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The value of reducing risks of death: A note on new evidence

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  • Ann Fisher
  • Lauraine G. Chestnut
  • Daniel M. Violette

Abstract

Government agencies face difficult resource-allocation decisions when confronted with projects that will reduce risks of fatality. Evidence from individual behavior helps determine society's values for reducing risks. The most credible evidence is based on individuals' willingness to pay (or willingness to accept compensation) for small changes in risks. Studies of consumer behavior are limited, but more evidence is available relating wages to job risks. Contingent valuation studies reinforce the wage-risk implications, leading to a range of values that can be compared with the costs of proposals to reduce fatal risks.

Suggested Citation

  • Ann Fisher & Lauraine G. Chestnut & Daniel M. Violette, 1989. "The value of reducing risks of death: A note on new evidence," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 8(1), pages 88-100.
    • Handle: RePEc:wly:jpamgt:v:8:y:1989:i:1:p:88-100
    DOI: 10.2307/3324426
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    References listed on IDEAS

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    1. Arnould, Richard J & Nichols, Len M, 1983. "Wage-Risk Premiums and Workers' Compensation: A Refinement of Estimates of Compensating Wage Differential," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 332-340, April.
    2. Dickens, William T, 1984. "Differences between Risk Premiums in Union and Nonunion Wages and the Case for Occupational Safety Regulation," American Economic Review, American Economic Association, vol. 74(2), pages 320-323, May.
    3. Marin, Alan & Psacharopoulos, George, 1982. "The Reward for Risk in the Labor Market: Evidence from the United Kingdom and a Reconciliation with Other Studies," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 827-853, August.
    4. 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 277-294, April.
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