The Value of Reducing Risks of Death: A Note on New Evidence

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

213 citations0/0 files storedJournal of Policy Analysis and Management

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Economic and Environmental Valuation Decision-Making and Behavioral Economics Risk Perception and Management

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.

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References

1985The Value of Safety: Results of a National Sample Survey 1979Compensating Wage Differentials and Public Policy: A Review 1984Adaptive Responses to Chemical Labeling: Are Workers Bayesian Decision Makers?

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