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Concept explainers
In homes without working fire alarms, the chance of dying in a non-confined home fire is .0164 if there is a fire.
In homes with working fire alarm, the chance of dying is .0115 if there is a fire.1
Similarly, the chance of a nonconfined house fire occurring is about 0.0015 (= 92,450/125,000,000). So, all else being equal, the chances of
dying in your home due to a non-confined house fire are 0.000025 and 0.000017, respectively, without and with
a fire alarm.
Noting that smoke alarms
to estimate a range in the value of a statistical life? If so, what are these values? Do they seem reasonable?
Please show all of your work and provide a raionale
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