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Posted on Jun 26, 2024

1,000 individuals choose between two potential employment options. The risky job pays 20,000 more than the safe job and entails a 15% risk of death.

a. If no one chooses the risky job, what can you infer about the VSL (value of a statistical life) in this population?

b. If 400 individuals choose the risky option and 600 choose the safe job, what can you infer about the VSL (Value of a Statistical Life) in this population? State any assumptions you make.

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