Policy analysts usually determine the cost of a life in the 2 to 5 million dollar range. They measure this by looking at people's willingness to pay for live saving consumables and divide that by the probability that of losing a life without that consumable.
For instance, if an airbag costs 200 bucks and the chances of you being in a fatal car accident is 0.0001 then your life would be worth $2,000,000.
All very much simplified of course.
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