Faculty News
In a co-authored op-ed, Professor Kim Schoenholtz calculates the economic value of increased safety delivered by driverless cars
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Excerpt from The Huffington Post -- "... when the government considers the imposition of safety targets, it must estimate the cost and balance that against the prospective benefit. To do this, officials estimate the "economic value of a statistical life" by examining questions of the following form: How much would a typical person be willing to pay to eliminate a mortality risk that is 1 in 50,000? An answer of $200 implies that the expected value of reducing one fatality is $10 million. Consistent with estimates in academic studies, the Department of Transportation currently uses a value of $9.4 million."
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