@incollection{blomquist_value_2015,
	address = {Oxford},
	title = {Value of {Life}, {Economics} of {A2}  - {Wright}, {James} {D}.},
	isbn = {978-0-08-097087-5},
	url = {http://www.sciencedirect.com/science/article/pii/B9780080970868710166},
	abstract = {For practical purposes placing an economic value on life is straightforward. People make tradeoffs between small changes in their probability of survival and finite amounts of valuable time and money. Estimates of these values of changes in mortality risks, or values of statistical lives, come from analysis of jobs, consumption, and direct questioning. Evidence indicates typical values for adults are from \$2 million to \$12 million (2011 US dollors). Heterogeneity is expected rather than a single, universal value. Evidence that values are lower for seniors is mixed, but for young children values are 1.5–2.0 times higher. Altruism can be relevant and is greatest for children in the household. These theoretically preferred values have mostly displaced cost-of-illness. Gradual displacement of quality-adjusted life years for valuing changes in length of life has facilitated moving beyond cost effectiveness analysis. Deontological and estimation issues aside, economic values of life based on tradeoffs are likely to continue to be useful in policy decisions.},
	urldate = {2016-07-18},
	booktitle = {International {Encyclopedia} of the {Social} \& {Behavioral} {Sciences} ({Second} {Edition})},
	publisher = {Elsevier},
	author = {Blomquist, Glenn C.},
	year = {2015},
	note = {00000},
	keywords = {Age, Altruism, Deontology, Heterogeneity, Revealed preferences, Stated preferences, Teleology, Value of life, Value of mortality risks, Value of statistical life, Willingness to pay},
	pages = {14--20},
}

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