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- Value of life
An economic value used to quantify the benefit of avoiding a fatality. It is also referred to as the cost of life, value of preventing a fatality , implied cost of averting a fatality , and value of a statistical life .
The value of life is an economic value used to quantify the benefit of avoiding a fatality. It is also referred to as the cost of life, value of preventing a fatality (VPF), implied cost of averting a fatality (ICAF), and value of a statistical life (VSL). In social and political sciences, it is the marginal cost of death prevention in a certain class of circumstances. In many studies the value al... Wikipedia
