Probability question - value of a statistical life
by Needamirer (2020-09-18 20:06:19)
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Under the VSL analysis, policy makers consider how much a person will pay to reduce their risk of dying by.001%. They then multiply that number by 100,000 to determine the value of saving 1 statistical life. My question from a probability perspective, aren’t each of the probabilities unrelated? Can they actually be added up to say odds are that 1 life was actually saved? Does it matter what the overall probability was in the first instance? Am I thinking of this wrong?

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