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Is life and safety a luxury good?
1500 words essay with 6-10 referrences (chicago style)
Questions to be answered in the essay:
Why might we wish to put a monetary value on life? If we don’t, what should inform policy decisions that need to trade-off cost with improvements in safety? Evidence suggests drastically different valuations of life in different countries. Why? Is safety a luxury good? If we take these discrepant values literally, how might it affect the location of industries (e.g., toxic waste) on a global scale? What is your own opinion on all of this?
Suggested reading
- “Compensating differentials for risk of death in Australia’ by P. Miller et al, Economic Record, 1997.
- “Fatal trade-offs: public and private responsibilities for risk”, by W. Kip Viscusi, 1992. Pay extra attention to chapters 1 and 2, but also look at chapters 3, 4 and 9.
