> Note that the VSL [value of a statistical life] is very different from the value of an actual life. The part about the calculation the EPA uses is very relev

> Note that the VSL [value of a statistical life] is very different from the value of an actual life. The part about the calculation the EPA uses is very relevant: > Suppose each person in a sample of 100,000 people were asked how much he or she would be willing to pay for a reduction in their individual risk of dying by 1 in 100,000, or 0.001%, over the next year. Since this reduction in risk would mean that we would expect one fewer death among the sample of 100,000 people over the next year on average, this is sometimes described as "one statistical life saved.” Now suppose that the average response to this hypothetical question was $100. Then the total dollar amount that the group would be willing to pay to save one statistical life in a year would be $100 per person × 100,000 people, or $10 million