Value of a Statistical Life – Healthcare Economist

How much is your life worth?

2021-06-01Jason ShafrinLeave a comment

In a previous post, I answered this question from the perspective of government agencies: According to the Environmental Protection Agency, the answer is $10 million. Other agencies place use a somewhat lower number. The Food and Drug administration pegs the value at $9.5 million and the Department of Agriculture places the value at $8.9 million. However,…

WTP to reduce mortality risk

2015-01-14Jason Shafrin1 Comment

How much would you pay to live longer? Most people would say an infinite amount. In practice, however, this is not the case. For instance, you can drive slower to reduce your risk of a car crash. In this case, you trade off your time with your probability of death. Or, to continue the care…