> But installing that guard rail for a one in a million chance that something bad happens is money better spent elsewhere
Just for clarity -- guard rails, where we choose to place them, probably cost $500k to $2M per life saved over their lifetime, while the value of a statistical life in the US is >$10M. This comparison ignores costs of non-fatal outcomes (injuries, disability).
It seems like we should be deploying more guardrails, even though their marginal return would be less than our current average.
Just for clarity -- guard rails, where we choose to place them, probably cost $500k to $2M per life saved over their lifetime, while the value of a statistical life in the US is >$10M. This comparison ignores costs of non-fatal outcomes (injuries, disability).
It seems like we should be deploying more guardrails, even though their marginal return would be less than our current average.