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Several similar concepts are sometimes used. Among these are the following:

1 Societal willingness to pay. The principle is described in more detail by Pandey and Nathwani (2004), who propose to include a life quality index in the assessment of our willingness to pay.

2 Value of averting (or preventing) a fatality (VAF). This is an aggregate willingness to pay for typically very small reductions in the individual probability of death.

3 Implied cost of averting a fatality (ICAF). The International Maritime Organization (IMO) uses the ICAF as part of its decision rules:(5.1)

4 Net cost of averting a fatality (NCAF). This measure accounts for the economic benefits of risk reduction measures. Economic benefits (or risk reduction) may include the economic value of reduced pollution.