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Discount Rate for Health Benefits and the Value of Life in India

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  • K.R. Shanmugam

    ()
    (Madras School of Economics)

Abstract

This study contributes to the literature by estimating discount rate for environmental health benefits and value of statistical life of workers in India. The discount rate is imputed from wage-risk trade-offs in which workers decide whether to accept a risky job with higher wages. The estimated real discount rate ranges between 2.7 and 3 percent, which is closer to the financial market rate for the study period and consistent with earlier studies from developed nations. The estimated value of life is Rs. 20 (US $ 1.107) million. The results of the study can aid policymakers, international agencies and other researchers in evaluating health projects in India and other developing countries.

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File URL: http://www.mse.ac.in/pub/WORKING%20PAPER%2060.pdf
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Bibliographic Info

Paper provided by Madras School of Economics,Chennai,India in its series Working Papers with number 2011-060.

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Length: 29 pages
Date of creation: Aug 2011
Date of revision:
Handle: RePEc:mad:wpaper:2011-060

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Keywords: Expected length of life; value of statistical life; time preference rate;

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References

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  1. Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 351-401, June.
  2. Dreyfus, Mark K & Viscusi, W Kip, 1995. "Rates of Time Preference and Consumer Valuations of Automobile Safety and Fuel Efficiency," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 38(1), pages 79-105, April.
  3. Viscusi, W. Kip & Moore, Michael J., 1989. "Rates of time preference and valuations of the duration of life," Journal of Public Economics, Elsevier, Elsevier, vol. 38(3), pages 297-317, April.
  4. van der Pol, Marjon & Cairns, John, 2001. "Estimating time preferences for health using discrete choice experiments," Social Science & Medicine, Elsevier, Elsevier, vol. 52(9), pages 1459-1470, May.
  5. Marjon Vanr De Pol & John Cairns, 1999. "Individual time preferences for own health: an application of a dichotomous choice question with follow-up," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 6(10), pages 649-654.
  6. Johannesson, Magnus & Johansson, Per-Olov, 1995. "Quality of Life and the WTP for an Increased Life Expectancy at an Advanced Age," Working Paper Series in Economics and Finance 85, Stockholm School of Economics.
  7. repec:reg:rpubli:282 is not listed on IDEAS
  8. R. A. Sharma & M. J. McGregor & J. F. Blyth, 1991. "The Social Discount Rate For Land-Use Projects In India," Journal of Agricultural Economics, Wiley Blackwell, Wiley Blackwell, vol. 42(1), pages 86-92.
  9. repec:reg:wpaper:282 is not listed on IDEAS
  10. Shanmugam, K. R., 2006. "Rate of time preference and the quantity adjusted value of life in India," Environment and Development Economics, Cambridge University Press, vol. 11(05), pages 569-583, October.
  11. Loewenstein, George, 1987. "Anticipation and the Valuation of Delayed Consumption," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 97(387), pages 666-84, September.
  12. Pender, John L., 1996. "Discount rates and credit markets: Theory and evidence from rural india," Journal of Development Economics, Elsevier, Elsevier, vol. 50(2), pages 257-296, August.
  13. Erhun Kula, 2004. "Estimation of a Social Rate of Interest for India," Journal of Agricultural Economics, Wiley Blackwell, Wiley Blackwell, vol. 55(1), pages 91-99.
  14. Dermot Gately, 1980. "Individual Discount Rates and the Purchase and Utilization of Energy-Using Durables: Comment," Bell Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 11(1), pages 373-374, Spring.
  15. Jerry A. Hausman, 1979. "Individual Discount Rates and the Purchase and Utilization of Energy-Using Durables," Bell Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 10(1), pages 33-54, Spring.
  16. Moore, Michael J & Viscusi, W Kip, 1988. "The Quantity-Adjusted Value of Life," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 26(3), pages 369-88, July.
  17. Moore, Michael J. & Viscusi, W. Kip, 1990. "Discounting environmental health risks: New evidence and policy implications," Journal of Environmental Economics and Management, Elsevier, vol. 18(2), pages S51-S62, March.
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