High-income people are willing to pay more than lower-income people to avoid the risk of
Chapter 11, Problem Problems and Applications 11.11(choose chapter or problem)
High-income people are willing to pay more than lower-income people to avoid the risk of death. For example, they are more likely to pay for safety features on cars. Do you think costbenefit analysts should take this fact into account when evaluating public projects? Consider, for instance, a rich town and a poor town, both of which are considering the installation of a traffic light. Should the rich town use a higher dollar value for a human life in making this decision? Why or why not?
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