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Valuing lives equally: Distributional weights for welfare analysis

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  • Somanathan, E.

Abstract

Cost-benefit analysis as performed by governments and public-sector organisations typically applies equal weights to changes in incomes accruing to individuals from projects even when there is no proposal to compensate losers. One reason for the use of equal weights despite the absence of a theoretical justification for this practice is that all weights appear arbitrary. This note proposes the use of weights based on two axioms: (1) that all lives should be equally valued, and (2) that the monetary value attached to a person's life should be his or her own. This implies weights that are proportional to the reciprocals of the values of statistical lives

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 90 (2006)
Issue (Month): 1 (January)
Pages: 122-125

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Handle: RePEc:eee:ecolet:v:90:y:2006:i:1:p:122-125

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  1. Sen, Amartya, 1973. "On Economic Inequality," OUP Catalogue, Oxford University Press, number 9780198281931, September.
  2. Azar, Christian & Sterner, Thomas, 1996. "Discounting and distributional considerations in the context of global warming," Ecological Economics, Elsevier, vol. 19(2), pages 169-184, November.
  3. Dreze, Jean & Stern, Nicholas, 1987. "The theory of cost-benefit analysis," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 2, chapter 14, pages 909-989 Elsevier.
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Cited by:
  1. Gunawardena, U.A.D. Prasanthi, 2010. "Inequalities and externalities of power sector: A case of Broadlands hydropower project in Sri Lanka," Energy Policy, Elsevier, vol. 38(2), pages 726-734, February.
  2. Adler, Matthew & Hammitt, James & Treich, Nicolas, 2012. "The Social Value of Mortality Risk Reduction: VSL vs. the Social Welfare Function Approach," TSE Working Papers 12-292, Toulouse School of Economics (TSE).
  3. Rachel Baker & Susan Chilton & Michael Jones-Lee & Hugh Metcalf, 2008. "Valuing lives equally: Defensible premise or unwarranted compromise?," Journal of Risk and Uncertainty, Springer, vol. 36(2), pages 125-138, April.
  4. David Canning, 2007. "Valuing Lives Equally and Welfare Economics," PGDA Working Papers 2707, Program on the Global Demography of Aging.
  5. David Canning, 2009. "Axiomatic Foundations of Cost Effectiveness Analysis," PGDA Working Papers 5109, Program on the Global Demography of Aging.

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