In evaluating the appropriate response to the COVID-19 pandemic, a key parameter is the rate of substitution between mortality risk and wealth or income, conventionally summarized as the value per statistical life (VSL). For the United States, VSL is estimated as approximately $10 million, which...

This paper provides theoretical background for a symposium on whether the monetary value of changes in mortality risk resulting from environmental policy is best summarized in terms of a ‘value per statistical life’ (VSL) or ‘value per statistical life-year’ (VSLY). The relationship...

The choice of the rate at which one should discount the long-term benefits of mitigating climate change is highly controversial. Both the level and the slope of the term structure of discount rates have been discussed intensively in relation to the determination of the social cost of carbon....

Abatement of global climate change is modeled as a two-period game between the industrialized "North" and developing "South." Using an integrated-assessment model to simulate the economic and environmental consequences of alternative abatement policies, cooperative and Nash solutions are...