scholarly journals Income Elasticities and Global Values of a Statistical Life

2017 ◽  
Vol 8 (2) ◽  
pp. 226-250 ◽  
Author(s):  
W. Kip Viscusi ◽  
Clayton J. Masterman
Keyword(s):  
United States ◽  
Labor Market ◽  
World Bank ◽  
Income Elasticity ◽  
The United States ◽  
Lower Income ◽  
Middle Income ◽  
Statistical Life ◽  
Income Elasticities ◽  
The World

Countries throughout the world use estimates of the value of a statistical life (VSL) to monetize fatality risks in benefit-cost analyses. However, the vast majority of countries lack reliable revealed preference or stated preference estimates of the VSL. This article proposes that the best way to calculate a population-average VSL for countries with insufficient or unreliable data is to transfer a base VSL from the United States calculated using labor market estimates from Census of Fatal Occupational Injuries data, coupled with adjustments for differences in income between the United States and the country of interest. This approach requires estimation of two critical inputs: a base U.S. VSL and the income elasticity of the VSL. Drawing upon previous meta-analyses that include adjustments for publication selection biases, we adopt a base VSL of $9.6 million. We utilize a sample of 953 VSL estimates from 68 labor market studies of the VSL covering fourteen lower-middle income to high income nations. We estimate the income elasticity of the VSL within the United States to be from 0.5 to 0.7 and to be just above 1.0 for non-U.S. countries. Quantile regression reveals that much of the disparity in income elasticities is attributable to income differences between the United States and other countries, as the income elasticity increases for lower income populations. Using income classifications from the World Bank, we calculate average VSLs in lower income, lower-middle income, upper-middle income, and upper income countries to be $107,000, $420,000, $1.2 million, and $6.4 million, respectively. We also present VSL estimates for all 189 countries for which World Bank income data are available, yielding a VSL range from $45,000 to $18.3 million.

Educational Entrepreneurs in Tamil Nadu - A Profile

2015 ◽  
Vol 4 (1) ◽  
Author(s):  
Siluvai Raja
Keyword(s):  
Higher Education ◽  
United States ◽  
World Bank ◽  
Education System ◽  
Tamil Nadu ◽  
The United States ◽  
Educational Institutions ◽  
Higher Education System ◽  
The Third ◽  
The World

Education has been considered as an indispensable asset of every individual, community and nation today. Indias higher education system is the third largest in the world, after China and the United States (World Bank). Tamil Nadu occupies the first place in terms of possession of higher educational institutions in the private sector in the country with over 46 percent(27) universities, 94 percent(464) professional colleges and 65 percent(383) arts and science colleges(2011). Studies to understand the profile of the entrepreneurs providing higher education either in India or Tamil Nadu were hardly available. This paper attempts to map the demographic profile of the entrepreneurs providing higher education in Arts and Science colleges in Tamil Nadu through an empirical analysis, carried out among 25 entrepreneurs spread across the state. This paper presents a summary of major inferences of the analysis.

scholarly journals Valuing Mortality Risk Reductions in Global Benefit-Cost Analysis

2019 ◽  
Vol 10 (S1) ◽  
pp. 15-50 ◽  
Author(s):  
Lisa A. Robinson ◽  
James K. Hammitt ◽  
Lucy O’Keeffe
Keyword(s):  
Mortality Risk ◽  
Income Elasticity ◽  
Lower Income ◽  
Middle Income ◽  
Income Differences ◽  
Benefit Cost Analysis ◽  
Middle Income Countries ◽  
Statistical Life ◽  
The Past ◽  
Benefit Cost

The estimates used to value mortality risk reductions are a major determinant of the benefits of many public health and environmental policies. These estimates (typically expressed as the value per statistical life, VSL) describe the willingness of those affected by a policy to exchange their own income for the risk reductions they experience. While these values are relatively well studied in high-income countries, less is known about the values held by lower-income populations. We identify 26 studies conducted in the 172 countries considered low- or middle-income in any of the past 20 years; several have significant limitations. Thus there are few or no direct estimates of VSL for most such countries. Instead, analysts typically extrapolate values from wealthier countries, adjusting only for income differences. This extrapolation requires selecting a base value and an income elasticity that summarizes the rate at which VSL changes with income. Because any such approach depends on assumptions of uncertain validity, we recommend that analysts conduct a standardized sensitivity analysis to assess the extent to which their conclusions change depending on these estimates. In the longer term, more research on the value of mortality risk reductions in low- and middle-income countries is essential.

