Z 2008-05-16T08:41:08Z 2008-10-07T01:41:41Z 2008 2008 Final Year Project (FYP) http://hdl.handle.net/10356/12870 en 63 p. application/pdf |
| spellingShingle | DRNTU::Social sciences::Economic theory DRNTU::Social sciences::Sociology::Social and public welfare Hoon, Shi. Lim, Khee Meng. The value of statistical life in Singapore. |
| title | The value of statistical life in Singapore. |
| title_full | The value of statistical life in Singapore. |
| title_fullStr | The value of statistical life in Singapore. |
| title_full_unstemmed | The value of statistical life in Singapore. |
| title_short | The value of statistical life in Singapore. |
| title_sort | value of statistical life in singapore |
| topic | DRNTU::Social sciences::Economic theory DRNTU::Social sciences::Sociology::Social and public welfare |
| url | http://hdl.handle.net/10356/12870 |
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