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Economic Methods for Valuing Life and Their Role in American Courtrooms and the Public Policy Arena

Permanent Link: http://ncf.sobek.ufl.edu/NCFE003299/00001

Material Information

Title: Economic Methods for Valuing Life and Their Role in American Courtrooms and the Public Policy Arena
Physical Description: Book
Language: English
Creator: Sherlock, Molly
Publisher: New College of Florida
Place of Publication: Sarasota, Fla.
Creation Date: 2003
Publication Date: 2003

Subjects

Subjects / Keywords: Value of Life
Hedonic
Economics as Social Science
Genre: bibliography   ( marcgt )
theses   ( marcgt )
government publication (state, provincial, terriorial, dependent)   ( marcgt )
born-digital   ( sobekcm )
Electronic Thesis or Dissertation

Notes

Abstract: This thesis explores how economic methods are used to value life and the use of these values in courtrooms and public policy contexts. Traditional economic methods used for valuing life are hedonic analysis and compensating wage differentials, which are discussed at the beginning of the thesis. The economic value of life as found by economists is used in courtrooms and the public policy arena. However, the proper use of an economic value of life is a contested topic. For public policy makers employing cost-benefit analysis, a consistent value placed on life would be useful for effective and efficient decision making. This creates a demand for consistent values being placed on life. Recent advances in economic methods for finding the value of life, such as metaanalysis and public choice value of life, are presented as possible methods for bringing more consistency to value of life estimates. The use of value of life in the American legal system is reviewed along w/th proper method for evaluation of scientific evidence. This review leads to the question: is economics, as a social science, subject to the same standards of evaluation as all other sciences? Answering 'no' to this question changes the way that economic testimony influences awards in wrongful death situations. This change in influence may lead to standardizing wrongful death awards, an important goal of tort reform.
Statement of Responsibility: by Molly Sherlock
Thesis: Thesis (B.A.) -- New College of Florida, 2003
Electronic Access: RESTRICTED TO NCF STUDENTS, STAFF, FACULTY, AND ON-CAMPUS USE
Bibliography: Includes bibliographical references.
Source of Description: This bibliographic record is available under the Creative Commons CC0 public domain dedication. The New College of Florida, as creator of this bibliographic record, has waived all rights to it worldwide under copyright law, including all related and neighboring rights, to the extent allowed by law.
Local: Faculty Sponsor: Elliott, Catherine

Record Information

Source Institution: New College of Florida
Holding Location: New College of Florida
Rights Management: Applicable rights reserved.
Classification: local - S.T. 2003 S54
System ID: NCFE003299:00001

Permanent Link: http://ncf.sobek.ufl.edu/NCFE003299/00001

Material Information

Title: Economic Methods for Valuing Life and Their Role in American Courtrooms and the Public Policy Arena
Physical Description: Book
Language: English
Creator: Sherlock, Molly
Publisher: New College of Florida
Place of Publication: Sarasota, Fla.
Creation Date: 2003
Publication Date: 2003

Subjects

Subjects / Keywords: Value of Life
Hedonic
Economics as Social Science
Genre: bibliography   ( marcgt )
theses   ( marcgt )
government publication (state, provincial, terriorial, dependent)   ( marcgt )
born-digital   ( sobekcm )
Electronic Thesis or Dissertation

Notes

Abstract: This thesis explores how economic methods are used to value life and the use of these values in courtrooms and public policy contexts. Traditional economic methods used for valuing life are hedonic analysis and compensating wage differentials, which are discussed at the beginning of the thesis. The economic value of life as found by economists is used in courtrooms and the public policy arena. However, the proper use of an economic value of life is a contested topic. For public policy makers employing cost-benefit analysis, a consistent value placed on life would be useful for effective and efficient decision making. This creates a demand for consistent values being placed on life. Recent advances in economic methods for finding the value of life, such as metaanalysis and public choice value of life, are presented as possible methods for bringing more consistency to value of life estimates. The use of value of life in the American legal system is reviewed along w/th proper method for evaluation of scientific evidence. This review leads to the question: is economics, as a social science, subject to the same standards of evaluation as all other sciences? Answering 'no' to this question changes the way that economic testimony influences awards in wrongful death situations. This change in influence may lead to standardizing wrongful death awards, an important goal of tort reform.
Statement of Responsibility: by Molly Sherlock
Thesis: Thesis (B.A.) -- New College of Florida, 2003
Electronic Access: RESTRICTED TO NCF STUDENTS, STAFF, FACULTY, AND ON-CAMPUS USE
Bibliography: Includes bibliographical references.
Source of Description: This bibliographic record is available under the Creative Commons CC0 public domain dedication. The New College of Florida, as creator of this bibliographic record, has waived all rights to it worldwide under copyright law, including all related and neighboring rights, to the extent allowed by law.
Local: Faculty Sponsor: Elliott, Catherine

Record Information

Source Institution: New College of Florida
Holding Location: New College of Florida
Rights Management: Applicable rights reserved.
Classification: local - S.T. 2003 S54
System ID: NCFE003299:00001

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