What is the meaning of (statistical) life? Benefit-cost analysis in the time of COVID-19

Abstract

Efforts to support public policy decisions need to be conducted carefully and thoughtfully. Recent efforts to estimate the social benefits of reductions in mortality risks associated with COVID-19 interventions are likely understated. There are large uncertainties over how much larger the social benefits could be. This raises questions about how helpful conventional approaches to valuing mortality and morbidity risks for benefit-cost analyses can be in contexts such as the current crisis.