Why the U.S. Values Your Life at $12,500,000
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- เผยแพร่เมื่อ 21 เม.ย. 2024
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ABOUT THIS VIDEO:
List of sources, music, data assumptions, 3D model licensing and software used for this video listed at: memeabledata.simple.ink/whats...
This video is about the value of a statistical life and the cost-benefit analysis of the trade-off between saving lives and the limits of what society can afford.
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ABOUT THIS CHANNEL:
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Memeable Data is a Data Journalism TH-cam channel that covers various topics from the perspective of Data Science and presents them to a broad audience through visual storytelling.
#datajournalism #datascience #dataanalysis #python #blender #valueoflife #valueofstatisticallife #operationsresearch #riskanalysis - วิทยาศาสตร์และเทคโนโลยี
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Lol eu estava a ver o video do nada aparece o boneco com um pastel de nata
The 3 people who said no to treating the 20 year old and yes to treating the 80 year old lol
This is why they are called _outliars._
i’m totally not one of them
Generally they didn't read the question.
@@jaystrickland4151 or they want to stand out more
You could think that knowledge and wisdom are worth more than lifespan, it's an interesting debate, and I don't think there is a purely right answer
I think its worth to remember that:
1. More money spent doesn't necessarily mean the outcome will be better. There are other factors coming into picture like impossibility to sustain budget over the lifespan of project (if u plan to spend 20 years on this, there's a chance that project will never be finished and money will just burned). The case studies of some countries having success most of the time aren't applicable on others.
2. There are scenarios where technology or investment are not reaching to what they attempt to solve, but simply still get passed through $$$ allocations because of side developments they lead to. See where "space" or "internet" were built for absolutely unrelated military & surveillance goals, but leaded to enormous amount of technologies built around it. The space is something we still probably see as a money burner, but it still worth it.
Amazing tech first starting from the military is like winning at a casino.
Just because you got a big win doesnt mean your spending your money in an efficent way.
You have to compare options logically, not just look at your big wins.
My government values my life at less than $100,000 and here you come swinging to its defence with 'But the edge-cases!' 'But the military gives us GPS!'.
My life is much more important than $100,000. Why can't you fix that, before we talk about military technologies being worth it, which is true, but way further down the line.
It's a question of priority, and life is clearly valued too little.
Ah yes information, my favorite.
I am also an intellectual and enjoy the electrical and chemical signals in my noggin, from the consumption of this educational material of the medium coined as video.
i watch because
OMG the animation at 3:31 I'm crying, also how you represent death sometimes, it's like a punch of humour inside the video lol
I always enjoy the animation in the video but that flood part in the beginning… it was so cool and well animated, great job as always
Definitely some of the highest quality videos on YT rn! Great work🫶
Bro one of ur vids helped to get a A grade for Eff.Speech subject. Tysm
wow, your channel has to be one of the most underrated on TH-cam. my studies are mostly on econometrics in transport and oftentimes cover CBA and therefore VSL. The way you explained these concepts while referencing further literature is not something that can be found often on TH-cam, great job!
The problem is that sometimes the cost benefit analysis is not worth it. As in we shouldn't be checking how much it costs to save a life because it's too hard to estimate how useful that thing will be.
You cannot act without an estimation.
You have an estimation whether you are conscious of it or not.
If there was no estimation then any choice that has any potential effect on any life ever, from now to infinately far in the future, would be impossible to choose.
You make choice calculations using a value for it whether you like it or not.
Not to mention that something being hard doesnt mean you shouldnt try to progress towards overcoming it.
If you never started to try to climb everest you never will.
Trying is how it becomes easier.
@@Dogo.R I am saying that if you have to write a paper on whether putting the sign there will be worth it, you probably are losing more money than it's worth.
The quality editing, rigurous academic research and use of data behind this video is truly impressive. Super entertaining and insightful to watch.
Thanks a lot for this excellent work!
great work, I love the part where you mentionned the Covid policy paper
Netherlands is built different, they literally just uno reversed flooding
I love how the coversation is always lockdown vs no lockdown.
