ABSTRACT
Some contend that no monetary value can be placed on human life. The associated implication is that life is infinitely precious, so any action to improve safety regardless of the cost is worthwhile. The dilemma facing government officials can be stated as follows: although everyone believes saving lives is moral, societal resources are limited, so actions to save lives in one area come at the expense of other worthwhile goals, including the possibility of saving lives elsewhere. This chapter reveals how pricing lives can allow government officials to determine if the resources devoted to improving safety in one area might be better allocated to other areas or other programs. We urge governments with limited budgets to consider using the value of a statistical life (VSL) approach described in this chapter in any cost-benefit analysis (CBA) of alternative force protection investments. This will not only ensure resources are allocated to their highest valued use, but more importantly, may result in more lives saved.
