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Discount Rate for Human Life-Related Decisions

In: New Trends in Finance and Accounting

Author

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  • Pavel Kuchyňa

    (University of Economics, Prague)

Abstract

The paper introduces legislation in Czech Republic relating to value of human life. It is compensation for pain and injury and compensation of people close to a departed person. There is one methodology provided by Czech court and also similar legislation in the UK followed by methodology. There are two general approaches and one of them requires a discount rate. The rate described there is based on government stock. This makes it close to risk free. After testing it on one particular lifelong decision and on one specific risk, the rates are reaching substantially higher values. The risk-free rate is not recommendable for the situation in Czech Republic. Using a flat rate for life is inaccurate.

Suggested Citation

  • Pavel Kuchyňa, 2017. "Discount Rate for Human Life-Related Decisions," Springer Proceedings in Business and Economics, in: David Procházka (ed.), New Trends in Finance and Accounting, chapter 0, pages 803-813, Springer.
    • Handle: RePEc:spr:prbchp:978-3-319-49559-0_74
    DOI: 10.1007/978-3-319-49559-0_74
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