Rather than talking about things other that lockdowns, like communication, hospital improvements, mitigation research, ect.
Instead the conversation is always economy(money) vs lockdown... as if the world is that simple.
Really glad I am subscribed, the quality of your videos is astonishing! You motivated me to actually read Balmford et al., 2020.
With the question of the 19 year old, I think he should certainly get the treatment, both from a moral viewpoint, and an economical viewpoint, because in 61 years, that boy can generate more value than $1.5M , so in the long run the government would gain money
And what if the guy is from Senegal or comes from a poor family? I get your point and I'm with you but I think it's not only about the value you can generate to society because then we are probably letting die young people from poor families and at the same time saving old 80 years old men who are CEOs of big companies and who would die anyways in one year of something else.
I always discussed and defended your point when talking with my economy teacher some years ago but I think there's more hidden value than the value you generate to society.
unfortunately letting young poor people while saving old CEOs is exactly something that would happen irl
Been following you since the second video, they are really well made and get better each time. The topics are also quite interesting. Keep up the work!
Thank you!
I was waiting for this video. It turned out great. Also, fascinating topic. Thank you!
Happy you are back - and with such a banger of an ethics-statistics-public health video! I enjoyed it a lot. // I think you'd be wise to continue picking topics like this. Your style is pretty similar to "fern" but they switched to storytelling. So by staying with abstract concepts, you differentiate yourself. For me, as a subscriber of both channels, this would be a reason to continue watching your channel even if "fern" has an even higher production value. All the best!
man this channel is so fascinating. What a great video
In this discussion it is also important not to neglect an individual’s own choices. It’s ultimately up to the driver to decide which road they want to drive on, like you said. The government cannot (and should not) assume the role of removing all risk in activities. Eliminating all such risks eliminates a persons choice to drive on the less safe road
Your videos are amazing! Congratulations to you and your team! Greeting from Chile😄
I chose $4.40, but honestly? I make 3x more now than I did just two years ago, so I can afford to pay the toll without much, if any hit to my wealth and budget. But if I was still making the same amount from a few years ago? Man that would hurt my wallet.
I pay $5 toll to avoid 20min traffic, I find it insane that anyone would choose the riskier option (while spending $1k+ on iPhones).
I don't get Americans.
Really high quality video great job
I'm proud of you! Excellent work like always ❤
Thank you! :)
Love your work ! Keep going !
Your channel's gonna become huge!
Super interesting! Thank you for all your work!
I am going to say it: in most of the global south and eastern dictatorships, life is nearly worthless.
You should also consider the value of preventing situations in other ways, like the mentioned road safety cost. Perhaps improving the driving course programs for situation awareness would decrease deaths
such an interresting video, ty !
1:20-Option A easily!
With option B you reduce the risk to 1/4 but with 100 times the cost,and option C reduces the risk to 1/20 but with 5000 times the cost!
4:50-Road 2 is worth it.
Double the price for half the deaths.
5:07-Damn,and i thought i am cold with such decisions!
7:13-yes.
7:32-Nope.
9:40-Because like it or not,there is a price for anything.
Dutch people know at 2:05 we see a Swapfiets
So the title was clickbait then
It’s a joke, great video
lets go i was waiting for this
Yay i'm in the video :) also, a very informative video as always
“9:47 - even if we don’t assign a value to life implicitly, we assign it explicitly”: true.
🇵🇹 esta orgulhoso, os teus videos sao incriveis !
My compliments on your clear and concise explanation of the complex problem of risk management. Even more complicated is the question about comparative risk. The US budget for armed forces is approaching $1 trillion annually, yet I am not aware of any civilians inside the USA who have died or been injured as a consequence of attacks by foreign forces. However, more than 38,000 elderly Americans died from accidental falls in 2021. In comparative risk analysis, it would be more cost-effective in terms of the value of a statistical life to establish a Ministry of Balance to promote training in equilibrium retention as a means to mitigate the mortality and morbidity associated with the vestibular disorders of ageing.
