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Cost Benefit Analysis, Value Of A Statistical Life And Culture: Challenges For Risk Regulation

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  • Marquez, Pablo
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    Abstract

    The author studies three aspects of human live valuation and its relation with cost benefit analysis and regulation. More precisely the author addresses the problem of valuation of a statistical human life and its relation with cost benefit analysis in mortality risk reduction. First, studies the debate about Valuation of a Statistical Human Life (VSL) and Cost-Benefit Analysis (CBA) in mortality risks regulation; second, deals with two challenges to CBA and VSL, these are (a) the problem of discount rates and the problem of (dis)counting of future human lives, and (b), tests if culture (represented as a set of values) has an incidence in risk preferences and therefore, in willingness to pay for life in different countries.

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    File URL: http://mpra.ub.uni-muenchen.de/2632/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 2632.

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    Date of creation: Dec 2006
    Date of revision: Feb 2007
    Handle: RePEc:pra:mprapa:2632

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    Related research

    Keywords: Cost Benefit Analysis; Value of a Statistical Life; Culture Consequences; Regulation; Cross-country analysis;

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    1. 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.
    2. Amartya Sen, 1996. "Maximization and the Act of Choice," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1766, Harvard - Institute of Economic Research.
    3. Revesz, Richard L., 1999. "Environmental Regulation, Cost-Benefit Analysis, and the Discounting of Human Lives," Berkeley Olin Program in Law & Economics, Working Paper Series, Berkeley Olin Program in Law & Economics qt57q8284f, Berkeley Olin Program in Law & Economics.
    4. W. Kip Viscusi, 1994. "Mortality Effects of Regulatory Costs and Policy Evaluation Criteria," RAND Journal of Economics, The RAND Corporation, vol. 25(1), pages 94-109, Spring.
    5. Sunstein, Cass R, 2000. "Cognition and Cost-Benefit Analysis," The Journal of Legal Studies, University of Chicago Press, University of Chicago Press, vol. 29(2), pages 1059-1103, June.
    6. Amartya Sen, 1995. "Environmental Evaluation And Social Choice: Contingent Valuation And The Market Analogy," The Japanese Economic Review, Japanese Economic Association, Japanese Economic Association, vol. 46(1), pages 23-37, 03.
    7. 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.
    8. Francois, P. & Zabojnik, J., 2001. "Culture and Development: An Analytical Framework," Discussion Paper, Tilburg University, Center for Economic Research 2001-25, Tilburg University, Center for Economic Research.
    9. Jones-Lee, M W, 1992. "Paternalistic Altruism and the Value of Statistical Life," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 102(410), pages 80-90, January.
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