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Measuring the Value of Life and Limb: Estimating Compensating Wage Differentials Among Workers in Chennai and Mumbai

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Author Info
S. Madheswaran
Abstract

Policy makers confronted with the need to introduce health and safty regulations often wonder how to value the benifites of these regulations. One way that a monetory value could be placed on reductions in health risks, including risk of death, is through understanding how people are compensated for the different risks they take. This approch reffered to as the compensating wage differentials method, estimates the wage premium a worker would need to be paid to accept a small increase in his/her risk of dying or equivalently what a worker would pay to achieve a small reduction in risk of death. The study is an attempt of obtaining estimates of VSL that reflects Indian risk preference. [SANDEE]

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Paper provided by esocialsciences.com in its series Working Papers with number id:1708.

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Date of creation: 2008
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Handle: RePEc:ess:wpaper:id:1708

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Related research
Keywords: health; workers; wage; Compensating Wage Differentials; Hedonic Price; Valuations of Life/ Injury;

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  1. Cousineau, Jean-Michel & Lacroix, Robert & Girard, Anne-Marie, 1992. "Occupational Hazard and Wage Compensating Differentials," The Review of Economics and Statistics, MIT Press, vol. 74(1), pages 166-69, February. [Downloadable!] (restricted)
  2. Viscusi, W Kip & Moore, Michael J, 1987. "Workers' Compensation: Wage Effects, Benefit Inadequacies, and the Value of Health Losses," The Review of Economics and Statistics, MIT Press, vol. 69(2), pages 249-61, May. [Downloadable!] (restricted)
  3. Simon, Nathalie B. & Cropper, Maureen L. & Alberini, Anna & Arora, Seema, 1999. "Valuing mortality reductions in India : a study of compensating wage differentials," Policy Research Working Paper Series 2078, The World Bank. [Downloadable!]
  4. 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.. [Downloadable!] (restricted)
  5. Shanmugam, K R, 2001. " Self Selection Bias in the Estimates of Compensating Differentials for Job Risks in India," Journal of Risk and Uncertainty, Springer, vol. 22(3), pages 263-75, May. [Downloadable!] (restricted)
  6. 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. [Downloadable!] (restricted)
  7. 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. [Downloadable!] (restricted)
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  8. Herzog, Henry W, Jr & Schlottmann, Alan M, 1990. "Valuing Risk in the Workplace: Market Price, Willingness to Pay, and the Optimal Provision of Safety," The Review of Economics and Statistics, MIT Press, vol. 72(3), pages 463-70, August. [Downloadable!] (restricted)
  9. Gerking, Shelby & de Haan, Menno & Schulze, William, 1988. " The Marginal Value of Job Safety: A Contingent Valuation Study," Journal of Risk and Uncertainty, Springer, vol. 1(2), pages 185-99, June.
  10. Viscusi, W Kip & O'Connor, Charles J, 1984. "Adaptive Responses to Chemical Labeling: Are Workers Bayesian Decision Makers?," American Economic Review, American Economic Association, vol. 74(5), pages 942-56, December. [Downloadable!] (restricted)
  11. 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.
  12. 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. [Downloadable!] (restricted)
  13. 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. [Downloadable!] (restricted)
  14. French, Michael T & Kendall, David L, 1992. " The Value of Job Safety for Railroad Workers," Journal of Risk and Uncertainty, Springer, vol. 5(2), pages 175-85, May.
  15. 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)
  16. Alberini, Anna & Cropper, Maureen & Fu, Tsu-Tan & Krupnick, Alan & Liu, Jin-Tan & Shaw, Daigee & Harrington, Winston, 1997. "Valuing Health Effects of Air Pollution in Developing Countries: The Case of Taiwan," Journal of Environmental Economics and Management, Elsevier, vol. 34(2), pages 107-126, October. [Downloadable!] (restricted)
  17. Jones-Lee, M W & Hammerton, M & Philips, P R, 1985. "The Value of Safety: Results of a National Sample Survey," Economic Journal, Royal Economic Society, vol. 95(377), pages 49-72, March. [Downloadable!] (restricted)
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