Evaluating the Value of a Life Year (VOLY)

Today’s European air quality policy uses cost-benefit analysis (CBA) to assess the effectiveness of different measures to mitigate air pollution. This involves comparing the cost of achieving emission reductions with the benefits of reducing the concentrations and/or the deposition of different air pollutants.

Because benefits can take many forms, converting them to a monetary basis (monetisation) is an important step. This article discusses monetisation of the health benefits associated with reducing concentrations of fine particulate matter (PM).