This website requires certain cookies to work and uses other cookies to help you have the best experience. By visiting this website, certain cookies have already been set, which you may delete and block. By closing this message or continuing to use our site, you agree to the use of cookies. Visit our updated privacy and cookie policy to learn more.
This Website Uses Cookies By closing this message or continuing to use our site, you agree to our cookie policy. Learn MoreThis website requires certain cookies to work and uses other cookies to help you have the best experience. By visiting this website, certain cookies have already been set, which you may delete and block. By closing this message or continuing to use our site, you agree to the use of cookies. Visit our updated privacy and cookie policy to learn more.
What is the monetary value of a person’s life? Vanderbilt economist W. Kip Viscusi says putting a price tag on the value of a person’s life makes people and products safer.
Viscusi defines the “value of statistical life” or VSL as the dollar amount that people are willing to pay to avoid an expected death tied to a faulty product or job-related accident. His current estimate of the value of statistical life is $10 million.