The Value of Statistical Life in Flood- and Landslide-Prone Areas

This study estimates the value of risk of life's loss of people who live in flood- and landside-prone areas in Nan, Chiang Mai and Chiang Rai. The methodology used is the value of statistical life (VSL). The results show that the value of statistical life of people living in these areas averages 0.67-4.67 million baht per person. People's willingness to pay for an early warning system amounts to 118-123 baht per person per year. This amount is based on the person's belief that early warning can reduce the risk of life's loss. The value of statistical life in this study indicates a minimum value of risk of life's loss in flood- and landside-prone areas under the current economic and social status of a person and thus this is not the total value of a person who lives in the area. The study might steer the interest in using the technique to provide useful information as to base policy decision on measures or projects that affect health and life.