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Human life cost in anaesthesiology cost-benefit decisions

Naftalovich, Rotem and Iskander, Andrew J. and Naftalovich, Daniel and Eloy, Jean D. and Discepola, Patrick J. and Tewfik, George L. and Chaudhry, Faraz and Rodriguez-Correa, Daniel (2021) Human life cost in anaesthesiology cost-benefit decisions. Anaesthesiology Intensive Therapy, 53 (1). pp. 284-285. ISSN 1642-5758. doi:10.5114/ait.2021.104148. https://resolver.caltech.edu/CaltechAUTHORS:20210408-152456790

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Abstract

The United States (US) aviation industry provides a potentially useful mental model for dealing with certain cost-benefit decisions in aesthesiology. The Federal Aviation Administration (FAA), the national aviation authority of the United States, quantifies a price for the value of a human life based on the U.S. Department of Transportation’s (DOT) value of a statistical life (VSL) unit. The current VSL is around $9.6 million, indexed to grow with consideration given to inflation and wage changes from the 2016 baseline of $9.4 million [1]. To illustrate the concept, if the FAA estimates that 100 people are likely to die in the future given the current practice standards then the monetary cost of this loss will be $940 million. The FAA uses this estimated monetary value as an official reference point in its regulatory decisions, and the agency publishes in detail how it derives the estimated value. When proposing new regulations, the FAA bases its decisions on comparisons of the human life cost associated with the existing regulation versus the alternative cost that the industry stakeholders will incur subsequent to the adoption of the regulation. In this example, if the cost incurred by the industry is more than the $940 million cost then the FAA will not adopt the proposed regulation and hence will not require the industry to undertake this cost.


Item Type:Article
Related URLs:
URLURL TypeDescription
https://doi.org/10.5114/ait.2021.104148DOIArticle
Alternate Title:Utility of human life cost in anaesthesiology cost-benefit decisions
Additional Information:© 2021 Termedia. Online publish date: 2021/03/15. Financial support and sponsorship: none. Conflicts of interest: none.
Issue or Number:1
DOI:10.5114/ait.2021.104148
Record Number:CaltechAUTHORS:20210408-152456790
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20210408-152456790
Official Citation:Naftalovich, R., Iskander, A., Naftalovich, D., D. Eloy, J., J. Discepola, P., & L. Tewfik, G. et al. (2021). Human life cost in anaesthesiology cost-benefit decisions. Anaesthesiology Intensive Therapy, 53(3), 284-285. https://doi.org/10.5114/ait.2021.104148
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:108666
Collection:CaltechAUTHORS
Deposited By: Tony Diaz
Deposited On:08 Apr 2021 23:58
Last Modified:13 Sep 2021 22:07

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