Traditional risk assessments use asset losses as the main metric to measure the severity of a disaster. This paper proposes an expanded risk assessment based on a framework that adds socioeconomic resilience and uses wellbeing losses as its main measure of disaster severity. Using a new,...

The value of a statistical life (VSL) monetizes the expected loss in well-being associated with the risk of death. The utility loss resulting from a fatality is central to the empirical framework for estimating the VSL. The VSL trajectory over the life cycle exhibits an inverted-U shape,...