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There are several suggested ways for determining the value for a statistical life (of which, I prefer the one strawman outlined). I have some of the latest stats on values of life both in the US and Australia in my office, which I can summerise later if demanded. From memory, standard Australian government estimates used by the Bureau of Transport Economics is circa $1.5, and the latest estimate I saw in an Australian journal is circa $4 million. Estimates for the US have tended to be a bit higher.
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