[oregontim]

Based on the analysis I presented in this thread: https://thecardboard.org/board/showthread.php?tid=19758, the one week delay in implementing shelter in place orders cost 36,000 lives, which if you assign a value of a statistical life of $10 million, then the one week delay in putting shelter in place orders cost $360 billion dollars.
BC

Does the advanced average age of COVID-19 victims reduce the overall cost?  In this paper, the VSL for 60 year olds is pegged at $2.5 mms. to $3 mms., which would put the one-week delay at $90 billion to $108 billion.

https://www.nber.org/papers/w10199

The Bush administration tried to apply an age discount to the VSL in the early 2000's, but the move was met with fierce blowback and the administration backtracked.  So, as far as the government is concerned, all lives are valued equally.

That's not a comment on how it should be calculated, mind you.

BC

Ha! Memories of my time at the GSB, decades ago, when we were treated to number games that began with quantifying things that didn't lend themselves to numbers. Like the value of a life. Some things aren't meant to go into spreadsheets. And I say that as a lifelong lover of numbers and number games.

[oregontim]

Based on the analysis I presented in this thread: https://thecardboard.org/board/showthread.php?tid=19758, the one week delay in implementing shelter in place orders cost 36,000 lives, which if you assign a value of a statistical life of $10 million, then the one week delay in putting shelter in place orders cost $360 billion dollars.
BC

Does the advanced average age of COVID-19 victims reduce the overall cost?  In this paper, the VSL for 60 year olds is pegged at $2.5 mms. to $3 mms., which would put the one-week delay at $90 billion to $108 billion.

https://www.nber.org/papers/w10199

The Bush administration tried to apply an age discount to the VSL in the early 2000's, but the move was met with fierce blowback and the administration backtracked.  So, as far as the government is concerned, all lives are valued equally.

That's not a comment on how it should be calculated, mind you.

BC

Ha! Memories of my time at the GSB, decades ago, when we were treated to number games that began with quantifying things that didn't lend themselves to numbers. Like the value of a life. Some things aren't meant to go into spreadsheets. And I say that as a lifelong lover of numbers and number games.