“Blunt Thoughts on Calculating the Revealed Value of Human Life – Fight Aging!”
The value of human life is constantly being calculated, often in bloodless, heartless ways that can make people uncomfortable. Insurance companies and policy makers use these calculations, assigning value based on revealed preferences. The COVID-19 pandemic has brought these calculations into sharp focus, raising uncomfortable questions about how to prioritize lives in times of crisis. Understanding the value of life over the life cycle involves measuring longevity, adjusting for personal characteristics, and considering changes in death risk exposure. As we age, our willingness to pay for changes in death risk decreases, but our willingness to pay for changes in expected longevity increases. This complex interplay of factors highlights the challenges of assigning a monetary value to human life.
