The Valuation of Human LifeThis book comprises an attempt to examine how we might set about an- swering the question: How much is society prepared to pay to reduce mortality: Or more brutally, what is the value of human life? The justification for attempting to answer such questions lies in the de- sirability of injecting increased explicitness and rationality into decision-making in those areas of the public sector which are con- cerned with life saving. Given that resources are already being de- ployed to such activities as crash-barriers on motorways, helicopters for air-sea rescue, kidney machines and other life-saving measures - although such activities result only in a reduction in risk of death, not itsillimination, in the policy fields affected - this means that already at the present time, at least by implication, values are be- ing placed by decision-makers on the saving of life. |
Contents
What is the Problem? | 1 |
1 Road Safety | 26 |
2 Health Care | 36 |
Copyright | |
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Common terms and phrases
accept allocation applied areas argue assessment assume attempt attitudes to death barriers benefits Brookings Institute cancer cent cervical cancer change in risk chapter concept concerned considered consumer sovereignty consumption cost cost-benefit analysis decision rules decision-making determine dialysis difficulties discounting earnings economic economists effect estimate euthanasia ex ante example external factors fear of death Firstly human capital implied values increased individual interest investment involved Jones-Lee judgment level of risk life-saving lives saved loss lung cancer measure methodology Mishan mortality motorways normally obtain opportunity cost option demand option values output particular positive possible potential preferences prepared to pay probability problem public sector question reduction in risk relationship relatives relevant risk levels risk of death road accident road safety Ronan Point Schelling situation social welfare function society suggests suicide syphilis treatment type of approach utility valuation of reduction Weisbrod Zeckhauser