I worked at the construction site and with such questions I always ask myself if the lives of the workers are being taken into account when calculating this. For example the work accident rate in the construction site is very high and sometimes it leads to death so imagine you're building something to save 1 life but building this 3 workers die, is it still worth it? Or just count the time all workers together spend on the project, from the architect and the engineers to the builders, is it worth it to spend a total of let's say 4000 years (summing together all the time spent by all the people working there) to save one single life that will probably live 40 years?
I know all those risks are somehow implied with the money ypu spend but if you're a construction worker that gets paid 1000€ per month, does it mean you're ready to lose your life for that anount of money (monthly)?
Nunca tinha percebido que és português. Agora o sotaque parece-me óbvio. Continua o excelente trabalho!
He already said that in another video and I was also impressed about that
Wow, awesome video!!
Hey Memeable Data, I would love to see the impact of the gulf steam on our earth in the future and its development in the past.
such a good video well done
I would like to add that a twofold reduction in the accident rate with a double increase in cost can have an order of magnitude cheaper alternatives.
Hi, I ran into a similar dilemma. There is a war going on in my country, and this has forced a major revision of the current standards of risk regulation: it is much cheaper to increase the existing survival rate in war than on civilian roads. Therefore, I proposed to introduce bicycle lanes on a multi-lane roundabout instead of separated bike paths (I note that now there is already a wide sidewalk, which, however, would not interfere with repairing and lowering curbs). The reaction seemed unanimously negative. So in the updated version, I proposed to do without cycling infrastructure at all, only providing places for it.
All this was influenced by subjective perception and incompleteness of data, perhaps something else. But here's the question I have: how to enable decentralized risk regulation in conditions of subjectivity, uncertainty, and variability, without losing the fundamental social institutions that allow us to think about independent risk regulation at all.
It’s definitely worth the wait❤
Love your videos!
A country or a person has limited resources and I think a countries duty is to spend those resources most effectively to improve its citizens lives. Any cost saved is money that can the spent elsewhere towards that goal. I think the video covers this nicely, but when looking at only one metric like dams or healthcare, its hard to put into perspective how that saved dollar amount can go into saving more lives. So in the full context its not about dollars to lives, its about maximizing the lives in general, and how to allocate money towards that goal. I think some people don't see that and get mad when the government doesn't throw the whole gdp at any given humanitarian problem.
Also a thing I think may have impacted the polls is that for traffic deaths I can imagine it easier to blame the people who died for doing something stupid in the road than I can blame someone for getting a random deadly disease, and thus may be more favorable towards giving money to those who are suffering through no fault.
Reminds me of a choice, you had to make at the end of fable 3
with corona they also had values in austria, i think it was about 1 mil
Gosh your videos are amazing
Amazing video!
Great video!
In Brazil our life for the government probably worth less than 50.000 dolars. :(
I think it should be a matter of distributing recourses most effectively, not to a certain level of life worth. Every public policy should have that as an end goal
Excellent video
1:52 Mom look I'm famous!
excellent video
My country, Turkey is completely made up of mountains and I am happy with it 🙂
Having mountains for a second means having fault lines and we are exposed to earthquakes at least once a year, bruhh
In our last earthquake, we lost 100,000 people and suffered a loss of $90,000,000,000 😢
I'm Portuguese too!! :D
How do you do these amazing animations?
The animations are made in Blender!
nice videos...love it
I didn't know that my mate is one of us, internationals in NL hahahah
So the USA put a higher “price tag” on a life, but they have much higher mortality rates than other parts of the world. For traffic accidents, homicide, covid, drugs overdose etc. So in the USA, practice is far worse than theory.
By other parts of the world, I think you are most likely referring to Europe but you don’t mention the fact that the usa(a country) has literally half the population of Europe(a continent) so no shit the mortality rate will be higher💀
@@6725r That’s not how mortality rate works. It’s not only Europe. For example, Brasil, Thailand and Saudi Arabia have a higher life expectancy.
