Citation

Melinek SJ. Accid. Anal. Prev. 1974; 6(2): 103-114.

Copyright

(Copyright © 1974, Elsevier Publishing)

DOI

unavailable

PMID

unavailable

Abstract

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. Examples of the application of this method are given which indicate that the value of a life is of the order of [UK pound]50,000. The results obtained are compared with values given by discounted earnings. The importance of perceived risk is also considered. Factors influencing perceived risk are discussed.