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EPA is asking for feedback on proposed improvements to the agency's methodology for estimating benefits associated with reduced risk of mortality. This methodology, which is used in regulatory benefit-cost analyses, takes into account the amounts that individuals are willing to pay for small reductions in mortality risk. The resulting values are combined into an estimate commonly known as the "Value of Statistical Life (VSL)." EPA is also asking the SAB to review options for accounting for changes in the VSL over time as real income grows, known as "income elasticity" of willingness to pay. After taking this input into account EPA expects to incorporate revised guidance on these matters into the Agency's Guidelines for Preparing Economic Analysis.
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