We're all actuaries now.
What is a life worth? As cold as the question can seem, the federal government has been answering that question for years. When the government considers imposing a regulation, it makes a calculation called"the value of a statistical life" that puts a price tag on its people. It seemed rational when considering whether to require automakers to install seat belts, or require an industry to reduce pollution. But it hasn't been used to address a public-health disaster.
Risk analysis has been around in one form or another as long as there have been people, spawning the multi-trillion dollar insurance market, among other things. But most of that risk business relies on the premise that the risk can be spread so that when the damage comes, only a small number of policyholders will be affected.
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