Economists Robin R. Jenkins, Nicole Owens, and Lanelle Bembenek Wiggins estimate the value of the lives of
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Economists Robin R. Jenkins, Nicole Owens, and Lanelle Bembenek Wiggins estimate the value of the lives of children by using parents’ willingness to purchase bicycle helmets. Wearing a helmet reduces the probability of death from bicycling by 0.0000041. The annualized cost of a helmet is $6.51.
a. What economic concept is their study based on?
b. Assuming helmets are worn 100 percent of the time, what is the value of life parents place on a child as revealed by their purchase of a bicycle helmet?
c. What happens to the value-of-life estimate if parents expect their children to wear the helmets less than 100 percent of the time?
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Tawfiq Abuaita
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