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Opportunity cost of time and value of human life in Burkina Faso and Ivory Coast

Author

Listed:
  • Obin Angbo

    (University of Angers)

  • François Gardes

    (Paris 1 Pantheon-Sorbonne University)

Abstract

The monetary valuation of human life is both controversial and complex, giving rise to passionate debate and profound ethical dilemmas. This article uses a new method to measure the value of human life based on a marginal valuation of the individual's available time over her life cycle. The results of an empirical application carried out in two African countries on microeconomic data reveal a significant divergence in the valuation of human life compared to accumulated GDP per capita. This finding calls into question the usual ethical considerations and social equity thesis and shows that this individual estimation of the value of human life may be an interesting indicator for public choice.

Suggested Citation

  • Obin Angbo & François Gardes, 2025. "Opportunity cost of time and value of human life in Burkina Faso and Ivory Coast," Economics Bulletin, AccessEcon, vol. 45(4), pages 2032-2040.
    • Handle: RePEc:ebl:ecbull:eb-24-00461
    as

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    File URL: http://www.accessecon.com/Pubs/EB/2025/Volume45/EB-25-V45-I4-P176.pdf
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    References listed on IDEAS

    as
    1. Joseph E. Aldy & W. Kip Viscusi, 2008. "Adjusting the Value of a Statistical Life for Age and Cohort Effects," The Review of Economics and Statistics, MIT Press, vol. 90(3), pages 573-581, August.
    2. François Gardes, 2019. "The Estimation of Price Elasticities and the Value of Time in a Domestic Production Framework: an Application using French Micro-Data," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01478052, HAL.
    3. François Gardes, 2019. "The Estimation of Price Elasticities and the Value of Time in a Domestic Production Framework: an Application using French Micro-Data," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-03281830, HAL.
    4. François Gardes, 2019. "The Estimation of Price Elasticities and the Value of Time in a Domestic Production Framework: an Application using French Micro-Data," Post-Print hal-03281830, HAL.
    5. François Gardes, 2019. "The Estimation of Price Elasticities and the Value of Time in a Domestic Production Framework: an Application using French Micro-Data," Post-Print hal-01478052, HAL.
    6. Verbeek, Marno & Nijman, Theo, 1992. "Can Cohort Data Be Treated as Genuine Panel Data?," Empirical Economics, Springer, vol. 17(1), pages 9-23.
    7. Deaton, Angus, 1985. "Panel data from time series of cross-sections," Journal of Econometrics, Elsevier, vol. 30(1-2), pages 109-126.
    8. François Gardes, 2019. "The Estimation of Price Elasticities and the Value of Time in a Domestic Production Framework: an Application using French Micro-Data," PSE-Ecole d'économie de Paris (Postprint) hal-01478052, HAL.
    9. S. Madheswaran, 2007. "Measuring the value of statistical life: estimating compensating wage differentials among workers in India," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 84(1), pages 83-96, October.
    10. François Gardes, 2019. "The Estimation of Price Elasticities and the Value of Time in a Domestic Production Framework: an Application using French Micro-Data," PSE-Ecole d'économie de Paris (Postprint) hal-03281830, HAL.
    11. François Gardes, 2019. "The Estimation of Price Elasticities and the Value of Time in a Domestic Production Framework: an Application using French Micro-Data," Annals of Economics and Statistics, GENES, issue 135, pages 89-120.
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs

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