To Örebro University

Objectives: This study quantifies the economic value of knowing a close family member or friend who attempted or died by suicide, using the Well-being Valuation Method (WVM).

Background: Prior research has varied in assessing the valuation of suicide prevention, often not comparing it with other mortality causes. Our study presents a pioneering exploration into quantifying the economic value of experiencing a close family member or friend’s suicide attempt or suicide death using the Well-being Valuation Method (WVM), also known as the life satisfaction approach (LSA).

Methods: Data from an online survey of 1,000 Swedish adults were used to apply the WVM. This included information on life satisfaction, knowing someone who attempted or died by suicide, household income, and healthcare resource allocation attitudes. We estimated life satisfaction equations and the implicit marginal rate of substitution between income and the experience of knowing someone who attempted or died by suicide.

Results: Knowing a close individual who attempted or died by suicide significantly reduces life satisfaction. The monetary compensation to maintain life satisfaction varied, ranging from 6.4-9.6 thousand Euros for those knowing someone who died by suicide, to 8.1-9.9 thousand Euros for knowing someone who attempted suicide.

Discussion: The study highlights the significant economic burden and varying compensation needs based on different suicide-related experiences. It emphasizes the importance of incorporating these individual experiences into healthcare policy and suicide prevention strategies, reflecting the broader economic and social implications of suicide. This approach advocates for informed policymaking and resource allocation, addressing the comprehensive impact of suicide.