Value of life issues traditionally pertain to insurance of the losses of accident victims, for which replacement of the economic loss is often an appropriate concept. Deterrence measures of the value of life focus on risk-money tradeoffs involving small changes in risk. Using market data for risky jobs and product risk contexts often yields substantial estimates of the value of life in the range of $3 million to $9 million. These estimates are useful in providing guidance for regulatory policy and assessments of liability.
Sunday, October 10, 2010
Economics of Human Life
Collectively, the choices we make can allow researchers to put prices on items we might normally be uncomfortable valuing. Here's how much we value our life:
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