Earlier quoted context omitted.
$10 million is not what is stated at your link. "In Western countries and other liberal democracies, estimates for the value of a statistical life typically range from US$1 million—US$10 million; for example, the United States FEMA estimated the value of a statistical life at US$7.5 million in 2020." [1] That's also not the meaning of Value of Life, which is a statistical evaluation. On a commercial plane there are a…
The VSL used in this case is $11.8 million in 2021, the most recent year it’s been adjusted for [0]. $10m is the usual rule-of-thumb. When making policies, governments generally pick a single value. Those “micro” VSL choices are one way governments can arrive at that value [1], but it’s certainly not the only way — economists have developed a bunch of different models which have (in some cases) wildly divergent outco…
If you follow your link to the actual VSL guidance, you will see that. [1] There is even discussion regarding how advances in data science can be used for subgroup evaluation of VSLs.
[1] https://www.transportation.gov/sites/dot.gov/files/2021-03/D...