On the value of statistical life and injury: A review

There is vast literature available on the use of Value of Statistical life and Injury in mostly developed countries, however; many studies have also been undertaken in the developing countries in the last couple of years, for example, Taiwan, South Korea and India. The available literature delineates the methodological issues pertaining to its estimation based on Contingent Valuation and Revealed preference method. Beside this it also gives a fair idea of different studies conducted in the developed and developing countries and it's usefulness for public policy decisions. The study concludes that the topic is of utmost importance and it should also be used for conducting the cost benefit analysis of public safety projects in Pakistan as well.