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Value Of Life And Injury: Evidence From A U.S. Fishery

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  • Akbar Marvasti

Abstract

Here, revealed trade‐offs between monetary rewards and safety risk for shrimp fishermen in the Gulf of Mexico are investigated. Shrimp harvesting is one of the most dangerous occupations in the United States with an occupational fatality rate significantly above the average. The instrumental variables method is employed for estimation of the injuries and fatalities. My estimates of the value of a statistical life and the value of statistical injury, using the sample selection model, are in line with the estimates from other industries and provide useful information for public policy. (JEL J17, Q2, K2, D2)

Suggested Citation

  • Akbar Marvasti, 2020. "Value Of Life And Injury: Evidence From A U.S. Fishery," Contemporary Economic Policy, Western Economic Association International, vol. 38(4), pages 711-722, October.
    • Handle: RePEc:bla:coecpo:v:38:y:2020:i:4:p:711-722
    DOI: 10.1111/coep.12472
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    References listed on IDEAS

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    1. Viscusi, W Kip & Aldy, Joseph E, 2003. "The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," Journal of Risk and Uncertainty, Springer, vol. 27(1), pages 5-76, August.
    2. Viscusi, W Kip, 1993. "The Value of Risks to Life and Health," Journal of Economic Literature, American Economic Association, vol. 31(4), pages 1912-1946, December.
    3. Davis, Mary E., 2012. "Perceptions of occupational risk by US commercial fishermen," Marine Policy, Elsevier, vol. 36(1), pages 28-33, January.
    4. Chris Rohlfs & Ryan Sullivan & Thomas Kniesner, 2015. "New Estimates of the Value of a Statistical Life Using Air Bag Regulations as a Quasi-experiment," American Economic Journal: Economic Policy, American Economic Association, vol. 7(1), pages 331-359, February.
    5. Joni Hersch & W. Kip Viscusi, 2010. "Immigrant Status and the Value of Statistical Life," Journal of Human Resources, University of Wisconsin Press, vol. 45(3).
    6. Orley Ashenfelter & Michael Greenstone, 2004. "Using Mandated Speed Limits to Measure the Value of a Statistical Life," Journal of Political Economy, University of Chicago Press, vol. 112(S1), pages 226-267, February.
    7. McConnell, Kenneth E. & Price, Michael, 2006. "The lay system in commercial fisheries: Origin and implications," Journal of Environmental Economics and Management, Elsevier, vol. 51(3), pages 295-307, May.
    8. Kurt E. Schnier & William C. Horrace & Ronald G. Felthoven, 2009. "The Value of Statistical Life: Pursuing the Deadliest Catch," Center for Policy Research Working Papers 117, Center for Policy Research, Maxwell School, Syracuse University.
    9. Martin Smith & James Wilen, 2005. "Heterogeneous and Correlated Risk Preferences in Commercial Fishermen: The Perfect Storm Dilemma," Journal of Risk and Uncertainty, Springer, vol. 31(1), pages 53-71, July.
    10. Akbar Marvasti & David W. Carter, 2016. "Domestic and imports sources of supply to the US shrimp market and anti-dumping duties," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 43(6), pages 1039-1056, November.
    11. Antonio Alvarez & Peter Schmidt, 2006. "Is skill more important than luck in explaining fish catches?," Journal of Productivity Analysis, Springer, vol. 26(1), pages 15-25, August.
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    Cited by:

    1. Sami Dakhlia & Akbar Marvasti, 2020. "Regulatory Change, Market Structure, and Fatalities: The Case of the Gulf of Mexico Reef Fish Fishery," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 57(1), pages 1-26, August.

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    More about this item

    JEL classification:

    • J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income
    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
    • K2 - Law and Economics - - Regulation and Business Law
    • D2 - Microeconomics - - Production and Organizations

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