i'm reading about risk assessment and cost-benefit analysis and how you assign value to "non-market" items. it turns out the going rate for a human life is $2 million. this was never decided on officially, but instead backed out by analysis of existing public health policy. government agencies step in to regulate public health hazards if the cost to save one human life is $2 million dollars or less.
i totally understand the need for this kind of valuation, and yet it chills me to the bone.
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You should have been in an undergrad class of mine when my prof backed out the monetary value parents place on their kids by figuring the marginal benefit of buying a safer car seat versus the marginal cost of the seat. Inspiring!
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