A method of estimating a monetary value of life which can be used for
the evaluation of safety precautions is presented. People are willing to
spend money to reduce the risk of accidents, or to increase the risk for some
benefit, and this method endeavours to estimate the value of life which is
consistent with their behaviour. Examples of the application of this method
are given which indicate that the value of a life is of the order of
£50 000. The results obtained are compared with values given by discounted
earnings. The evaluation of future risks and the importance of perceived
risk are also considered. Factors influencing perceived risk are discussed.
