What is the value of a statistical life (VSL) as described in the ‘Van Houten and Cropper Article’?

What is the value of a statistical life (VSL) as described in the ‘Van Houten and Cropper Article’? What is the rationale behind the EPA’s use of VSL?
What is one argument put forth for and against cost-benefit analysis to place a dollar value on human life as described in the Michael Sandel video? Watch assigned Michael Sandel lecture – Episode 2, Lecture 3 and 4: “Putting a Price tag on a life How to Measure Pleasure”: http://justiceharvard.org/lecture-3-putting-a-price-tag-on-life/
https://www-sciencedirect-com.ezproxy.cul.columbia.edu/science/article/pii/S0095069696900248

https://plato.stanford.edu/entries/consequentialism/

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