On the Definition and Estimation of the Value of a "statistical Life" PDF Download

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ISBN:
Category :
Languages : en
Pages :

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Author: W. Kip Viscusi
Publisher: Oxford University Press, USA
ISBN: 0195102932
Category : Decision-making
Languages : en
Pages : 321

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Examining issues related to the social regulation of risk, this volume contains essays on the value of life, empirical estimates of the value of life, the rationality of individual responses to risk, the effect of government risk regulation efforts, and the role of the courts and insurance.

Author: W. Kip Viscusi
Publisher:
ISBN:
Category : Casualty insurance
Languages : en
Pages : 126

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A substantial literature over the past thirty years has evaluated tradeoffs between money and fatality risks. These values in turn serve as estimates of the value of a statistical life. This article reviews more than 60 studies of mortality risk premiums from ten countries and approximately 40 studies that present estimates of injury risk premiums. This critical review examines a variety of econometric issues, the role of unionization in risk premiums, and the effects of age on the value of a statistical life. Our meta-analysis indicates an income elasticity of the value of a statistical life from about 0.5 to 0.6. The paper also presents a detailed discussion of policy applications of these value of a statistical life estimates and related issues, including risk-risk analysis

Author: Orley Ashenfelter
Publisher:
ISBN:
Category : Automobile driving
Languages : en
Pages : 12

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In this paper we show that omitted variables and publication bias lead to severely biased estimates of the value of a statistical life. Although our empirical results are obtained in the context of a study of choices about road safety, we suspect that the same issues plague the estimation of monetary trade-offs regarding safety in other contexts.

Author: Asian Development Bank
Publisher: Asian Development Bank
ISBN: 9292622234
Category : Business & Economics
Languages : en
Pages : 152

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This guide to small area estimation aims to help users compile more reliable granular or disaggregated data in cost-effective ways. It explains small area estimation techniques with examples of how the easily accessible R analytical platform can be used to implement them, particularly to estimate indicators on poverty, employment, and health outcomes. The guide is intended for staff of national statistics offices and for other development practitioners. It aims to help them to develop and implement targeted socioeconomic policies to ensure that the vulnerable segments of societies are not left behind, and to monitor progress toward the Sustainable Development Goals.

Author: Rune Elvik
Publisher: Cambridge Scholars Publishing
ISBN: 1527512975
Category : Philosophy
Languages : en
Pages : 363

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Research on the monetary value of saving life and limb has produced results most laypeople would regard as nonsensical; however, researchers continue to try to make sense of these bewildering results and produce new studies. An almost forgotten theory of science can explain why this is so. Studies designed to obtain monetary valuations of life and limb have produced extremely diverse results. There is no consensus among researchers working in the field about the best research methods or the most credible results of research. However, this field of study continues to thrive. The methodology of scientific research programmes, a theory of science developed by the late philosopher Imre Lakatos, can help explain why a particular field of study continues to exist, despite not producing meaningful or easily interpreted results. Readers of the book will gain insight into internal norms of science that guide researchers to continue to pursue studies even if the findings, taken at face value, contradict the theoretical foundations of the research. Scientific theories can be upheld even when the evidence against them seems to be massive.

Author: Nancy Devlin
Publisher: Springer Nature
ISBN: 3030476227
Category : Medical
Languages : en
Pages : 114

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This open access book is the first published guide about how to analyse data produced by the EQ-5D, one of the most widely used Patient Reported Outcomes questionnaires world wide. The authors provide practical, clear and comprehensive guidance in five concise chapters. Following an overview of the EQ-5D and its analysis, we describe how the questionnaire data – the EQ-5D profile and EQ VAS – can be analysed in different ways to generate important insights into peoples’ health. We then show how the value sets which accompany the EQ-5D can be applied to summarise patients’ data. The final chapter deals with advanced topics, including the use of Minimally Important Differences, case-mix adjustment, mapping, and more. This book is essential for those new to analyzing EQ-5D data and will be also be valuable for those with more experience. The methods can be applied to any EQ-5D instrument (for example, the three- and five-level and Youth versions) and many of the methods described will be equally relevant to other Patient Reported Outcomes instruments.

Author: Institute of Medicine
Publisher: National Academies Press
ISBN: 0309171148
Category : Medical
Languages : en
Pages : 221

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Clinical trials are used to elucidate the most appropriate preventive, diagnostic, or treatment options for individuals with a given medical condition. Perhaps the most essential feature of a clinical trial is that it aims to use results based on a limited sample of research participants to see if the intervention is safe and effective or if it is comparable to a comparison treatment. Sample size is a crucial component of any clinical trial. A trial with a small number of research participants is more prone to variability and carries a considerable risk of failing to demonstrate the effectiveness of a given intervention when one really is present. This may occur in phase I (safety and pharmacologic profiles), II (pilot efficacy evaluation), and III (extensive assessment of safety and efficacy) trials. Although phase I and II studies may have smaller sample sizes, they usually have adequate statistical power, which is the committee's definition of a "large" trial. Sometimes a trial with eight participants may have adequate statistical power, statistical power being the probability of rejecting the null hypothesis when the hypothesis is false. Small Clinical Trials assesses the current methodologies and the appropriate situations for the conduct of clinical trials with small sample sizes. This report assesses the published literature on various strategies such as (1) meta-analysis to combine disparate information from several studies including Bayesian techniques as in the confidence profile method and (2) other alternatives such as assessing therapeutic results in a single treated population (e.g., astronauts) by sequentially measuring whether the intervention is falling above or below a preestablished probability outcome range and meeting predesigned specifications as opposed to incremental improvement.

Author:
Publisher:
ISBN:
Category : Evidence, Expert
Languages : en
Pages : 652

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Author: Kenneth Train
Publisher: Cambridge University Press
ISBN: 0521766559
Category : Business & Economics
Languages : en
Pages : 399

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Book Description
This book describes the new generation of discrete choice methods, focusing on the many advances that are made possible by simulation. Researchers use these statistical methods to examine the choices that consumers, households, firms, and other agents make. Each of the major models is covered: logit, generalized extreme value, or GEV (including nested and cross-nested logits), probit, and mixed logit, plus a variety of specifications that build on these basics. Simulation-assisted estimation procedures are investigated and compared, including maximum stimulated likelihood, method of simulated moments, and method of simulated scores. Procedures for drawing from densities are described, including variance reduction techniques such as anithetics and Halton draws. Recent advances in Bayesian procedures are explored, including the use of the Metropolis-Hastings algorithm and its variant Gibbs sampling. The second edition adds chapters on endogeneity and expectation-maximization (EM) algorithms. No other book incorporates all these fields, which have arisen in the past 25 years. The procedures are applicable in many fields, including energy, transportation, environmental studies, health, labor, and marketing.