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Stability of estimates of the compensation for danger

By G. R. Arabsheibani and Alan Marin

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

Topics: HB Economic Theory, HV Social pathology. Social and public welfare. Criminology
Publisher: Springer New York LLC
Year: 2000
DOI identifier: 10.1023/A:1007819530588
OAI identifier: oai:eprints.lse.ac.uk:18283
Provided by: LSE Research Online
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