Updating the vpf and vpis


07-Jul-2017 04:34

However, attempts may be made to measure the value of a non-market good using opinion polling or market survey techniques.These “stated preference” methods are sometimes referred to as “contingent valuation” (CV) [8] .Clearly, the revealed preference technique requires a model of the system, and, as a minimum, that model needs to be transparent so that it can be examined in full detail by a person possessed of the necessary mathematical skills.The J-value method [1] -[3] , based on the Life Quality Index [4] -[7] , is an example of a revealed preference technique applied to safety analysis and the valuation of human life that conforms to these transparency requirements.“Revealed preferences” may enable an inferential measurement of the value of the non-market good to be made.Such methods conform to John Locke’s precept: “I have always thought the actions of men the best interpreters of their thoughts”, with the good’s value determined through observing what quantifiable benefit has been given up in order to secure a certain quantity of that good or a proxy, or else, if the good is undesirable, what quantifiable burden has been taken on to avoid it.

updating the vpf and vpis-29

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That method has been shown elsewhere to be invalid, which returns the focus to the original study rejected by its authors.

It will be explained here how different forms of utility function of the Exponential family can produce the same figure for an intermediate parameter in the calculation of the VPF from the two-injury chained model.