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April 20, 2014

Homework Help: Health Econ

Posted by farah on Saturday, September 25, 2010 at 2:39am.

The probability of death from running a red light is 15%. People who run the red light do not want to lose the 2 minutes where they have to wait for the light to turn green again. Assume the average salary is $25 an hour. Compute the value of life using the Jones-Lee approach.

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