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Nataly [62]
1 year ago
6

Suppose that hedonic wage studies indicate a willingness to pay $50 per person for a reduction in the risk of a premature death

from an environmental hazard of 1/100,000. If the exposed population is four million people, what is the implied value of a statistical life?
Business
1 answer:
zmey [24]1 year ago
8 0

Answer:

  • The willingness to pay $50 to reduce the risk of premature death from an environmental hazard of 1/100,000.
  • The exposed population is 4 million.
  • The implied value of statistical life can be calculated as follows

Explanation:

<h3>vsl \:  =  \frac{change \: in \: willingless \: to \: pay \: }{change \: in \: risk}</h3><h3>\frac{50 \: dollar \:  \times 4 \: million}{1\div10000 \times 4 \: million \:  }</h3><h3>\frac{20 \: million \: }{40}</h3><h3>= $ 5,000,000</h3>

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