8. If one uses a willingness-to-pay measure in which life is valued at what people are willing to pay to avoid risks that might lead to death, the value of a U.S. citizen’s life is $2.6 million, a Swede’s life is worth $1.2 million, and a Portuguese’s life is worth $20,000 (according to an article in the Journal of Tran s port Economics and Policy ). ( LO23-2 )

a. What policy implications does this value schedule have?

b. Say you operate an airline. Should you spend more on safety precautions in the United States than you do in Portugal?