The derivation and application of a risk related value of the spend for saving a statistical life.
The concept of a risk related value of the spend for saving a statistical life (VSSSL) is advanced for use in cost-benefit studies across the power generation sector, and the nuclear industry in particular. For illustrative purposes, a best estimate VSSSL is set based on HSE guidance at 2 M pounds. Above a risk of 10(-3) y(-1) it is assumed that the VSSSL may approach this maximum sustainable value. As the risk reduces so does the VSSSL. At a risk level of 10(-6) y(-1) a VSSSL of 0.5 M pounds is applied. For risks below 10(-9) y(-1) the value of further risk reduction approaches zero, although a nominal VSSSL of 10 k pounds is applied as a pragmatic way forward in this study. The implications of adopting this concept as an aid to decision making in determining the spend on radiological dose reduction measures are illustrated through a worked example with a banded approach to estimating collective dose.