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OpenStudy (anonymous):
If a person were willing to pay $20 to reduce her risk of dying from 12/100,000 to 6/100,000, what is her implied value of life?
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OpenStudy (anonymous):
I'm not sure what topic of economics you're studying, but if it's utility, remember that marginal utility is very different from total utility. Just because someone doesn't place much value on a 6/100000 chance of not dying is very different than the total utility they place on their life.
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