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Discount Rate for Health Benefits and the Value of Life in India

By K. R. Shanmugam

Abstract

This study contributes to the literature by estimating discount rate for environmental health benefits and value of statistical life of workers in India. The discount rate is imputed from wage-risk trade-offs in which workers decide whether to accept a risky job with higher wages. The estimated real discount rate ranges between 2.7 and 3 percent, which is closer to the financial market rate for the study period and consistent with earlier studies from developed nations. The estimated value of life is Rs. 20 (US $ 1.107) million. The results of the study can aid policymakers, international agencies and other researchers in evaluating health projects in India and other developing countries. [WORKING PAPER 60/2011]. URL:[http://www.mse.ac.in/pub/WORKING%20PAPER%2060.pdf].Expected length of life, value of statistical life, time preference rate, India, developing countries, policymakers, international agencies, researchers, health projects, developed nations, international agencies, value of life, workers, wages, health benefits, wage-risk, trade-offs, Economic analyses, life saving policies, discount rate

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