Answered: What’s a life worth dealing with the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What’s a life worth dealing with the EPA? Describe in detail

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Step 1

According to EPA (Environment protection agency), the value of the statistical life (VSL) or worth of life is referred as an estimate of the willingness to pay for a small reduction in the mortality risks. A popular method of calculating VSL is using government spending to see how much the government can spend to save a life. EPA uses an estimate of how the people are ready to pay for a small reduction in their risk of or threat to life from any adverse health condition that can be caused by environmental pollution in the cost-benefit analyses. The willingness or want to pay measure each dollar value of an environment benefit

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