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Economic Values Used in Analyses
Economic analyses are required for all proposed (including advance notices of proposed rulemaking) and final rulemaking actions, not just for major or economically significant rulemakings. The DOT uses the following values to prepare its economic analyses:
- Statistical Value of Life and Injuries. The DOT uses a value of statistical life (VSL) in evaluating some rulemaking initiatives. For more information, please see a 2013 Office of the Secretary memorandum on the "Guidance on Treatment of the Economic Value of a Statistical Life in U.S. Department of Transportation Analyses."
- Value of Time. The value of travel time is a critical factor in evaluating some rulemaking initiatives. For more information on departmental analyses and values assigned to travel time, please see a 2011 Office of the Secretary memorandum on "Revised Departmental Guidance on Valuation of Travel Time in Economic Analyses."
- Unfunded Mandates Reform Act Determinations. As required by statute, the Department prepares a comprehensive written statement for any proposed or final rule that includes a "Federal mandate that may result in the expenditure by State, local, and tribal governments, in the aggregate, or by the private sector of $100,000,000 or more (adjusted for inflation in any one year)." For more information on the adjusted value, please see "Departmental Guidance: Threshold of Significant Regulatory Actions Under the Unfunded Mandates Reform Act of 1995."