Draft — Comments appreciated Survival is a Luxury Good: The Increasing Value of a Statistical Life
نویسندگان
چکیده
The value of changes in mortality risk is conventionally estimated by the marginal rate of substitution between income and mortality risk—the value per statistical life (VSL). Previous estimates of the income elasticity of VSL, obtained from meta-analysis of compensating-wagedifferential studies and from contingent valuation, are typically less than one, often 0.3 to 0.5. We present new estimates based on a series of compensating-wage-differential estimates in a rapidly developing economy, Taiwan. The series is estimated over a 16 year period during which per capita GNP and annual earnings increased two and half times and the workplacefatality rate in manufacturing decreased by half. Over this period, estimated VSL increased tenfold, from about US$500,000 to US$5 million. The income elasticity of VSL is estimated as 2 to 3.
منابع مشابه
Statistical Value of Life and Health Capital in Iran
The purpose of this study is to introduce and assess various measures of statistical value of life and introduce a way to measure health capital for 19 age cohorts throughout 1996-2015. To do so, we applied a dynamic planning approach and used the data on Iranian household budget survey. The main results show that until 2009, adding a new member to the population of newborns was more socially v...
متن کاملDRAFT – COMMENTS WELCOME International Life-Saving Initiatives, Income Differences, And the Value of Statistical Lives
متن کامل
Power laws in economics and elsewhere
We review power laws in financial economics. This is a chapter from a preliminary draft of a book called “Beyond equilibrium and efficiency”. While some of the discussion is specific to economics, most of it applies to power laws in general – the nouns may change, but the underlying questions are similar in many fields. This draft is still preliminary and not entirely finished – comments at any...
متن کاملCompassion Is a Necessity and an Individual and Collective Responsibility; Comment on “Why and How Is Compassion Necessary to Provide Good Quality Healthcare?”
Compassion is a complex process that is innate, determined in part by individual traits, and modulated by a myriad of conscious and unconscious factors, immediate context, social structures and expectations, and organizational “culture.” Compassion is an ethical foundation of healthcare and a widely shared value; it is not an optional luxury in the healing process. While the interrelations betw...
متن کاملThe Primacy of Teacher Imperative Commentaries in the Improvement of Iranian English Majors’ Writing Ability
In this study, the researchers investigated a critical aspect of EFL/ESL writing pedagogy-the impact of teacher written commentary on student writer’s earlier drafts. Compositions of 80 Iranian undergraduate English majors were commented on using a trio of imperatives, statements, and questions on both content and form. Overall, the results indicated that the comments in the imperative form hel...
متن کامل