a)Kip Viscusi discussing controversy of assigning value to a human life said: "There are two principal value-of-life concepts the amount that is optimal from the standpoint of insurance, and the value needed for deterrence." What did he mean by "the value needed for deterrence". Give some examples.

b)Explain what sensitivity analysis. Why is it important to perform it? Give an example when after performing sensitivity analysis you might change your policy recommendation.

c)What is the main difference between experiment and quasi-experiment? What is the preferred method and why? You should mention how internal validity is affected and why.

d)Explain how referendum CV is conducted. Why is it a good method? Name one disadvantage of this method.