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Value of a Life: What Difference Does It Make?

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  • John D. Graham
  • James W. Vaupel

Abstract

A comparison of the costs and benefits of 57 lifesaving programs reveals striking disparities across agencies and programs in cost/life saved and even greater disparities in cost/life‐year saved. Within a broad range the monetary value assigned to the benefits of averting a death usually does not alter the policy implications of the analyses. The findings suggest that despite the substantial disagreements and uncertainties in the theory and practice of valuing lives, careful quantitative analysis can be helpful in setting health, safety, and environmental priorities.

Suggested Citation

  • John D. Graham & James W. Vaupel, 1981. "Value of a Life: What Difference Does It Make?," Risk Analysis, John Wiley & Sons, vol. 1(1), pages 89-95, March.
    • Handle: RePEc:wly:riskan:v:1:y:1981:i:1:p:89-95
    DOI: 10.1111/j.1539-6924.1981.tb01363.x
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    References listed on IDEAS

    as
    1. Martin J. Bailey, 1980. "Reducing Risks to Life: Measurement of the Benefits," Books, American Enterprise Institute, number 51808, September.
    2. Muller, A., 1980. "Evaluation of the costs and benefits of motorcycle helmet laws," American Journal of Public Health, American Public Health Association, vol. 70(6), pages 586-592.
    3. James Vaupel & Kenneth Manton & Eric Stallard, 1979. "The impact of heterogeneity in individual frailty on the dynamics of mortality," Demography, Springer;Population Association of America (PAA), vol. 16(3), pages 439-454, August.
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    Cited by:

    1. Ralph L. Keeney, 1984. "Ethics, Decision Analysis, and Public Risk," Risk Analysis, John Wiley & Sons, vol. 4(2), pages 117-129, June.
    2. Jatin Nathwani & Jan Narveson, 1995. "Three Principles for Managing Risk in the Public Interest," Risk Analysis, John Wiley & Sons, vol. 15(6), pages 615-626, December.
    3. Timothy O'Riordan & Ray Kemp & H. Michael Purdue, 1987. "On Weighing Gains and Investments at the Margin of Risk Regulation," Risk Analysis, John Wiley & Sons, vol. 7(3), pages 361-369, September.
    4. Tammy O. Tengs & Miriam E. Adams & Joseph S. Pliskin & Dana Gelb Safran & Joanna E. Siegel & Milton C. Weinstein & John D. Graham, 1995. "Five‐Hundred Life‐Saving Interventions and Their Cost‐Effectiveness," Risk Analysis, John Wiley & Sons, vol. 15(3), pages 369-390, June.
    5. Gregory B. Rodgers & Paul H. Rubin, 1989. "Cost‐Benefit Analysis of All‐Terrain Vehicles at the CPSC," Risk Analysis, John Wiley & Sons, vol. 9(1), pages 63-69, March.
    6. John M. Mendeloff & Robert M. Kaplan, 1989. "Are Large Differences in “Lifesaving” Costs Justified? A Psychometric Study of the Relative Value Placed on Preventing Deaths," Risk Analysis, John Wiley & Sons, vol. 9(3), pages 349-363, September.
    7. Janet Currie & Jonathan Gruber, 1994. "Saving Babies: The Efficacy and Cost of Recent Expansions of Medicaid Eligibility for Pregnant Women," NBER Working Papers 4644, National Bureau of Economic Research, Inc.
    8. Alison C. Taylor & John S. Evans & Thomas E. McKone, 1993. "The Value of Animal Test Information in Environmental Control Decisions," Risk Analysis, John Wiley & Sons, vol. 13(4), pages 403-412, August.
    9. Mark R. Leach & Yacov Y. Haimes, 1987. "Multiobjective Risk‐Impact Analysis Method," Risk Analysis, John Wiley & Sons, vol. 7(2), pages 225-241, June.
    10. Ralph L. Keeney, 1995. "Understanding Life‐Threatening Risks," Risk Analysis, John Wiley & Sons, vol. 15(6), pages 627-637, December.
    11. Agricultural Economics Department, 1989. "Public Choices and Private Risks: The Role of Economic Analysis," 1989 Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses to Risk Meeting, April 9-12, 1989, Sanibel Island, Florida 271521, Regional Research Projects > S-232: Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses to Risk.

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