Problem
If one uses a willingness-to-pay measure in which life is valued at what people are willing to pay to avoid risks that might lead to death, the value of a U.S. citizen's life is $2.6 million, a Swede's life is worth $1.2 million, and a Portuguese's life is worth $20,000 (according to an article in the Journal of Transport Economics and Policy ).
a. What policy implications does this value schedule have?
b. Say you operate an airline. Should you spend more on safety precautions in the United States than you do in Portugal?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.