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More evidence on smoke detector effectiveness and the value of saving a life

โœ Scribed by Christopher Garbacz

Publisher
Springer
Year
1991
Tongue
English
Weight
736 KB
Volume
10
Category
Article
ISSN
0167-5923

No coin nor oath required. For personal study only.

โœฆ Synopsis

Economic models of the fire fatality rate give estimates of smoke detector effectiveness. These estimates are much smaller than those generally accepted. Reasonable interpretation of these estimates, combined with the cost of a smoke detector and the risk of a fire death, places the smoke detector-based value of life saving in a range of $1.41 to $ 2.487 million 1986 dollars. The more generally accepted results of other studies of the value of life saving fall in a range of $1.6 to $ 8.5 million 1986 dollars. Smoke detector market data, along with effectiveness estimates from economic models, may provide a unique opportunity to estimate the value of life saving.

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