Determining the relative costs and benefits of federal regulations often requires putting an implicit price tag on lives, but there is little agreement on the right way to do it. Should all regulations use the same value of a statistical life, or should it vary based on a person's characteristics, such as age or income? Professors Cass Sunstein and W. Kip Viscusi have been at the forefront of this debate. In this Joint Center seminar, they will review recent data on what people are willing to pay to reduce different kinds of risks and also examine how this information should be used in public policy decisions.
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