What method does the EPA use to calculate the value of a statistical life?
A) Willingness-to-accept approach
B) Willingness-to-pay approach
C) Social welfare approach
D) Social surplus approach

Question

Quizplus · Accepted Answer

The EPA uses the "willingness-to-pay" approach to calculate the value of a statistical life. This approach measures how much individuals are willing to pay to reduce their risk of death, and uses this value to calculate the overall societal value of reducing the risk.

What Method Does the EPA Use to Calculate the Value