Valuing consumer safety

Abstract

The assignment of monetary values to human safety has long been regarded as a sensitive issue. Although difficulties remain, considerable progress has in fact been made towards achieving a more robust and socially-defensible methodology than ever before. The consequence is that these approaches are being more widely used by decision makers, in fields ranging from occupational to transport safety, as an aid in assessing the appropriateness of resource allocations which impinge directly or indirectly on human safety. Valuation of safety benefits can guide resource allocation both within sectors, and between sectors.

With reference to consumer safety, it is suggested that injury valuation, if pursued, would in due course assist decision makers in achieving the goal of adequate and efficient allocation of resources within a socially acceptable framework. Further, valuation could best be achieved, in the authors' view, by application of the relative utility loss methodology linked to a willingness-to-pay derived value of life appropriate to the consumer sector.

For maximum benefit, such valuations would need to be linkable with data gathered by the European Home and Leisure Accident Surveillance System (EHLASS). This would require the incorporation of an injury severity descriptor. One possibility may be to develop a modified version of the Abbreviated Injury Scale which discriminates effectively between the types of injuries encountered in home and leisure accidents.

Key words:

• consumer safety
• value of life
• value of injury
• cost benefit