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Stability of estimates of the compensation for danger

Arabsheibani, G. R. and Marin, Alan (2000) Stability of estimates of the compensation for danger. Journal of Risk and Uncertainty, 20 (3). pp. 247-269. ISSN 0895-5646

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Abstract

Estimates of the extra earnings for jobs with higher risks of death are used in cost-benefit studies involving risk changes. Because of this use, the magnitude and stability of the estimated coefficient are important. Part of the current study closely reproduces the 1982 study by Marin and Psacharopoulos to check on the stability. We also examine the robustness of the estimate to the inclusion/exclusion of non-fatal risks and other relevant characteristics. While the magnitude of the coefficient has increased from the earlier study, the coefficient is robust to other changes in the specification. This yields a “value of life” figure of £9.7 million.

Item Type: Article
Official URL: http://www.springerlink.com/content/100299/
Additional Information: © 2000 Springer New York LLC
Library of Congress subject classification: H Social Sciences > HB Economic Theory
H Social Sciences > HV Social pathology. Social and public welfare. Criminology
Sets: Collections > Economists Online
Departments > Economics
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 23 Sep 2008 11:20
URL: http://eprints.lse.ac.uk/18283/

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