I certainly agree with the general point that one must consider the experiential value of the life saved. However, Iām skeptical of presuming a log-relationship for consumption and happiness, both for the reason you identified (definition problems at low-incomes), and issues around self-reporting as a measure of happiness, the Easterlin Paradox, and tentative data supporting that much of the happiness from consumption may about feeling richer than other people.
I certainly agree with the general point that one must consider the experiential value of the life saved. However, Iām skeptical of presuming a log-relationship for consumption and happiness, both for the reason you identified (definition problems at low-incomes), and issues around self-reporting as a measure of happiness, the Easterlin Paradox, and tentative data supporting that much of the happiness from consumption may about feeling richer than other people.