![]() ![]() Economists measure how much extra a worker must be paid to work at a job with a measurable life risk, such as coal mining or high beam welding. From this information, the implicit value that the respondent places on his or her own life may be inferred.Ī third set of data comes from the labor market. In questionnaire studies, economists have determined, for example, how much extra money people would pay to fly on safer airlines. These data reflect actual market values and transactions. One set of studies is based on data regarding what private citizens spend on their own safety, for items such as airbags, larger tires, smoke detectors, etc. This information is an important contribution to a juror’s store of knowledge for the purposes of arriving at a final conclusion. These studies give us enormous insight into the issue of value since they reflect the attitudes and opinions of our contemporary American culture. Rather, the studies focus upon the saving of lives of people who for the most part are anonymous, unknown individuals. Our identification with the known victim can mobilize tens of millions of dollars of resources, sometimes even when the victims are whales trapped in ice floes. These studies do not focus on what we do pay to save the life of a particular person facing almost certain death, such as a baby trapped in a well, or a hostage imprisoned in the Middle East. In these studies, the price measured is that associated with a small change in the risk of death. In this approach, the price associated with a change in the risk of death is estimated in several different ways through questionnaire studies, consumption studies, labor market studies and studies analyzing the cost and impact of regulations imposed by rulemaking agencies. The predominant economic model for valuing life is the Willingness To Pay (WTP) approach. Because each life is unique with widely varying characteristics (unlike more homogenous commodities such as oil or wheat), the problems of valuing a unique life can seem much more difficult than valuing a lost earnings stream. There is no explicit free market for life - we will never observe a market price. The value of any specific life is not directly observable. These measures reflect how society values life and give us valuable insight into how each of us (on average) values his own life and the life of others. The task is to inform jurors about how economists have measured the value of life in different ways. Juries can think in terms of an objective range to estimate hedonic losses so that neither unduly high nor low awards may result. But fair compensation has routinely been determined in the past for pain and suffering.īy giving a jury sufficient background and knowledge about how society expresses the value of life, the difficult assessment process can be removed from the realm of speculation. Unlike a lost earnings stream, life cannot be replaced with money. The ability to enjoy living itself is a valuable asset. What constitutes the hedonic value of life? Society has shown a willingness to pay to prevent loss of life or injury to persons unknown, regardless of their earning potential. Most of us have the general sense that we as human beings are worth more than the measure of our human “doings.” Journal of Marketing, 60(2), 31–46.Economic/Hedonic Damages: The Practice Book for Plaintiff and Defense Attorneysīy Michael L. Behavioral Consequences of Service Quality. Zeithaml, a, Berry, L., & Parasuraman, a. Guest Satisfaction Analysis of a Casual Dining Restaurant: A Comparison of Tourist VS Non Tourist Satisfaction. ![]() Metodoloi Penelitian Kualitatif Kuantitatif DAN R&D. How quality, value, image, and satisfaction create loyalty at a Chinese telecom. Journal of Brand Management, 9(4/5), 249. Country as brand, products, and beyond: A place marketing and brand management perspective. International Journal of Contemporary Hospitality Management, 15(5), 283–289. Customer complaint behaviour towards hotel restaurant services. Cornell Hotel and Restaurant Administration Quarterly, 48(3), 284–298. Guest Satisfaction and Restaurant Performance. Work and/or Fun : Shopping Measuring Value Hedonic and Utilitarian. ![]()
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