Value of human life
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Value of life (also known as value of statistical life).
In the U.S., one human life is worth roughly $10 million.[1] Thomas Schelling, a Harvard professor and RAND economist, articulated the concept of the "value of a statistical life" in 1968. W. Kip Viscusi, economist at Vanderbilt University, suggested in 1981 using the VSL to make decisions.[2]
Others who did research / contributed to this thinking:
- Warren Prunella, economics professor at Canisius College, came up with one of the earliest calculations used in regulation in 1978.[3]
- Kenneth Feinberg[4]
- Stefanos Zenios at Stanford Graduate School of Business[5]
Amelia Thomson-DeVeaux. "What Should The Government Spend To Save A Life?" FiveThirtyEight, March 27, 2020.
Frank Partnoy. "The Cost of a Human Life, Statistically Speaking." The Globalist, July 21, 2012.
References
- ↑ Sarah Gonzalez. "How Government Agencies Determine The Dollar Value Of Human Life." NPR, April 23, 2020.
- ↑ Adam Rogers. "How much is a human life actually worth?" WIRED, May 11, 2020.
- ↑ Austin Frakt. "Putting a Dollar Value on Life? Governments Already Do." The New York Times, May 11, 2020.
- ↑ Stephen J. Dubner. "Who Decides How Much a Life Is Worth?" Freakonomics, Ep.344, August 8, 2018.
- ↑ Kathleen Kingsbury. "The Value of a Human Life: $129,000." Time, May 20, 2008.
