This report develops an approach for valuing COVID-19 mortality and morbidity risk reductions based on the U.S. Department of Health and Human Services (HHS) Guidelines for Regulatory Impact Analysis. Valuing risk reductions associated with regulations or other policies that address the novel coronavirus disease 2019 (COVID-19) presents major challenges. This paper addresses these challenges by summarizing the impacts of COVID-19 on health and longevity, describing the conceptual framework for valuation, investigating the available valuation research, and discussing the implications. We recognize that the impact of the virus is rapidly evolving and that new data are continually emerging. Our focus is on developing and illustrating an approach for estimating the value per expected death or nonfatal case averted, that can be adapted to changing circumstances as needed.
- Updating Value Per Statistical Life (VSL) Estimates for Inflation and Changes in Real Income
- Guidelines for Regulatory Impact Analysis
- Guidelines for Regulatory Impact Analysis: A Primer
- Valuing Time in U.S. Department of Health and Human Services Regulatory Impact Analyses: Conceptual Framework and Best Practices
- Estimating Medical Costs for Regulatory Benefit-Cost Analysis: Conceptual Framework and Best Practices