Contingent Value of Specific Components of Human Life
Richard Alan Seals, Jr. 2020. Contingent Value of Specific Components of Human Life. Journal of Legal Economics 26(1-2): pp. 71–106.
This paper adapts contingent valuation, a common economic methodology used to value goods with no market prices, to estimate the value of components of life enjoyment in wrongful death cases in the State of Georgia. Marriage and excellent health are valued at roughly 4 and 10 times annual family income, respectively. Robustness checks reveal the model is sensitive to specification. In cases where the facts are comprehensively vetted, and there is adequate information about the decedent, the methodology presents another approach that could potentially be used to address the issue of the intangible value of life in the State of Georgia.
Richard Alan Seals, Jr.