Question

One of the weak points in the Jones-Lee Approach to estimating Value of Life is that...

One of the weak points in the Jones-Lee Approach to estimating Value of Life is that

a) scientists really cannot make an acceptable estimate of the risk of death

b) The mean value of time used in the calculation for a group of individuals demeans the value of those who do not work, such as the elderly, children, or those in institutions

c)even for life itself, people will buy less as the price increases

d) the value of time for a group of individuals varies enormously, and the Jones-Lee Approach makes no provision for this

e)selection bias. The method only measures the actions of those who undertake a risky action.

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Ans) the correct option e) selection bias. The method only measures the actions of those who undertake a risky action.

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