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ERIC Number: EJ786844
Record Type: Journal
Publication Date: 2007-Oct
Pages: 14
Abstractor: Author
Reference Count: N/A
ISBN: N/A
ISSN: ISSN-0303-8300
Measuring the Value of Statistical Life: Estimating Compensating Wage Differentials among Workers in India
Madheswaran, S.
Social Indicators Research, v84 n1 p83-96 Oct 2007
Policy makers confronted with the need to introduce health and safety regulations often wonder how to value the benefits of these regulations. One way that a monetary 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. While there is an extensive literature on VSL and compensating wage differentials for the developed countries, few such studies exist when it comes to developing countries. Our study is an attempt at obtaining estimates of VSL that reflects Indian risk preferences. Based on a survey of 550 workers in Chennai and 535 workers in Mumbai, we find the value of a statistical life in India to be approximately Rs. 15 million. The value of statistical injury ranges from Rs. 6,000 to Rs. 9,000. Policy makers interested in programs to decrease environmental and health risks could use these numbers as one bench-mark against which costs can be assessed.
Springer. 233 Spring Street, New York, NY 10013. Tel: 800-777-4643; Tel: 212-460-1500; Fax: 212-348-4505; e-mail: service-ny@springer.com; Web site: http://www.springerlink.com
Publication Type: Journal Articles; Reports - Research
Education Level: N/A
Audience: Policymakers
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: India