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有關經濟的英文論文In cost-benefit analysis have estimates of the additional income for jobs with higher risk of death and nonfatal injury been used. Because of its importance, its stability and the magnitude of the estimated coefficient is very critical. The coefficient is also tested for the robustness of the inclusion or exclusion of non-fatal injuries and the coefficient is robust to changes in specifications. This led to the estimation of the 'value of statistical life' for men which is estimated about NOK 27,241,300 ($4,873,550). The nonfatal accident for whole Norwegian industry was not significant and the coefficient was also negative. Because of this we dropped out injury variable out of our regression.
Many governments around the world have used different measurements based on estimates of compensating wage differential. By the use of such trade-offs, it appears benefit analysis of environmental issues and public safety measurements. Economists term a trade-off between money and fatality risks the Value of a Statistical Life (VSL).
In the estimation of value of a life, there are three main approaches. The first uses the compensating wage differential for workers which must be paid to take on the dangerous job (Viscusi and Aldy, 2003). The second method tests other behaviours where people weigh costs against risks (Blomquist, 2004). While the third method indicating validation studies where individuals participating in the survey, their willingness to pay (WTP) to achieve a specified reduction in fatality risk.
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