What is the value of statistical life

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Instead of repairing the slippery floors on the worksite, management and labor both decide that each employee will get $3,000. Assume there are 4,000 employees and the probability of dying is 1 in 50. a. What is the value of 1 statistical life? b. Now assume the probability of dying is 1 in 5,000. What is the value of 1 statistical life? c. Now assume there are 6,350 employees and probability of dying is still 1in 5,000. What is the value of 1 statistical life?

Reference no: EM13148950

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