TAF PUBLISHING

Value of Statistical Life (VSL) benefits from saving one life stated in monetary terms at a specific risk level. This concept is an essential tool for policymakers in the cost-benefit analysis used in many developed countries. However, the VSL concept is still missing or less applied to developing countries where people are exposed to various risks compared to developed countries. This study employed a meta-regression analysis using VSL in developing countries and some developed countries to clarify the effects of different variables such as annual income, annual work hours, and age on VSL. Meta-regression analysis was decided based on the distribution of each variable. Across all the studies, annual working hours and age were distributed normally. In contrast, VSL and annual income had a logarithmic distribution, leading to applying a log-log model using logarithmic transformation of VSL and annual income in the analysis. The results indicate that the VSL in developing countries has a positive and strong correlation with income, while the correlation between VSL and annual working hours is negative, meaning that with increasing annual working hours, the VSL will decrease.