Based on the revealed preference approach,the consensus value placed on a life is approximately equal to:

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The consensus value placed on a life based on the revealed preference approach is approximately equal to $9.6 million. This approach calculates the value based on the willingness of individuals to pay for safety measures that reduce the risk of death. It takes into account the trade-offs people make between the cost of safety measures and the value they place on their own lives. Studies have consistently shown that the average value placed on a statistical life is around $9.6 million.

Based on the Revealed Preference Approach,the Consensus Value Placed on a Life