Placing a value on life and limb: the role of the informed consumer

What is the value of a human life? As the resources available for medical care are constrained, and as our ability to create new and expensive ways to prolong life grows, this question becomes relevant. By observing decisions to spend money to prolong life, we can estimate what is actually spent per year of life saved. By observing decisions not to spend money, we can see when someone decided it cost too much to save a life. This literature is critically reviewed here. Problems of measurement are considered, and decisions are found to be inconsistent.