Question

Why is it important to study the economic value of a human life?

Answer 1

The value of life is an intangible value used to measure the profit of preventing a fatality The cost of life, the value of preventing a fatality and the implied cost of preventing a fatality are often referred to. That is the marginal cost of death avoidance in a certain group of situations in social and political sciences. The benefit also includes the quality of life in certain surveys, the estimated life span remaining, as well as a person's income capacity, especially for an after-the-fact payout in a wrongful death litigation case.

As such, the effect of lowering the total number of deaths by one is a mathematical concept. In a broad variety of disciplines , including economics, health care, adoption, political economy, pensions, workplace welfare, environmental impact evaluation and globalisation, this is an significant topic.

In the past , human resource assessments of the economic worth of life have been regularly used to conduct health service cost-benefit studies. Recently, however, when applying these figures, important concerns have been raised about the philosophical framework for valuing human life. Many economists working on these topics appear to conclude that in cost-benefit analysis, a more conceptually correct approach to value threats to human life will be focused on people. "willingness to pay" for minor improvements in their survival chances. Attempts to use survey respondents or revealed-preference estimates to enforce the willingness-to - pay method have created a confounding variety of values rife with methodological concerns and calculation difficulties. As a result, economists have looked for a correlation between willingness to pay and standard estimates of human resources and have found that a lower limit for most people to measure life risks can be based on their willingness to pay.