Federal agencies are required to perform detailed economic analyses when a proposed course of action exceeds a particular dollar threshold (historically set at $100M). Part of quantifying anticipated consequences requires that they put a monetary value on everything, including human life.
One way they accomplish that is by looking at how much more employers have to pay employees in risky work environments. For instance, if workers generally demand $10,000 more to drive machinery that increases the probability of death by 1 in 500, then you have an example of a market where life is valued at $5.0M.
It's not a cheery topic, but it's important to reach an acceptable dollar value: If we just say that a human life is priceless, we'd logically have to expend all of our resources (if necessary) the first chance we get to save a life. But then we won't have anything at our disposal the next day when, perhaps, we might have been able to save multiple lives with the same a