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Full-Text Articles in Social and Behavioral Sciences
When Is A Man's Life Worth More Than His Human Capital?, Ted Bergstrom
When Is A Man's Life Worth More Than His Human Capital?, Ted Bergstrom
Ted C Bergstrom
This paper develops a "subjectivist" theory of the value that individuals place on risks to their lives. It explains the paradox that although individuals may view their lives as priceless, they still will take small risks for a finite amount of money. Typical public projects that alter risks to life result in small changes in survival probability for a large number of people. Standard tools of benefit cost can therefore be applied, where statistical lives saved are valued at a price equal to the marginal rate of substitution between survival probability and wealth. This "value" is compared to human capital …
Our Stake In The Electric Utility's Dilemma, Peter Navarro
Our Stake In The Electric Utility's Dilemma, Peter Navarro
PETER NAVARRO
No abstract provided.