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12 -class notes

12 -class notes - TODAY class 12"Ford's Pinto Next Class...

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9/29/2009 1 TODAY – class 12 "Ford's Pinto“ Next Class The Value of life – “Economic Scene: Putting a price tag on life,” – “What is your life worth? Let’s get out a calculator,” – “The value of a human life: $129,000” – “Deceased criminal’s kids to get payout” Comm. 394-Barbara Spencer Group based versus individual fairness – Brander (4; 65-68) Video – Gm’s faulty fuel tank 6 minute clip from “Purjury and Obstruction of Justice” CBS 60 minutes Feb 7 1999 (15 Justice CBS 60 minutes, Feb 7, 1999 (15 minutes). Comm. 394-Barbara Spencer
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9/29/2009 2 Ford Pinto Case Background facts Comm. 394-Barbara Spencer Criteria for Decision Why use cost-benefit analysis? Compare with a decision based purely on profit – Compare with a decision based purely on profit. Comm. 394-Barbara Spencer
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9/29/2009 3 Was the cost-benefit analysis correct? Benefits of fixing gas tank . Lives saved -180 people at $200,000 = $36 m Lives saved 180 people at $200,000 $36 m Fewer injured -180 people at $67,000 = 12.06m.
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