Word: viscusi
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Here, Posner turns to North Harvard Yard—and specifically, to Cogan Professor of Law and Economics W. Kip Viscusi...
...paper, Viscusi and economics grad student Joseph E. Aldy ask: how much income are we willing to forego in order to decrease our risk of mortality...
...multiplying the cost of these precautions by the probability that they will avert an untimely death, Viscusi and Aldy seek to gauge “the value of a statistical life...
...price-tag for life on earth equal to the Viscusi and Aldy figure—$7 million—multiplied by the global population (roughly 6 billion...
...First, Viscusi and Aldy’s method would produce a much lower estimate for “the value of a statistical life” in a Third World country, where workers might—out of necessity—accept much greater risks for higher pay. (Many will find this observation so repugnant that it renders the entire “statistical life” approach illegitimate...