Economic Methods for Valuing Life and Their Role in American Courtrooms and the Public Policy Arena
Date of Award
2003
Document Type
Thesis
Degree Name
Bachelors
Department
Social Sciences
First Advisor
Elliott, Catherine
Keywords
Value of Life, Hedonic, Economics as Social Science
Area of Concentration
Economics
Abstract
This thesis explores how economic methods are used to value life and the use of these values in courtrooms and public policy contexts. Traditional economic methods used for valuing life are hedonic analysis and compensating wage differentials, which are discussed at the beginning of the thesis. The economic value of life as found by economists is used in courtrooms and the public policy arena. However, the proper use of an economic value of life is a contested topic. For public policy makers employing cost-benefit analysis, a consistent value placed on life would be useful for effective and efficient decision making. This creates a demand for consistent values being placed on life. Recent advances in economic methods for finding the value of life, such as metaanalysis and public choice value of life, are presented as possible methods for bringing more consistency to value of life estimates. The use of value of life in the American legal system is reviewed along w/th proper method for evaluation of scientific evidence. This review leads to the question: is economics, as a social science, subject to the same standards of evaluation as all other sciences? Answering 'no' to this question changes the way that economic testimony influences awards in wrongful death situations. This change in influence may lead to standardizing wrongful death awards, an important goal of tort reform.
Recommended Citation
Sherlock, Molly, "Economic Methods for Valuing Life and Their Role in American Courtrooms and the Public Policy Arena" (2003). Theses & ETDs. 3307.
https://digitalcommons.ncf.edu/theses_etds/3307
Rights
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