There's an entire subfield dedicated to calculating life values for making difficult decisions. https://en.wikipedia.org/wiki/Value_of_life

I don't recall seeing having children as a variable in that valuation, it's typically more about how many years of work you continue to do, cast back into current dollars ("present value lifetime earnings", see https://escholarship.org/content/qt82d0550k/qt82d0550k.pdf?t...) and normalized for base rates.