Government can also treat people as source of income (taxes) and evaluate the life accordingly
Risking lives for $2.20, while criticising the governments for putting a dollar value on them. Sounds about right.
$4.40 toll doesn't ensure safety. It is just less likely to be getting killed there.
@@braineaterzombie3981 it's just $2.20 difference, so this is what matters.
And you're only thinking about your individual life, whereas I prefer to think that these 2 bucks will save one life every year.
This is probably the main difference in how Americans think vs. some other countries.
10:09 more of an estimation of trust that the specific measures will do anything. And as we can see - they did nothing. It was at best huge corruption scandal.
Very good video.
I wish more people made choices based off of math like this
Great, now can you make the same video but with Euros?
7:45 wtf is with the people switching from left to right
WOOOOW PORTUGAL MENTIONED 🇵🇹🇵🇹🇵🇹🇵🇹🇵🇹🇵🇹🎉🎉🎉🎉🥵🥵🥵🔥🔥🔥nice video dude
So when is the sea level rising exactly?
eu a ver o vídeo de boas, a pensar que era de um americano qualquer, e dps só ouço um "i'm portuguese", até deu mais vontade de ver
B the best bc 5 % chance is rare 20% chance is to risk and 1% is 50x more cost just for 5x less risk
the background sound volume is louder than the voice.
Man I fuckig love your content
No to both treatments cause well that's more then he make in average
1:59 SUUUUUIIIIII!!!!
This video and its comments section is another great example of how poor the education system is.
People have no idea what money is, and how life is about choosing priorities.
And that priorities means something of higher priority gets ALL the attention.
+ other things.
Its crazy how little our enviroment teaches us about how life and the world works.
I thought this was a Fern or a Hoog video
Awesome
It’s not entirely unethical to put a dollar price on a human life its unethical when those prices differ from person to person.
The custard treat of lisboa shines true.
Worth it financially and what I'd prefer to happen morally are two different things :(
I have to say, the people who switched sides (those who chose no to the road safety question yet chose yes to the treatment question) are literal idiots. They were fooled by a different question, which ultimately means the same thing. They are unintelligent because the question/outcome is the same (a person dies vs. a person lives), yet different wording was able to fool them into changing their answers.
Edit: Furthermore, they said no to paying $2.20 more for a toll to save a life, yet chose yes to $1,500,000 more for a treatment to save a life??
Means changing perspective of question changes answers for same result
Data manipulation
dammm, não tava a espera que fosses portugues
Did not agree with the ending because I am a bayesian not a frequentist 😝
Nunca na minha vida teria adivinhado que eras português lol
I think 80 years is too old for the question.
60 or maybe 70 would be better.
I think 80 years is a good run for anyone, past that are bonus years
The question of how much is a life worth is an extremely flawed method to regulate spending. The question is how to allocate money to maximise welfare. We will always spend all the money. If it costs $10 billion to save 1 life, if there is no other more efficient mechanism we will spend $10 billion.
engagement
i think alot of the philosophy in this vid is kinda flawed like.. if 10 people die in 1 year crossing a road and i can get that down to 5/yr for 5 dollars, that isnt rly assigning those ppls lives that monetary value. theres also alot more to factor too (spending in alot of different areas to save lives at different prices)
but cool concept ig lol
isnt it based on the average amount of taxes a government can expect
That used to be a common method to determine the value of life but nowadays it's less common. The reason for that is because that method suggests that people who don't work (old, unemployed or disabled people) are worth zero dollars (since they don't pay taxes). Also, it gives you the same value for every type of risk whereas in reality people have different aversions to each type of risk (e.g road safety, health, extreme sports, etc). The 2 methods in the video don't have these problems
Novo sub, gostei da edição da qualidade, adoro este tipo de documentários, muita força aqui da terrinha ❤
about 4€
Everybody puts value on life. If that statement was false then tax rates would be 100% or everybody would have no investment or savings.
Or just move your house XD
0% casualty
I feel like going from 5 to 1 percent, not worth it by itself