Saturday, April 02, 2005

The Value of Life

Tyler Cowen at marginalrevolution is wondering whether we should value human life at replacement cost (or by any other method). Michael Vassar responds that we should.

Well, some people do it on their own. Point in case: mercenaries (although some people prefer the term contractors). Mercenaries make a calculated decision of putting their lives at risk in a dangerous situation in exchange for a monetary return. They make the decision taking into account a risk-free alternative income and if the difference is big enough, they'll take the risk of getting killed.

A proper study of this field would help us better understand the issue of violent crime. Or, why risk your live for peanuts? Because the alternative job sucks? Or Fame and fortune of a Slum Kingpin?

2 Comments:

Anonymous Anonymous said...

I would put my life on the life if it meant guarding Pam Anderson's body!

7:34 AM  
Blogger OskarShapley said...

David Hasselhoff? Is that you? ;)

4:03 PM  

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