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Measuring the Value of Life and Limb: Estimating Compensating Wage Differentials Among Workers in Chennai and Mumbai

Policy makers confronted with the need to introduce health and safty regulations often wonder how to value the benifites of these regulations. One way that a monetory value could be placed on reductions in health risks, including risk of death, is through understanding how people are compensated for the different risks they take. This approch reffered to as the compensating wage differentials method, estimates the wage premium a worker would need to be paid to accept a small increase in his/her risk of dying or equivalently what a worker would pay to achieve a small reduction in risk of death. The study is an attempt of obtaining estimates of VSL that reflects Indian risk preference. [SANDEE]

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Paper provided by eSocialSciences in its series Working Papers with number id:1708.

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Date of creation: Oct 2008
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Handle: RePEc:ess:wpaper:id:1708
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  7. French, Michael T & Kendall, David L, 1992. " The Value of Job Safety for Railroad Workers," Journal of Risk and Uncertainty, Springer, vol. 5(2), pages 175-85, May.
  8. Brown, Charles & Medoff, James, 1989. "The Employer Size-Wage Effect," Journal of Political Economy, University of Chicago Press, vol. 97(5), pages 1027-59, October.
  9. Viscusi, W Kip & O'Connor, Charles J, 1984. "Adaptive Responses to Chemical Labeling: Are Workers Bayesian Decision Makers?," American Economic Review, American Economic Association, vol. 74(5), pages 942-56, December.
  10. Joni Hersch & W. Kip Viscusi, 1990. "Cigarette Smoking, Seatbelt Use, and Differences in Wage-Risk Tradeoffs," Journal of Human Resources, University of Wisconsin Press, vol. 25(2), pages 202-227.
  11. Kniesner, Thomas J & Leeth, John D, 1991. " Compensating Wage Differentials for Fatal Injury Risk in Australia, Japan, and the United States," Journal of Risk and Uncertainty, Springer, vol. 4(1), pages 75-90, January.
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  16. Pradeep Kumar & Mary Lou Coates, 1982. "Occupational Earnings, Compensating Differentials, and Human Capital: An Empirical Study," Canadian Journal of Economics, Canadian Economics Association, vol. 15(3), pages 442-57, August.
  17. Simon, Nathalie B. & Cropper, Maureen L. & Alberini, Anna & Arora, Seema, 1999. "Valuing mortality reductions in India : a study of compensating wage differentials," Policy Research Working Paper Series 2078, The World Bank.
  18. Garen, John, 1988. "Compensating Wage Differentials and the Endogeneity of Job Riskiness," The Review of Economics and Statistics, MIT Press, vol. 70(1), pages 9-16, February.
  19. Gerking, Shelby & de Haan, Menno & Schulze, William, 1988. " The Marginal Value of Job Safety: A Contingent Valuation Study," Journal of Risk and Uncertainty, Springer, vol. 1(2), pages 185-99, June.
  20. Richard Thaler & Sherwin Rosen, 1976. "The Value of Saving a Life: Evidence from the Labor Market," NBER Chapters, in: Household Production and Consumption, pages 265-302 National Bureau of Economic Research, Inc.
  21. Linnerooth, Joanne, 1979. "The Value of Human Life: A Review of the Models," Economic Inquiry, Western Economic Association International, vol. 17(1), pages 52-74, January.
  22. Dillingham, Alan E, 1985. "The Influence of Risk Variable Definition on Value-of-Life Estimates," Economic Inquiry, Western Economic Association International, vol. 23(2), pages 277-94, April.
  23. Alberini, Anna & Cropper, Maureen & Fu, Tsu-Tan & Krupnick, Alan & Liu, Jin-Tan & Shaw, Daigee & Harrington, Winston, 1997. "Valuing Health Effects of Air Pollution in Developing Countries: The Case of Taiwan," Journal of Environmental Economics and Management, Elsevier, vol. 34(2), pages 107-126, October.
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