4. Polly Perish was working at a somewhat risky occupation, where she had a 0.1% chance...

 

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4. Polly Perish was working at a somewhat risky occupation, where she had a 0.1% chance (or probability 0.001) of dying during the year. She found and accepted a very similar job that paid $4000 more, but it increased her chance of dying to 0.15%. If we use the information from Polly's decision, what estimate would we place on the value of a statistical life? 4. Polly Perish was working at a somewhat risky occupation, where she had a 0.1% chance (or probability 0.001) of dying during the year. She found and accepted a very similar job that paid $4000 more, but it increased her chance of dying to 0.15%. If we use the information from Polly's decision, what estimate would we place on the value of a statistical life?

Answer rating: 100% (QA)

Answer The value of a statistical life VSL is an economic measure that represents the amoun... View the full answer