Value of Statistical Life, Cost effectiveness, United States. Department of Homeland Security, Terrorism -- Prevention
There are many papers study the VSL value used at the Department of Homeland Security, DHS, uses for its cost benefit analysis. This report demonstrate how these VSL values are not accurate for use in terrorist acts related tasks since it is calculated by using willingness to accept. This report will conclude that using willingness to pay, WTP, in calculating the VSL will capture the effect of fear, dread risks, uncontrollable and involuntary risks for any terrorist attack. A case study was referenced for demonstrating calculation of VSL for counterterrorism expenditure measures.
Al-Mulla, Nameer; Boulos, Zeina; Penmetsa, Srujana; Vannaprapa, Noppadon; and White, Corey, "Analysis of Risk, Fear, and Terrorism and its Effect on the Value of Statistical Life for Counterterrorism Expenditure Measures" (2014). Engineering and Technology Management Student Projects. 267.