Evaluating human life using court decisions on damages for pain and suffering
AbstractThis paper provides a framework to evaluate human life based on civil court decisions on damages for pain and suffering. Using judgements from Germany and Austria over the last 25 years, we calculate an average Value of Damages for Pain and Suffering (VDPS) of about EUR 1.79 millions, with a minimum (maximum) of around EUR 0.67 (4.62) millions. Our approach also allows to calculate the value of body parts and body functions, which might be of interest if information on the benefit of an individual's change in life quality is not (entirely) available.
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Bibliographic InfoArticle provided by Elsevier in its journal International Review of Law and Economics.
Volume (Year): 32 (2012)
Issue (Month): 1 ()
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Web page: http://www.elsevier.com/locate/irle
Pain and suffering; Value of statistical life (VSL); Quality adjusted life years (QALY); Tort law;
Other versions of this item:
- Leiter, Andrea M. & Thöni, Magdalena & Winner, Hannes, 2010. "Evaluating human life using court decisions on damages for pain and suffering," Working Papers in Economics and Finance 2010-11, University of Salzburg.
- I10 - Health, Education, and Welfare - - Health - - - General
- J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income
- K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics
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