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Valuing mortality and morbidity in the context of disaster risks

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Author Info

  • L. Cropper, Maureen
  • Sahin, Sebnem

Abstract

Benefit-cost analyses of disaster risk reduction (DRR) projects are an important tool for evaluating the efficiency of such projects, and an important input into decision making. These analyses, however, often fail to monetize the benefits of reduced death and injury. The authors review the literature on valuing reduced death and injury, and suggest methods for calculating order-of-magnitude estimates of these benefits. Because few empirical estimates of the Value of a Statistical Life (VSL) are available for developing countries, methods for transferring estimates from high income to middle and low income countries are reviewed. The authors suggest using the range of values implied by an income elasticity of 1.0 and an elasticity of 1.5. With regard to injury valuation they discuss arguments for and against monetizing Quality Adjusted Life Years, and provide shortcuts to valuing injuries that may be used to assess their importance in DRR benefit-cost analyses.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 4832.

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Date of creation: 01 Feb 2009
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Handle: RePEc:wbk:wbrwps:4832

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Related research

Keywords: Health Monitoring&Evaluation; Transport Economics Policy&Planning; Economic Theory&Research; Hazard Risk Management; Environmental Economics&Policies;

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Cited by:
  1. Baez, Javier E. & de la Fuente, Alejandro & Santos, Indhira, 2010. "Do Natural Disasters Affect Human Capital? An Assessment Based on Existing Empirical Evidence," IZA Discussion Papers 5164, Institute for the Study of Labor (IZA).
  2. Shyam KC, 2013. "Cost Benefit Studies on Disaster Risk Reduction in Developing Countries," World Bank Other Operational Studies 16111, The World Bank.
  3. World Bank, 2013. "Turkey Green Growth Policy Paper : Towards a Greener Economy," World Bank Other Operational Studies 16088, The World Bank.
  4. Ian W.H. Parry & Jon Strand, 2011. "International Fuel Tax Assessment: An Application to Chile," IMF Working Papers 11/168, International Monetary Fund.

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