Jonathan Milne, writing for Newsroom, has an excellent article that works through the history of the price that government places on a life - It is called VOSL, the Value of Statistical Life. This is the price the government uses for investment decisions, for example, about road funding - anything where lost lives avoided is going to be a major factor in the funding case. The article provides excellent insight into the formulation, and what it means when comparing what we spend on road, PHARMAC, and other programmes. It is currently $4.53 million. Link: https://www.newsroom.co.nz/transport/government-valued-your-life-at-46m-until-covid