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How Much is a Life Worth?

Currently watching a series of Philosophy lectures by Harvard Professor Michael Sandel online, and this particular lecture, as titled above, has some interesting examples of cost-benefit analysis:

Lecture 2 -

Part 1 - Putting a Price Tag on Life: Today, companies and governments often use Jeremy Bentham’s utilitarian logic under the name of “cost-benefit analysis.” Sandel presents some contemporary cases in which cost-benefit analysis was used to put a dollar value on human life. The cases give rise to several objections to the utilitarian logic of seeking “the greatest good for the greatest number.” Should we always give more weight to the happiness of a majority, even if the majority is cruel or ignoble? Is it possible to sum up and compare all values using a common measure like money?

Quoting from his book 'JUSTICE: What's the Right Thing To Do?':

In the 1930's, Edward Thorndike, a social psychologist, tried to prove what utilitarianism assumes: namely, that it is possible to translate our seemingly disparate desires and aversions into a common currency of pleasure and pain. He conducted a survey of young recipients of government relief, asking them how much would they would have to be paid to suffer various experiences. For example: "How much would you have to be paid to have one upper front tooth pulled out?" Or, "to have the little toe of one foot cut off?" Or "to eat a live earthworm six inches long?" Or "to choke a stray cat to death with your bare hands?" Or "to live all the rest of your life on a farm in Kansas, ten miles from any town?"

Which of these items do you think commanded the highest price, and which the least? Here is the price list his survey produced (in 1937 dollars): [scroll down]














Extract a front tooth $4,500
Strangling a cat $10,000

Cut off a little toe $57,000

Eating a 6-inch worm $100,000
Living in Kansas $300,000

Ha. Given a choice, I'd rather live in Kansas than to cut off my toe or strangle the poor cat (hard to imagine the mewing and scratching I'd have to endure...)! What about you??