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The Spreadsheet of Life and Death
Cautionary Tales with Tim Harford
The Value of Life
Economists now have a fancy piece of jargon for a one in a million chance of death. It's a micro mort so driving 200 miles is one micromat. In America, economists reckon that people value micromots at roughly ten dollars. That implies we think our lives are worth about ten million dollars. Shelling's idea is known as the value of statistical life.
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