Representation and Power in International Organization: the Operational Constitution and its Critics

2009 ◽  
Vol 103 (2) ◽  
pp. 209-263 ◽  
Author(s):  
Jacob Katz Cogan
Keyword(s):  
United States ◽  
World Bank ◽  
The United States ◽  
International Organization ◽  
Executive Directors ◽  
The World Bank ◽  
The World ◽  
Private And Public ◽  
The U.S ◽  
Foregone Conclusion

In 2005, when James Wolfensohn announced that he would not seek a third term as president of the World Bank, few doubted that another United States national, the choice of the U.S. president, would take his place. Each of the previous eight presidents of the bank had been an American, dating back to the international financial institution's establishment in 1946,and despite private and public grousing by some over the Bush administration's eventual choice of Deputy Secretary of Defense Paul Wolfowitz as Wolfensohn's successor, the appointment was never truly in jeopardy. When the bank's executive directors met to elect a new president, the vote was a foregone conclusion—not because the United States holds a majority of votes itself (it does not), but because a longstanding informal agreement between the United States and the bank's western European stakeholders prescribed that outcome.

scholarly journals Development of business environment construction in China: a comparative analysis based on typical countries

2020 ◽  
Vol 214 ◽  
pp. 02013
Author(s):  
Yonghui CAO ◽  
He JIANG
Keyword(s):  
United States ◽  
Comparative Analysis ◽  
World Bank ◽  
The United States ◽  
Business Environment ◽  
Existing Problems ◽  
The World Bank ◽  
The World ◽  
Future Improvement ◽  
Improvement Measures

The World Bank publishes the business environment report every year, ranking the business environment of 190 economies in the world. This paper mainly compares and analyzes the relevant indicators of marketization, legalization and internationalization between China and New Zealand, Singapore, the United States, and points out the existing problems and future improvement measures, so as to provide reference for further improving the competitiveness of business environment in China.

The Value of a Statistical Life

2019 ◽  
Author(s):  
Thomas J. Kniesner ◽  
W. Kip Viscusi
Keyword(s):  
United States ◽  
Income Elasticity ◽  
Health And Safety ◽  
The United States ◽  
Economic Role ◽  
Statistical Life ◽  
Crucial Component ◽  
Policy Analysts ◽  
Benefit Cost ◽  
Correct Measure

The value of a statistical life (VSL) is the local tradeoff rate between fatality risk and money. When the tradeoff values are derived from choices in market contexts the VSL serves as both a measure of the population’s willingness to pay for risk reduction and the marginal cost of enhancing safety. Given its fundamental economic role, policy analysts have adopted the VSL as the economically correct measure of the benefit individuals receive from enhancements to their health and safety. Estimates of the VSL for the United States are around $10 million ($2017), and estimates for other countries are generally lower given the positive income elasticity of the VSL. Because of the prominence of mortality risk reductions as the justification for government policies the VSL is a crucial component of the benefit-cost analyses that are part of the regulatory process in the United States and other countries. The VSL is also foundationally related to the concepts of value of a statistical life year (VSLY) and value of a statistical injury (VSI), which also permeate the labor and health economics literatures. Thus, the same types of valuation approaches can be used to monetize non-fatal injuries and mortality risks that pose very small effects on life expectancy. In addition to formalizing the concept and measurement of the VSL and presenting representative estimates for the United States and other countries our Encyclopedia selection addresses the most important questions concerning the nuances that are of interest to researchers and policymakers.

More money will boost World Bank's development role

2018 ◽  
Keyword(s):  
World Bank ◽  
Low Income ◽  
National Income ◽  
The United States ◽  
World Bank Group ◽  
Bank Capital ◽  
Middle Income ◽  
Content Type ◽  
The World Bank ◽  
The World

Subject Spending the World Bank capital increase Significance The shareholders of the World Bank Group (WBG) agreed to a negotiated financial and policy package at the April 2018 bi-annual meeting. The proposed 13-billion-dollar paid-in capital increase will be the largest on record. Although the United States will not participate in the increase, Chinese and US concessions enabled the grand bargain, signalling the resilience of multilateralism in global development. Impacts The deal will significantly benefit China as a shareholder but will be to its detriment as a World Bank borrower. Financing will become cheaper and more plentiful for middle-income countries of below 6,895 dollars gross national income (GNI) per capita. Private investors will gradually gain access to more WBG instruments and to new markets in low-income and fragile countries.

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