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Mishan's work on the statistical valuation of human life also made an impact.
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As there are no comprehensive statistical life valuation studies in Estonia, the conversion coefficient between GDP and the statistical value of life was derived from international meta-analyses (statistical value of life being on average equal to 120 times GDP per capita in a country) [ 30, 28].
Fourth, we performed separate statistical tests for comparing valuation by each CDP group with valuation by the NCDP group without multiplicity adjustment.
Despite the significant valuation and statistical challenges associated with such environmentally corrected national accounts (Alfsen et al. 2006), they are firmly grounded in mainstream economic analysis, crucial for understanding how the economy interacts with the environment, and have important implications for policy, regulatory, and business decisions (Nordhaus and Kokkelenberg 1999).
At the same time various different approaches have been developed to improve the methods and statistical modelling required to estimate valuations across the whole EQ-5D state space.
Credit evaluation relies on character or cashflow valuation rather than the statistical techniques used by credit-card companies in rich countries.
However, many people believe all people should be valued equally, and closer to the developed country valuation of USD 1 10 million per statistical life (Robinson 2007).
Each PSE comprised a single data point considered in the statistical analysis for the pay-per-view image valuation.
Thus, after statistical adjustment, the heart disease group had higher valuation score compared to the NCDP group.
Understanding the core philosophy of advanced statistical analysis requires a familiarity with the economic theory of valuation.
First, the most commonly used method of option valuation, the Black-Scholes formula, assumes that certain statistical properties of the stock price remain constant over time.
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