Assignment Instructions -Value of Life

Assignment Instructions

Value of Life
Suppose there is a road improvement which will save 1 life per year, reducing the number of fatalities from 2 to 1 per year (out of 1000 people using the road). Assume all travelers are identical. What value of life should be used in the analysis?
Normally, we would do the equivalent of trying to compute for each traveler what is the willingness to pay for a 50% reduction in the chance of death by driving (from 2 in 1000 to 1 in 1000) and multiply that by the 1000 people whose chance of dying is reduced.
An alternative approach is to figure out the willingness to pay for the driver whose life is saved. So how much would you pay to avoid dying (with certainty) (i.e. what is your Willingness to Pay)? The answer to the first question is usually taken to be all of your resources (you would pay you everything so I won’t kill you).
Alternatively, how much can I pay you to allow you to let me kill you (Willingness to Accept)? The answer to this second question is: I would have to pay you an infinite amount of money in order for you to let me kill you.
Both of those sums of money (everything or infinity) likely exceed the willingness to pay to reduce the likelihood of dying with some probability, multiplied by the number of people experiencing it.
In economic terms, we are comparing the area under the demand curve (the consumer’s surplus) for life (which has a value asymptotically approaching infinity as the amount of life approaches 0 (death approaches certainty) for a single individual, with the marginal change in the likelihood of survival multiplied by all individuals (i.e. the quadrilateral between the y-axis of price and the same demand curve, between Pb and Pa) which describes the change in price for a change in survival).
On the one hand, using the marginal change for everyone rather than total change for the one person whose life is saved, we will give a lower value to safety improvements. On the other hand, the value of life to the individual himself is much higher than the value of life of that individual to society at large.
At least 4 pages, with 3 references.
Please upload a Word document using APA format for this assignment (see attached for the template). Where applicable, you must show your derivations, analysis and how you obtained the responses/answers. Use title page, in-text citations, references, appropriate font size, double spaces, etc where appropriate. The assignment will be graded for content, APA formatting, met deadlines for submission. See the following rubric below.

Research Paper
Graduate Level Rubric: (Week 7)
 

APUS Assignment Graduate Level Rubric
500-600

 
EXEMPLARY
LEVEL
 

 
ACCOMPLISHED
LEVEL
 

 
DEVELOPING
LEVEL
 

 
BEGINNNIG
LEVEL
 

 
TOTAL POINTS

FOCUS AND THESIS
20 points

Student exhibits a defined and clear understanding of the assignment.  Thesis is clearly defined and well constructed to help guide the reader throughout the assignment.  Student builds upon the thesis of the assignment with well-documented and exceptional supporting facts, figures, and/or statements.
 

Establishes a good comprehension of topic and in the building of the thesis.  Student demonstrates an effective presentation of thesis, with most support statements helping to support the key focus of assignment.
 

Student exhibits a basic understanding of the intended assignment, but the thesis is not fully supported throughout the assignment.  While thesis helps to guide the development of the assignment, the reader may have some difficulty in seeing linkages between thoughts.  While student has included a few supporting facts and statements, this has limited the quality of the assignment.
 

Exhibits a limited understanding of the assignment.  Reader is unable to follow the logic used for the thesis and development of key themes.  Introduction of thesis is not clearly evident, and reader must look deeper to discover the focus of the writer.  Student’s writing is weak in the inclusion of supporting facts or statements.
 

CONTENT AND SUBJECT KNOWLEDGE
25 points

Student demonstrates proficient command of the subject matter in the assignment.  Assignment shows an impressive level of depth of student’s ability to relate course content to practical examples and applications.  Student provides comprehensive analysis of details, facts, and concepts in a logical sequence.
 

Student exhibits above average usage of subject matter in assignment.  Student provides above average ability in relating course content in examples given.  Details and facts presented provide an adequate presentation of student’s current level of subject matter knowledge.
 

The assignment reveals that the student has a general, fundamental understanding of the course material.  Whereas, there are areas of some concerning in the linkages provided between facts and supporting statements.  Student generally explains concepts, but only meets the minimum requirements in this area.
 

Student tries to explain some concepts, but overlooks critical details.  Assignment appears vague or incomplete in various segments.  Student presents concepts in isolation, and does not perceive to have a logical sequencing of ideas.
 

CRITICAL THINKING SKILLS
20 points

Student demonstrates a higher-level of critical thinking necessary for 500-600 level work.  Learner provides a strategic approach in presenting examples of problem solving or critical thinking, while drawing logical conclusions which are not immediately obvious.  Student provides well-supported ideas and reflection with a variety of current and/or world views in the assignment.  Student presents a genuine intellectual development of ideas throughout assignment.
 

Student exhibits a good command of critical thinking skills in the presentation of material and supporting statements.  Assignment demonstrates the student’s above average use of relating concepts by using a variety of factors.  Overall, student provides adequate conclusions, with 2 or fewer errors.
 

Student takes a common, conventional approach in guiding the reader through various linkages and connections presented in assignment.  However, student presents a limited perspective on key concepts throughout assignment.  Student appears to have problems applying information in a problem-solving manner.
 

Student demonstrates beginning understanding of key concepts, but overlooks critical details.  Learner is unable to apply information in a problem-solving fashion.  Student presents confusing statements and facts in assignment.  No evidence or little semblance of critical thinking skills.
 

ORGANIZATION OF IDEAS AND FORMAT
20 points

Student thoroughly understands and excels in explaining all major points.  An original, unique, and/or imaginative approach to overall ideas, concepts, and findings is presented.  Overall format of assignment includes an appropriate introduction (or abstract), well- developed paragraphs, and conclusion.  Finished assignment demonstrates student’s ability to plan and organize research in a logical sequence.  Student uses at least of 5 references in assignment.
 

Student explains the majority of points and concepts in the assignment.  Learner demonstrates a good skill level in formatting and organizing material in assignment.  Student presents an above average level of preparedness, with a few formatting errors.  Assignment contains less then 3 resources.
 

Learner applies some points and concepts incorrectly.  Student uses a variety of formatting styles, with some inconsistencies throughout the paper.  Assignment does not have a continuous pattern of logical sequencing.  Student uses less than 2 sources or references.
 

Assignment reveals formatting errors and a lack of organization.  Student presents an incomplete attempt to provide linkages or explanation of key terms.  The lack of appropriate references or source materials demonstrates the student’s need for additional help or training in this area.  Student needs to review and revise the assignment.
 

WRITING CONVENTIONS (GRAMMAR & MECHANICS)
15 points

Student demonstrates an excellent command of grammar, as well as presents research in a clear and concise writing style.  Presents a thorough, extensive understanding of word usage.  Student excels in the selection and development of a well-planned research assignment.  Assignment is error-free and reflects student’s ability to prepare a high-quality academic assignment.
 

Student provides an effective display of good writing and grammar.  Assignment reflects student’s ability to select appropriate word usage and present an above average presentation of a given topic or issue.  Assignment appears to be well written with no more than 3-5 errors.  Student provides a final written product that covers the above-minimal requirements.
 

Assignment reflects basic writing and grammar, but more than 5 errors.  Key terms and concepts are somewhat vague and not completely explained by student.  Student uses a basic vocabulary in assignment.  Student’s writing ability is average, but demonstrates a basic understanding of the subject matter.
 

Topics, concepts, and ideas are not coherently discussed or expressed in assignments.  Student’s writing style is weak and needs improvement, along with numerous proofreading errors.  Assignment lacks clarity, consistency, and correctness.  Student needs to review and revise assignment.
 

Total Points
 
 
 
 
 

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