The Value of Individual and Societal Risks to Life and Health
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as health-enhancing efforts. In the extreme case of an expenditure that has no positive
beneficial consequences as the result of the activity, the expenditure will necessarily
boost societal risk levels through the opportunity cost that is generated. This risk-risk
concept can be incorporated in addition to being concerned with the net direct effects
of a policy on risk apart from their effect on income levels.
7.14.2 The Relationship between VSL and Risk-Risk Analysis
Because expenditures can have a beneficial effect on safety as reflected in the VSL,
there is a theoretical relationship ...
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