Problems Associated with Value of Life

The paper provides examples of usage of associating human life with value. It presents main approaches of such valuations. They are Willingness to pay and Human capital. This text finds main problems of their usage. People are not behaving rationally when considering own lives and the calculation can result in wide range of amounts. Gathering inputs is challenging as well. The conclusion of this paper is that there is a need for such algorithms but they should be treated as indicative especially considering immense moral aspect.