Human life in dollars: Value of a statistical life in policy

The value of a statistical life (VSL) is a metric policymakers use to do cost-benefit analysis of policy. Essentially, the VSL is a monetary value placed on deaths prevented, and the metric is commonly used to evaluate environmental and public health policy. However, the concept is controversial, and measuring the VSL remains a challenge. Here, I discuss how the VSL is used in policy, limitations in its use, and whether it matters at all.