The Value of Human Life
The Value of Human Life: A Comparison & Contrast on Various Models Employed
Faculty of Economics
Outline
There is increasing debate on the question in what value should be placed upon human life. Numerous agencies and policy makers have taken great interest in tackling the issue of human life valuation. Although there is increasing controversies that surround producing estimates for valuing a human life, it is imperative to understand the importance of reaching an economic value attached to a human life. The ability to successfully quantify an individual’s life would provide policy makers a type of compass that would aid them in creating advantageous health policies for an entire society. This paper aims to analyze the methods that have been developed in valuing human lives. It will aim to compare the selected methods and contrast them among each other. The limitations of each method would be critically analyzed, while advantageous characteristics also mentioned. It should be noted however that reaching an empirical value on human life is one aspect of a bigger picture that could be deduced. Truly valuing a human life should take into account more than just an empirical value but also the value of pain and suffering. There is increasing debate on which method policy makers should utilize when attempting to empirically valuate human life. This is due to the fact that while each method tackles the matter from a creative and unique perspective, certain limitations exist in every method. Certain methods are heavily reductive in their methods and lack an element of social concern. Therefore it is imperative to begin my giving a brief introduction on each model and compare and contrast the selected model with the rest.
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While subject of valuing a human life is controversial as much as it is important to understand. When looked upon on an individual level, the value of human
Faculty of Economics
Outline
There is increasing debate on the question in what value should be placed upon human life. Numerous agencies and policy makers have taken great interest in tackling the issue of human life valuation. Although there is increasing controversies that surround producing estimates for valuing a human life, it is imperative to understand the importance of reaching an economic value attached to a human life. The ability to successfully quantify an individual’s life would provide policy makers a type of compass that would aid them in creating advantageous health policies for an entire society. This paper aims to analyze the methods that have been developed in valuing human lives. It will aim to compare the selected methods and contrast them among each other. The limitations of each method would be critically analyzed, while advantageous characteristics also mentioned. It should be noted however that reaching an empirical value on human life is one aspect of a bigger picture that could be deduced. Truly valuing a human life should take into account more than just an empirical value but also the value of pain and suffering. There is increasing debate on which method policy makers should utilize when attempting to empirically valuate human life. This is due to the fact that while each method tackles the matter from a creative and unique perspective, certain limitations exist in every method. Certain methods are heavily reductive in their methods and lack an element of social concern. Therefore it is imperative to begin my giving a brief introduction on each model and compare and contrast the selected model with the rest.
_______________________________________________________________________
While subject of valuing a human life is controversial as much as it is important to understand. When looked upon on an individual level, the value of human