Ken Feinberg is in the public eye right now as he is the pay czar governing the compensation policies of bailed out companies from the crisis of last year. I had little knowledge about who he was till he was appointed for this post.
Then, I started doing some research. Found out that he had a role much more significant and impactful than what he has now- he was the person responsible for determining compensation for victims of the 9/11 attack. he had sweeping powers. On Sept 22, 11 days after the brutal attack, Congress passed a hastily created bill that sought to compensate the families of victims of the 9/11 attack. How much compensation, to who, the criterion to be used- all of this was left deliberately vague and the sole person responsible to execute on this- from design, to implementation was Ken Feinberg.
He has written a fascinating account of that journey in a book appropriately titled "What is life worth" as essentially, that is what he had to determine when he was decided how the families needed to be compensated. The book describes how it changed Feinberg as a person as he saw not just how people dealt with sorrow and loss, it also opened his eyes to vastly different perspectives on what was considered "enough" to live well.
It is a book that is well written, thought provoking and something that clearly changed the author's perspective on life in general.
A great read and well worth a skim at the very least. Given that experience if not anything else, I think he is uniquely qualified to be the Pay Czar for the bailed out companies. If he could assess what lives were worth, surely the worth of jobs is a walk in the park!
Thursday, October 29, 2009
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Hi Mohit,
It's great to see Feinberg's role in perspective - thanks very much! I was relieved to see he has no interest in an expanded role - would change the work significantly.
Have you ever delved into decision science? One of the more interesting exercises I've come across have been based on determining the value of a human life. It's a bit academic, but here are a couple of links you might find interesting:
A peek at what decision science folks sit around and think about all day.
Interesting paper from Duke on the subject - value of human life discussed in section 5, page 6.
Best,
Bryan Seaford
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