Are Future Lives Worth More Than Our Own?
The Environmental Protection Agency has asked its Environmental Economics Advisory Committee (EEAC) for advice on how the Agency should adjust the value of statistical lives (VSL) in the future. Incomes in the future are expected to grow, and people with higher incomes tend to place a higher value on measures to reduce their own mortality risks. Does this mean that a benefit-cost analysis should place greater weight on lives saved in the future than it does on those saved today? In comments filed with the Committee and summarized here, Mannix argues that this is more than just a question of analytical technique.