“Short-lived” I pronounce with a long “i,” so it rhymes with “derived.” I’m the only one I know who does this.
I figure that the “-ed” is tacked onto a NOUN construction, in order to give us the adjective “short-lived,” much like we say “short-haired,” “short-legged,” and so on. It is not the verb “lived,” with a short “i,” but it is the noun “life,” with “-ed” added to it, but the “f” becomes a “v” so it sounds better to the ears.
Mandielise, apologies, I didn’t want to suggest that everybody should follow one way of pronunciation based purely on the way the word is written. I’m an English expat and I know for sure that not everyone back home keeps the pronunciation constant, far from it!
The quotes are just from my favourite comedian who was actually making a joke on how unwieldy some English spellings are compared to their pronunciation. The herb and ‘erb discussion going on above just set off memories of this one particular sketch.
Speaking of language pronunciation, my colleagues here are having a good laugh over my attempts to speak Danish! 
Ha ha ha! That’s great. We had a discussion along those lines in my French History class (it was about the evolution of Latin into French) last semester. My teacher was French Canadian, so when we’d say something in one of the intermediary languages didn’t make sense, he’d give us an English example where we do the same stuff. I’m telling you, everything that can possibly be wrong with a language (except possibly gender) is wrong with English!