WHAT ARE OUR LIVES WORTH?

The Value of Statistical Life (VSL) plays a crucial role in both economic and social regulations and compensation damages in courts. In Turkey, independent regulatory agencies do not calculate VSL in regulatory rules. Courts use the old method of taking individuals as capital goods. This method aims to include compensation rather than preventive measures. This article explains VSL, its calculation methods, different approaches to mortality risks and problems in real life applications. In addition to these, authors propose that compensation should be calculated in accordance with the method of VSL Turkish civil law. Although, the VSL method has some constraints, its social benefit is more than the old method