Let $B denote the maximum combined amount that a group of workers is willing to pay to implement safety policy X.What is the formula for calculating the value of a
Statistical life,as defined by these workers?

Question

Quizplus · Accepted Answer

The value of a statistical life (VSL) is typically defined as the amount a group of individuals is willing to pay to reduce their risk of dying. In this case, the maximum amount they are willing to pay is B, and the number of workers whose lives will be saved by policy X is S. Therefore, the formula for calculating the VSL is VSL = $B/S.

Let $B Denote the Maximum Combined Amount That a Group