Monday March 13, 2023
CPSC Guidance Would Make Child VSL Double Adult VSL
A child's value of statistical life (VSL) would be twice that of an adult's in a draft CPSC guidance on such calculations. Commissioners were slated to vote by March 14 on starting a 60-day comment period on the guidance. The initial VSLs – in 2021 dollars – would be $23.2 million versus $11.6 million.
Updates would account for both inflation and the real income method used by Health and Human Services in its Guidelines for Regulatory Impact Analysis.
Besides general feedback, CPSC wants to learn:
In 2018 (PSL, 3/5/18), a literature review by CPSC staff found support for the idea of differing VSLs, opening the way to this two-value approach.