Risk, the Willingness-to-Pay, and the Value of a Human Life

Empirical estimates of the value of a life based on the willingness-to-pay concept have been used in formulating public policy decisions involving safety and environmental regulations and by some state courts as a measure of the legal value of a human life in personal injury cases. The basic idea of...

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Veröffentlicht in:	Journal of insurance issues 2000-10, Vol.23 (2), p.180-184
Hauptverfasser:	Jennings, William P., Jennings, Penelope R.
Format:	Artikel
Sprache:	eng
Schlagworte:	Assumption of risk Cost estimates Death Economic value Environmental regulations Estimates Financial risk Fire insurance General damages Human life Litigation Market prices Probability Public policy Risk aversion State courts Statistical variance Studies Willingness to pay
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