Valuing mortality risk reductions in a fast-developing society: A meta-analysis of stated preference studies in China from 1998 to 2019

The estimate used to value mortality risk reductions, conventionally expressed as the value of a statistical life (VSL), has long been an important parameter for economic analysis in developed countries. However, the application of VSL in developing countries has been challenging due to insufficient empirical attention. We conduct a comprehensive meta-analysis of 19 stated preference (SP) studies on VSL covering Chinese populations between 1998 and 2019 to provide a unique perspective on VSL in a fast-developing society. In contrast to the findings of research conducted in developed countries, we find no evidence of publication bias. We determine that the income of the population studied, the type of risk and the magnitude of risk reduction are the most important variables affecting VSL estimates. However, the relationship between these key factors and VSL changes as society develops, especially after the social shock of an environmental health risk crisis. We also provide a set of VSL estimates and key parameters needed in benefit transfer that are tailored to the settings of various economic analyses of health effects.