Numbers vary around the world, but FEMA in the US decided on $7.5M in 2020.
Financial investments are economic decisions. Whether or not you like the idea of assigning financial value to fuzzy concepts like happiness or quality adjusted life years, you still have to do it. The simple act of choosing to spend $N or not choosing to spend $N puts an implicit price on the result.
By putting approximate numbers in the spreadsheet - no matter how crude - we can at least end up consistent and fair. Otherwise we could end up spending vast sums to make a few people a little happier instead of smaller sums to make lots of people a lot happier.
https://en.wikipedia.org/wiki/Value_of_life
Numbers vary around the world, but FEMA in the US decided on $7.5M in 2020.
Financial investments are economic decisions. Whether or not you like the idea of assigning financial value to fuzzy concepts like happiness or quality adjusted life years, you still have to do it. The simple act of choosing to spend $N or not choosing to spend $N puts an implicit price on the result.
By putting approximate numbers in the spreadsheet - no matter how crude - we can at least end up consistent and fair. Otherwise we could end up spending vast sums to make a few people a little happier instead of smaller sums to make lots of people a lot happier.