Valuing the Invaluable?: Valuation of Human Life in Cost-EfficiencyCost-Efficiency Assessments of Regulatory Interventions

Abstract

Starting from the practical necessity of valuing human life for the purposes of assessing the cost-efficiency of state projects aimed at the mitigation of risk (healthcare, environmental protection, etc.), this essay begins by outlining and offering a critical appraisal of the various economic methods. In addition to this theoretical presentation of the methodology, it is exemplified by discussing the findings and practical significance of several important studies on the value of a human life, finally leading on to the controversial debate on the permissibility of placing an economic value on human life. The focus of interest is the question of whether and how any monetarization of human life can be justified from an ethical and legal viewpoint within the constellations described. The conclusion draws together the insights gained.