A METHOD OF EVALUATING HUMAN LIFE FOR ECONOMIC PURPOSES

A method of estimating a monetary value of life which can be used for the evaluation of safety precautions is presented. People are willing to spend money to reduce the risk of accidents, or alternatively to increase the risk for some benefit. The method described endeavours to estimate the value of life which is consistent with such behaviour. The results obtained are compared with values given by discounted earning. The importance of perceived risk is also considered. Factors influencing perceived risk are discussed. (A) /TRRL/

• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/issn/00014575
• Corporate Authors:

  Pergamon Press, Incorporated

  Maxwell House, Fairview Park
  Elmsford, NY  United States  10523
• Authors:
  • Melinek, S J
• Publication Date: 1974-10

Language

• English

Media Info

• Features: Figures; References; Tables;
• Pagination: p. 103-114
• Serial:
  • Accident Analysis & Prevention
  • Volume: 6
  • Issue Number: 2
  • Publisher: Elsevier
  • ISSN: 0001-4575
  • Serial URL: http://www.sciencedirect.com/science/journal/00014575

Subject/Index Terms

• TRT Terms: Benefit cost analysis; Costs; Crash risk forecasting; Economic conditions; Economic impacts; Expenditures; Fatalities; Females; Hazard analysis; Hazards; Human beings; Human factors; Injuries; Mathematical models; Prevention; Research; Risk analysis; Risk assessment; Risk taking; Safety
• Old TRIS Terms: Safety research
• ITRD Terms: 1661: Accident prevention; 224: Cost; 226: Cost benefit analysis; 1602: Fatality; 2257: Human factor; 2163: Injury; 1787: Man; 6473: Mathematical model; 2259: Risk taking; 1665: Safety; 1788: Woman
• Subject Areas: Economics; Finance; Highways; Railroads; Research; Safety and Human Factors; Security and Emergencies; Society; I10: Economics and Administration; I85: Safety Devices used in Transport Infrastructure;

Filing Info

• Accession Number: 00128146
• Record Type: Publication
• Source Agency: Transport and Road Research Laboratory (TRRL)
• Files: ITRD, TRIS
• Created Date: Feb 19 1976 12:00AM