Value of Life

Paper Summary:

This paper analyzes the monetary value of life from an economic perspective. The paper provides a comprehensive overview of the literature examining various methodologies used to calculate the dollar value of human life. The results of the paper suggest that it is impossible to define an exact statistical value for human life, however estimates can be made contingent on an individual's lifetime earning potential or the value one places on adding years to their life and improving their perceived quality of life.

Outline:
Abstract
Introduction
Literature Review
Overview Monetary Value of Human Life
Utility Models Human Life
Summary of Literature
Conclusions

From the Paper:

"Most economists according to Morin (2006) measure the value of life using an economic model defined as "willingness to pay measures" suggesting that one may calculate the value of life based on how much a person may have earned during an extended life period. This theory may apply when seeking damages in wrongful death cases, when family members may calculate how much a person may have earned had they lived their life to a finite period of time. This model however, does not consider the value for individuals that are not earning a defined income, suggesting that those individuals have no economic value. Many suggest it is important to also consider what an individual might pay to avoid death compared with how much they would pay to compensate for wrongful death (Morin, 2006). "

Sample of Sources Used:

• Arrow, Kenneth. "Invaluable goods." Journal of Economics Literature, 35.2, 1997: p. 757-59.
• Hsu, Shi-Ling. "Priceless: On knowing the price of everything and the value of nothing." Environmental Law, 35.1, 2005:p.135.
• Ireland, Thomas R. "The application of hedonic models to personal injury litigation: A comment." Journal of Legal Economies, 5.1: 1995, 81-85.
• Ireland, Thomas R. & Gilbert, Roy. "Supramonetary values, the value of life and the utility theory of meanings of tort recovery." Journal of Forensic Economics, 11.3, 1998: p. 189.
• Morin, Richard P. "Calculating the value of human life." CSJ, George Street Journal. 2, May 2006: <http://www.brown.edu/Administration/George_Street_Journal/value.html>

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