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The Value of Life, Statistically Speaking
Why an ethically complicated calculation can help determine the value of your company–s risk reduction programs.
January 31, 2012
How much are you worth? I'm not asking about your money or property but your ultimate physical asset — you. At the individual level, life is valued as priceless. But at a societal or business level, our lives and safety do have price tags. This is the reality associated with having finite resources to reduce risk. So the real cost-benefit question is how much can a society or a company afford to do to save lives and reduce injuries? The statistical value of life is a term developed from answering this question. Read more...
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