3 ms·
When my spouse worked in the area of determining "the value of an individual" (economically, not morally), it was computed as present value lifetime earnings: t
by dekhn 8mo ago
When my spouse worked in the area of determining "the value of an individual" (economically, not morally), it was computed as present value lifetime earnings: the cumulative income of the individual, converted back to its current value (using some sort of inflation model). IIRC, the PVLE averaged out to about $1-10M.
- nradov 8mo agoYou shouldn't be down voted. Regardless of the moral or technical issues involved, there are established formulas used to calculate damages in wrongful death civil suits. Your range is generally correct although certain factors can push it higher. (Punitive damages are a separate issue.)
- dekhn 8mo agoI generally don't complain about being downvoted, but it is always puzzling when I post a neutral fact without any judgement.
- jeffbee 8mo agoThere are not "established formulas" or, to the extent that they are, the coefficients and exponents are not determined. The parties always argue about the discount rates and whatnot.
- dekhn 8mo agoSure, no argument there, I was just referring to research like this: https://escholarship.org/uc/item/82d0550k https://escholarship.org/uc/item/82d0550k """Results. At a discount rate of 3 percent, males and females aged 20-24 have the highest PVLE — $1,517,045 and $1,085,188 respectively. Lifetime earnings for men are higher than for women. Higher discount rates yield lower values at all ages."""