The Flawed Hedonic Damages Measure of Compensation for Wrongful Death and Personal Injury

  title={The Flawed Hedonic Damages Measure of Compensation for Wrongful Death and Personal Injury},
  author={W. Kip Viscusi},
How life is valued depends on the context in which the valuation is done and the purpose of the valuation. A substantial economics literature has framed value-of-life issues in terms of tradeoffs between money and small risks of death, or the value of statistical life. This article is concerned with the use of the value of statistical life (VSL) measure in liability contexts, either in determining damages or assessing liability in personal injury cases.1 The main battleground is with respect to… CONTINUE READING

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