The Value of Human Life - 1514 Words

The Value of Human Life: A Comparison amp; Contrast on Various Models Employed Faculty of Economics Outline There is increasing debate on the question in what value should be placed upon human life. Numerous agencies and policy makers have taken great interest in tackling the issue of human life valuation. Although there is increasing controversies that surround producing estimates for valuing a human life, it is imperative to understand the importance of reaching an economic value attached to a human life. The ability to successfully quantify an individual’s life would provide policy makers a type of compass that would aid them in creating advantageous health policies for an entire society. This paper aims to analyze the†¦show more content†¦Thus, standard HK estimates incorporate a zero value for persons without labor income such as retired individuals with only investment or pension income†, (Landefeld amp; Seskin, 1982). The advantages in using the HK model are two-fold. Primarily there is relative ease in using the HK model as the data that is necessary to compu te the model is not difficult to obtain. Moreover, the HK model provides numerical estimates from indisputable measures without including any objective numbers based on unquantifiable data. The object of the HK model is to place a monetary value on human life from purely economic and productive measures by measuring labor force participation and projected earnings, in which the HK model succeeds. According to Card amp; Mooney however, the HK model has two main weaknesses â€Å"First it takes no account of either the existing decision-making processes in the Health Service or the views of the individual patients at risk. Secondly, it implies that the objective of health care is to add to the productive capacity of the nation, which is true but it is not the sole objective†, (Card amp; Mooney, 1977). In light of the limitations in the HK model, a model that takes a more comprehensive measure of the private valuation individuals place on small reductions in risk and the probability of death. This model is named as the Willingness to Pay Model (WTP). According to Landefeld amp; Seskin the WTP model would take intoShow MoreRelatedValue of a Human Life1400 Words   |  6 Pages Value of a Human Life What is an individual worth in currency? From birth an individual is worth something. Individuals tend to value life with emotion and ethics. Money is not usually placed into the equation of valuing human lives when one thinks about it. Society however, is all about money. People are life and it costs to live. There is always a need for money in life and society acknowledges that. Death is the absence of life, so what is the end value of an individual when life is over? ThisRead MoreThe Value Of Human Life907 Words   |  4 PagesValue of human life Everyone thinks human life is valuable. 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