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A Bush administration policy to base some regulations on a calculation that the life of an elderly person should be valued less than the life of a younger person has antagonized older Americans.
The parameter γ is called the discount factor, which accounts for the fact that distant rewards should be valued less.
Future costs and outcomes should be valued less than costs and outcomes immediately after the total hip replacement to reflect societal time preferences.
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Second, we applied similar discounting rate of 3% but chose not to apply the age weights as in the GBD for the reason that children and older people should not be valued less than adults.
It can be argued that patient time should be valued using a wage rate less than that of fully productive individuals.
But there's an uncomfortable assumption here that some crime victims' lives should be valued differently — or are less worthy of attention — than others.
But what should be valued?
They should be valued.
We are valued less.
Our work is valued less.
It took decades to figure out the basic principles of business strategy, and now that we have figured them out, we should not be valuing them any less because they have been clear to us for 30 years or more.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com