Hedonic wage studies indicate a willingness to pay $40 per person for a reduction in the risk of a premature death from an environmental hazard of 1/100,000. If the exposed population is five million people, what is the implied value of a statistical life? To answer this question, first you find that the number of saved lives is Also, find that the total willingness to pay is $ use thousands separators. Thus, the implied value of a statistical life is $ . Hint: Don't

Hedonic wage studies indicate a willingness to pay $40 per person for a reduction in the risk of a premature death from an environmental hazard of 1/100,000. If the exposed population is five million people, what is the implied value of a statistical life? To answer this question, first you find that the number of saved lives is Also, find that the total willingness to pay is $ use thousands separators. Thus, the implied value of a statistical life is $ . Hint: Don't

EBK HEALTH ECONOMICS AND POLICY

7th Edition

ISBN:9781337668279

Author:Henderson

Publisher:Henderson

Chapter4: Economic Evaluation In Health Care

Section: Chapter Questions

Problem 2QAP

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Suppose Bethilda earned $30,000 at her last job where she faced a 3% chance of dying on the job. Now Bathilda earns $27,000 at a new job where she faces a 2% chance of dying on the job. What is Bethilda’s implied Value of a Statistical Life? What are the uses of this measure?
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