Tag Archives: public policy

The Value of a Human Life

If the consultation on increasing the speed limit goes ahead, we will presumably get figures for both an expected increase in GDP, and expected increase in road deaths. Assuming the consultation gives recommendations that are implemented, this gives an implied value for a human life, or at least sets a maximum bound on its minimum cost.

This calculation must have been performed before, but the only example I can think of is the $50,000 per quality-adjusted life year value used in evaluating the cost-effectiveness of medical treatments in America.

It will be interesting to compare the value from the consultation to any other values used by the UK government.