This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

The Valuation of Risk of Death in Public Sector Decision-Making

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
R. A. Meng
Douglas A. Smith
Abstract

The unavoidable trade-off between monetary expenditures and health and safety benefits means that the risk of death must be considered in a wide variety of public sector decisions. This paper argues that this consideration should be explicit and consistent across policy areas. The most conceptually valid approach to the valuation of benefits from reduced risk is to base estimates on the required compensation for exposure to risk. An empirical estimate of required compensation is generated by measuring the statistical value of life based on data from the Canadian labor market. The estimated value of life is $5.2 million in 1983 dollars. This is recommended as a useful lower bound estimate for a variety of public policy applications in Canada. In some applications, we argue that substantially higher values are required.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://economics.ca/cgi/jab?journal=cpp&view=v16n2/CPPv16n2p137.pdf
File Format: application/pdf
File Function: Full text
Download Restriction: No access restriction except for the four most recent issues.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Publisher Info
Article provided by University of Toronto Press in its journal Canadian Public Policy.

Volume (Year): 16 (1990)
Issue (Month): 2 (June)
Pages: 137-144
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:cpp:issued:v:16:y:1990:i:2:p:137-144

Contact details of provider:
Postal: University of Toronto Press Journals Division 5201 Dufferin Street Toronto, Ontario, Canada M3H 5T8
Email:
Web page: http://economics.ca/cpp/

Order Information:
Email:
Web: http://www.utpjournals.com/cpp/

For technical questions regarding this item, or to correct its listing, contact: (Prof. Werner Antweiler).

Related research
Keywords:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Dillingham, Alan E, 1985. "The Influence of Risk Variable Definition on Value-of-Life Estimates," Economic Inquiry, Oxford University Press, vol. 23(2), pages 277-94, April.
  2. Marin, Alan & Psacharopoulos, George, 1982. "The Reward for Risk in the Labor Market: Evidence from the United Kingdom and a Reconciliation with Other Studies," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 827-53, August. [Downloadable!] (restricted)
  3. Blomquist, Glenn C, 1979. "Value of Life Saving: Implications of Consumption Activity," Journal of Political Economy, University of Chicago Press, vol. 87(3), pages 540-58, June. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Joseph E. Aldy & W. Kip Viscusi, 2004. "Age Variations in Workers' Value of Statistical Life," NBER Working Papers 10199, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Georges Dionne & Paul Lanoie, 2002. "How to Make a Public Choice About the Value of a Statistical Life: The Case of Road Safety," Cahiers de recherche 02-04, HEC Montréal, Institut d'économie appliquée. [Downloadable!]
    Other versions:
  3. Viscusi, W. Kip & Aldy, Joseph, 2006. "Labor Market Estimates of the Senior Discount for the Value of Statistical Life," Discussion Papers dp-06-12, Resources For the Future. [Downloadable!]
    Other versions:
Statistics
Access and download statistics

Did you know? You too can volunteer for RePEc, for example by providing information about publications in your institution.

This page was last updated on 2009-11-13.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.