Epidemiological studies report significant association between air pollution and cardiovascular and respiratory mortality. Governmental intervention is required to implement policies aiming to increase air quality, and cost-benefit analysis can be useful to evaluate such policies. Reductions in risks of death are arguably the most important benefit underlying air-quality policies, and therefore need to be valued in money terms. This paper presents a contingent valuation study conducted in São Paulo to estimate the population’s willingness to pay (WTP) to reduce their risk of death and the correspondent value of a statistical life (VSL). Results ranged between US$ 0.77 – US$ 6.1 million.