Micromort
From Wikipedia, the free encyclopedia
A micromort is the amount of money one would have to pay a person to get him or her to accept a one-in-a-million chance of death (or conversely the amount that someone might be willing to pay to avoid a one-in-a-million chance of death). When put thusly people claim a high number but when inferred from their day-to-day actions (e.g., how much they are willing to pay for safety features on cars) a typical value is around $20.[citation needed]
A microprobability is a one-in-a million chance of some event; thus a micromort equals the monetary value of one microprobability of death.
The micromort concept was introduced by Ronald A. Howard who pioneered the modern practice of decision analysis.
[edit] Bibliography
Ronald A. Howard (1984). "On Fates Comparable to Death". Management Science 30: 407–422.
Ronald A. Howard (1989). "Microrisks for Medical Decision Analysis". International Journal of Technology Assessment in Health Care 5: 357–370.
