question archive (a) Suppose a hedonic wage study indicates that individuals have a willingness to pay $50 per person for a reduction in the risk of premature death from an environmental hazard of 1/100,000
(a) Suppose a hedonic wage study indicates that individuals have a willingness to pay $50 per person for a reduction in the risk of premature death from an environmental hazard of 1/100,000
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(a) Suppose a hedonic wage study indicates that individuals have a willingness to pay $50 per person for a reduction in the risk of premature death from an environmental hazard of 1/100,000. What is the Value of a Statistical Life?
(b) Suppose we are considering a regulation to control mercury emissions. The regulation would reduce risk of premature death from 6/100,000 to 2/100,000 each war for 4 million people. What is the maximum cost per year that would make the benefits equal or larger than the costs?
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