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Industrial safety, environmental and health planning, energy policy, and many other areas of public and private management require the comparison of risks to life and limb and the allocation of resources to competing risk-reducing activities. Several issues that must be taken into consideration in evaluating alternatives affecting life and limb are described. A methodology employing multiattribute decision analysis is developed to account for these issues in a consistent way. The methodology combines analysis of an individuals willingness to pay to reduce risks to himself with collective analysis of the value of reducing risks to others. Illustrative applications of the methodology are provided.
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Samuel E. Bodily (1980) studied this question.
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