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Stability of Estimates of the Compensation for Danger

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  • Arabsheibani, G R
  • Marin, A

Abstract

Estimates of the extra earnings for jobs with higher risks of death are used in cost-benefit studies involving risk changes. Because of this use, the magnitude and stability of the estimated coefficient are important. Part of the current study closely reproduces the 1982 study by Marin and Psacharopoulos to check on the stability. We also examine the robustness of the estimate to the inclusion/exclusion of non-fatal risks and other relevant characteristics. While the magnitude of the coefficient has increased from the earlier study, the coefficient is robust to other changes in the specification. This yields a "value of life" figure of L9.7 million. Copyright 2000 by Kluwer Academic Publishers

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Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 20 (2000)
Issue (Month): 3 (May)
Pages: 247-69

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Handle: RePEc:kap:jrisku:v:20:y:2000:i:3:p:247-69

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  1. Liu, Jin-Tan & Hammitt, James K. & Liu, Jin-Long, 1997. "Estimated hedonic wage function and value of life in a developing country," Economics Letters, Elsevier, vol. 57(3), pages 353-358, December.
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  3. Garen, John, 1988. "Compensating Wage Differentials and the Endogeneity of Job Riskiness," The Review of Economics and Statistics, MIT Press, vol. 70(1), pages 9-16, February.
  4. Kahn, Shulamit & Lang, Kevin, 1988. "Efficient Estimation of Structural Hedonic Systems," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(1), pages 157-66, February.
  5. Viscusi, W. Kip & Moore, Michael J., 1989. "Rates of time preference and valuations of the duration of life," Journal of Public Economics, Elsevier, vol. 38(3), pages 297-317, April.
  6. Garen, John, 1984. "The Returns to Schooling: A Selectivity Bias Approach with a Continuous Choice Variable," Econometrica, Econometric Society, vol. 52(5), pages 1199-1218, September.
  7. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  8. Siebert, W Stanley & Wei, X, 1994. "Compensating Wage Differentials for Workplace Accidents: Evidence for Union and Nonunion Workers in the UK," Journal of Risk and Uncertainty, Springer, vol. 9(1), pages 61-76, July.
  9. Kniesner, Thomas J & Leeth, John D, 1991. " Compensating Wage Differentials for Fatal Injury Risk in Australia, Japan, and the United States," Journal of Risk and Uncertainty, Springer, vol. 4(1), pages 75-90, January.
  10. Biddle, Jeff E & Zarkin, Gary A, 1988. "Worker Preferences and Market Compensation for Job Risk," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 660-67, November.
  11. Viscusi, W Kip, 1993. "The Value of Risks to Life and Health," Journal of Economic Literature, American Economic Association, vol. 31(4), pages 1912-46, December.
  12. Moulton, Brent R., 1986. "Random group effects and the precision of regression estimates," Journal of Econometrics, Elsevier, vol. 32(3), pages 385-397, August.
  13. Sandy, Robert & Elliott, Robert F, 1996. "Unions and Risk: Their Impact on the Level of Compensation for Fatal Risk," Economica, London School of Economics and Political Science, vol. 63(250), pages 291-309, May.
  14. Ann Fisher & Lauraine G. Chestnut & Daniel M. Violette, 1989. "The value of reducing risks of death: A note on new evidence," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 8(1), pages 88-100.
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Cited by:
  1. Pouliakas, Konstantinos & Theodossiou, Ioannis, 2010. "An Inquiry Into The Theory, Causes And Consequences Of Monitoring Indicators Of Health And Safety At Work," SIRE Discussion Papers 2010-120, Scottish Institute for Research in Economics (SIRE).
  2. W. Kip Viscusi & Joseph E. Aldy, 2003. "The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," NBER Working Papers 9487, National Bureau of Economic Research, Inc.
  3. Dora L. Costa & Matthew E. Kahn, 2002. "Changes in the Value of Life: 1940-1980," NBER Working Papers 9396, National Bureau of Economic Research, Inc.
  4. Alberini, Anna & Chiabai, Aline, 2007. "Urban environmental health and sensitive populations: How much are the Italians willing to pay to reduce their risks?," Regional Science and Urban Economics, Elsevier, vol. 37(2), pages 239-258, March.
  5. G. Dionne & P.-C. Michaud, 2002. "Statistical Analysis of Value-of Life estimates using Hedonic Wage Method," THEMA Working Papers 2002-13, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  6. repec:iab:iabzaf:v:37:i:3:p:269-305 is not listed on IDEAS
  7. 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.
  8. Spengler, Hannes, 2004. "Kompensatorische Lohndifferenziale und der Wert eines statistischen Lebens in Deutschland (Compensating wage differentials and the value of a statistical life in Germany)," Zeitschrift für ArbeitsmarktForschung - Journal for Labour Market Research, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany], vol. 37(3), pages 269-305.
  9. Matthew A Cole & Robert J R Elliott & Joanne K Lindley, 2009. "Dirty Money: Is there a Wage Premium for Working in a Pollution Intensive Industry," Discussion Papers 09-13, Department of Economics, University of Birmingham.
  10. repec:reg:wpaper:140 is not listed on IDEAS
  11. Jonathan Karnon & Aki Tsuchiya & Paul Dolan, 2005. "Developing a relativities approach to valuing the prevention of non-fatal work-related accidents and ill health," Health Economics, John Wiley & Sons, Ltd., vol. 14(11), pages 1103-1115.
  12. Bellavance, Franois & Dionne, Georges & Lebeau, Martin, 2009. "The value of a statistical life: A meta-analysis with a mixed effects regression model," Journal of Health Economics, Elsevier, vol. 28(2), pages 444-464, March.
  13. Beat Hintermann & Anna Alberini & Anil Markandya, 2010. "Estimating the value of safety with labour market data: are the results trustworthy?," Applied Economics, Taylor & Francis Journals, vol. 42(9), pages 1085-1100.
  14. Spengler, Hannes, 2004. "Kompensatorische Lohndifferenziale und der Wert eines statistischen Lebens in Deutschland," Darmstadt Discussion Papers in Economics 37281, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL).

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