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Melinek, S.J., 1972. A METHOD OF EVALUATING HUMAN LIFE FOR ECONOMIC PURPOSES. Fire Research Notes 950
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 Â£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.