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    Value of Life

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    messay admasu
    The value of life is an economic value used to quantify the benefit of avoiding a fatality. It is also referred to as the cost of life, value of preventing a fatality and implied cost of averting a fatality. It is a statistical term, the cost of reducing the average number of deaths by one.

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    Value of Life

    Uploaded by

    messay admasu
    14 views1 page
    The value of life is an economic value used to quantify the benefit of avoiding a fatality. It is also referred to as the cost of life, value of preventing a fatality and implied cost of averting a fatality. It is a statistical term, the cost of reducing the average number of deaths by one.

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    The value of life is an economic value used to quantify the benefit of avoiding a fatality. It is also referred to as the cost of life, value of preventing a fatality and implied cost of averting a fatality. It is a statistical term, the cost of reducing the average number of deaths by one.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    14 views1 page

    Value of Life

    Uploaded by

    messay admasu
    The value of life is an economic value used to quantify the benefit of avoiding a fatality. It is also referred to as the cost of life, value of preventing a fatality and implied cost of averting a fatality. It is a statistical term, the cost of reducing the average number of deaths by one.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Value of life

    The value of life is an economic value used to quantify the benefit of avoiding a fatality.[1] It is also
    referred to as the cost of life, value of preventing a fatality (VPF) and implied cost of averting a fatality
    (ICAF). In social and political sciences, it is the marginal cost of death prevention in a certain class of
    circumstances. In many studies the value also includes the quality of life, the expected life time
    remaining, as well as the earning potential of a given person especially for an after-the-fact payment in a
    wrongful death claim lawsuit.

    As such, it is a statistical term, the cost of reducing the average number of deaths by one. It is an
    important issue in a wide range of disciplines including economics, health care, adoption, political
    economy, insurance, worker safety, environmental impact assessment, and globalization.[2]

    In industrial nations, the justice system considers a human life "priceless", thus illegalizing any form of
    slavery; i.e., humans cannot be bought at any price. However, with a limited supply of resources or
    infrastructural capital (e.g. ambulances), or skill at hand, it is impossible to save every life, so some
    trade-off must be made. Also, this argument neglects the statistical context of the term. It is not
    commonly attached to lives of individuals or used to compare the value of one person's life relative to
    another person's. It is mainly used in circumstances of saving lives as opposed to taking lives or
    "producing" lives.[2]

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