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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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  • 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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Bibliographic Info

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

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Date of creation: Oct 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;

References

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  1. 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.
  2. 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.
  3. 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.
  4. Gerking, S.D. & Haan, M. de & Schulze, W.D., 1988. "The marginal value of job safety: A contingent valuation study," Open Access publications from Tilburg University urn:nbn:nl:ui:12-4742815, Tilburg University.
  5. Viscusi, W Kip, 1978. "Wealth Effects and Earnings Premiums for Job Hazards," The Review of Economics and Statistics, MIT Press, vol. 60(3), pages 408-16, August.
  6. Moore, Michael J & Viscusi, W Kip, 1988. "The Quantity-Adjusted Value of Life," Economic Inquiry, Western Economic Association International, vol. 26(3), pages 369-88, July.
  7. Craig A. Olson, 1981. "An Analysis of Wage Differentials Received by Workers on Dangerous Jobs," Journal of Human Resources, University of Wisconsin Press, vol. 16(2), pages 167-185.
  8. Patricia Munch Danzon, 1983. "Risk by choice: Regulating health and safety in the workplace, by W. Kip Viscusi. Cambridge, MA: Harvard University Press, 1983, 200 pp. Price: $18.50," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 3(1), pages 154-155.
  9. Dillingham, Alan E, 1985. "The Influence of Risk Variable Definition on Value-of-Life Estimates," Economic Inquiry, Western Economic Association International, vol. 23(2), pages 277-94, April.
  10. Joni Hersch & W. Kip Viscusi, 1990. "Cigarette Smoking, Seatbelt Use, and Differences in Wage-Risk Tradeoffs," Journal of Human Resources, University of Wisconsin Press, vol. 25(2), pages 202-227.
  11. 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.
  12. 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..
  13. 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.
  14. 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.
  15. 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.
  16. 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.
  17. Linnerooth, Joanne, 1979. "The Value of Human Life: A Review of the Models," Economic Inquiry, Western Economic Association International, vol. 17(1), pages 52-74, January.
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