VALUE OF LIFE AND INJURY: EVIDENCE FROM A U.S. FISHERY

Akbar Marvasti

Contemporary Economic Policy, 2020, vol. 38, issue 4, 711-722

Abstract: Here, revealed trade‐offs between monetary rewards and safety risk for shrimp fishermen in the Gulf of Mexico are investigated. Shrimp harvesting is one of the most dangerous occupations in the United States with an occupational fatality rate significantly above the average. The instrumental variables method is employed for estimation of the injuries and fatalities. My estimates of the value of a statistical life and the value of statistical injury, using the sample selection model, are in line with the estimates from other industries and provide useful information for public policy. (JEL J17, Q2, K2, D2)

Date: 2020
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