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2 What is your reaction to the value of a life and the approaches to determining that value The human capital approach was used to determine the payments to families who lost loved ones in 911 Until now I have seen and read multiple times in media about government compensating certain amount of money to people dying from attacks natural disasters and loosing their property or loved ones However I have never thought about the methods and approaches used to determine value of life lost Two approaches have been used to determine value of life human capital approach and willingness-to-pay approach Human capital approach is the most widely accepted method that calculates value of life based on persons age and future revenue years lost Santerre Neun 2010 However disadvantages of human capital approach are shown belowGender discrimination lower value of females life due to lower annual income compare to malesNo return or compensation for leisure sufferings pleasure of lifeTotal practical view of determining value of lifeexample no or almost zero value of life of chronically unemployed individualWillingness-to-pay approach considers non-market returns and is based on amount of money people are pay for reduction in risk of dying For example use of seat belts use of smoke detectors DOI etc Hence willingness-to-pay approach determines higher value of life compare to human capital approach Santerre Neun 2010Also it was interesting to note that in recent years value of life has decreased compare to the value in the past And as shown in the article by Borenstein S 2008 the reduction in value of life is made so that health a particular benefit law proves expensive than the number of lives could be saved by implementation of that lawReferencesBorenstein S 2008 American Life Worth Less Today AP Retrieved 8142011 from httpsearchispnetscapecomnsispboomframejspqueryAPIMPACTAnAmericanlifeworthlesstodaypage1offset0resulturlredir3Fsrc3Dwebsearch26requestId3D5dc784a53523cd5526clickedItemRank3D626userQuery3DAP2BIMPACT2BAn2BAmerican2Blife2Bworth2Bless2Btoday26clickedItemURN3Dhttp253A252F252Fwwwhuffingtonpostcom252F2008252F07252F10252Famerican-life-worth-lessn112030html26invocationType3D-26fromPage3DNSISPResultsT26amp3BampTest3D1removeurlhttp3A2F2Fwwwhuffingtonpostcom2F20082F072F102Famerican-life-worth-lessn112030htmlSanterre R E Neun S P 2010 Health Economics Theories Insights and Industry Studies 5th ed Mason OH South-Western Cengage LearningCBA and CEAAlthough cost-benefit
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