Variable | Value | Note | Source |
---|---|---|---|
Estimated value of tangible death averted (V) for WWI | $194,155 | Calculated via the model | |
Estimated value of tangible death averted (V) for WWII | $917,476 | Calculated via the model | |
Average years until retirement for WWI (N) | 45 | Assuming retirement age of 70 | McQuilton [8] |
Average years until retirement for WWII (N) | 40 | Assuming retirement age of 66 | |
The average wage for military personnel during WWI (W) | $4,444 | Estimated from the lower and upper limits | Broadberry & Harrison [14] |
The average wage for military personnel during WWII (W) | $21,000 | Estimated from the lower and upper limits | |
Represents the discount rate (r) | 3% | The value of future wages lost discounted at 3% | Laufer [11] |
WWI military deaths | Total: 9,721,937 | Table 1 data | |
WWII military deaths | Total: 25,719,600 | Table 2 data | The National WWII Museum [37] |