DOCSLIB.ORG

We Know the Value of Life

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
We Know the Value of Life We Know the Value of Life 2020 Sustainability Report Contents About the 75 R&D, Innovation, 04 Report and Digital Transformation Responsible Value Message 97 Chain Management 08 from the General Manager Social Tüpraş 107 Development 12 in Figures Performance Special 118 Data 23 Section: COVID-19 UN Women’s Management 124 31 Empowerment Approach Principles Progress Report Talent GRI Content 45 Management 125 Index Responsible Contact 65 Production 133 2 – Tüpraş 2020 Sustainability Report Tüpraş 2020 Sustainability Report – 3 About the Turkey’s biggest industrial enterprise, Türkiye Petrol Nations Global Compact (UNGC) Progress Report Report Rafinerileri A.Ş. (Tüpraş) is a leader in the Turkish requirements in addition to the subjects and descrip- economy because it creates new economic value tions stipulated by the GRI Standards. We have also and innovates through its pioneering business prac- included the progress report produced under the UN tices. Women’s Empowerment Principles (UN WEPs), which Tüpraş is a signatory to. Furthermore, the report incor- As of 2020, we leave behind 12 years of successful porates the performance indicators recognized indus- sustainability work at Tüpraş. In that time frame, we trywide, including Tüpraş’s contributions to the United treated the issue of sustainability and its reporting Nations Sustainable Development Goals. as a key management responsibility and commit- ted ourselves to the systematic governance of these The report covers the refining activities carried out by processes. We welcome our stakeholders to review Tüpraş in Turkey between January 1, 2020, and De- our progress in this field, primarily on the social, eco- cember 31, 2020. Because it is our policy to include nomic, and environmental impacts of our activities subsidiary activities in our financial reporting, this re- and the results of our sustainability efforts. port also incorporates basic information about Tüpraş subsidiaries: Opet Petrolcülük A.Ş., Körfez Ulaştırma This report meets the GRI Standards Basic option A.Ş., Deniz İşletmeciliği ve Tankerciliği A.Ş. (Ditaş), and requirements. The outline of primary topics included Tüpraş Trading Ltd. Under the financial reporting prin- in the report reflects the pattern of our basic pro- ciples followed, we have included our subsidiaries’ fi- cess flow, which adheres to the GRI standards and nancial data in the performance figures of Tüpraş. its reporting principles. In the clarifications made in the report, we have taken into account the United You can access the digital version of the report and historical reports at www.tupras.com.tr. 4 – Tüpraş 2020 Sustainability Report GRI 102–1 * GRI 102–45 * GRI 102–46 * GRI 102–50 * GRI 102–54 GRI 102–1 * GRI 102–45 * GRI 102–46 * GRI 102–50 * GRI 102–54 Tüpraş 2020 Sustainability Report – 5 MANAGEMENT APPROACH RESPONSIBLE PRODUCTION SOCIAL DEVELOPMENT 2020 was a special year for all of us. The COVID-19 2020 pandemic has helped us understand, once again, the importance and value of life, aligning our was a special awareness with the more pressing global issues We put people first. year for all of us. such as rising inequality, the climate change, and We use resources efficiently and contribute to the circular economy. the rapid depletion of resources. We are rooting our culture of innovation and digitalization deeply in preparation for the We worked in line with our sustainability-based future. production policies during these challenging times We want the rule of social benefit to thrive on inclusion. and met our country’s energy needs round-the- clock. Our motto, “We Know the Value of Life,” “We Know the Value of Life” inspired our 2020 Sustainability Report theme. RESPONSIBLE VALUE R&D INNOVATION CHAIN MANAGEMENT AND DIGITAL TRANSFORMATION TALENT MANAGEMENT 6 – Tüpraş 2020 Sustainability Report Tüpraş 2020 Sustainability Report – 7 capital effectively to bolster our balance In line with the United Nations 2030 sheet structure, leading to significant Sustainable Development Goals, we improvement in cash flow. We met all integrated sustainability into all our our obligations promptly, demonstrating processes, including our supply chain and our resilience and solvency in times of after-sales operations, business model, adversities and negative shocks. Our and corporate culture. investment and emphasis in human resources, sustainability, technology, innovation, digitalization, and agile We put people first. management paid off as we rose to Our employees are our most valuable the challenge and quickly adapted to capital asset. We constantly work circumstances. to improve the safety of our work The pandemic has helped us understand, environment and cultivate the skilled once again, the importance and value of workforce of the future. We live up to our life, aligning our awareness with the more word, “Safety Is My Future,” and keep pressing global issues such as rising people and occupational health and safety inequality, climate change, and the rapid at the heart of all our processes in our depletion of resources. We worked in line production journey. with our sustainability-based production From the first day of the outbreak, we took policies during these challenging times all the necessary measures to protect the and met our country’s energy needs health of our employees and business round-the-clock. Our motto, “We Know Dear Stakeholders, partners. We give top priority to upgrading Message the Value of Life,” inspired our 2020 our activities and business processes in from the The COVID-19 pandemic that shrouded the world in 2020 Sustainability Report theme. We worked light of the guidelines provided by scientific General created unparalleled challenges for humanity. The extraordinary with the urgency of moving energy—a key organizations, primarily the World Health circumstances we encountered deeply affected our health, input in tackling any problem—to every Organization, the Republic of Turkey Manager economy, and social life globally. We are thankful that vaccines corner of our country, regardless of the Ministry of Health, our crisis desk, and have proven successful, and the launch of vaccination drive is circumstances. We strived to deliver the the Koç Holding Crisis Center. In this promising. Still, the rate at which the mutated virus is spreading energy needed to keep the economy’s respect, we continually reinvent our work requires all individuals to fully follow the government health wheels turning. environment and procedures in the field guidelines until the pandemic is defeated. and offices. All our refineries have the Though the global economy bounced back in the second COVID-19 TSI Safe Production Certificate. Over the past decade, we directed half of 2020, the COVID-19 pandemic caused the deepest almost 20 percent of our investments to Because we continually invest in the recession since the Great Depression, curtailing all kinds sustainability. development of our employees, we of energy demand. The demand for transportation and oil made it our priority to support our products was hit the hardest due to COVID-19 shutdowns and We continue to improve our environmental, employees during the pandemic as well. travel restrictions. According to the International Energy Agency social, and corporate governance We adopted new business methods data, demand declined by 8.8 million barrels per day in 2020, performance while giving top priority that would contribute to the work–life 8.8 percent below 2013. to sustainability. We directed almost balance. We successfully increased 20 percent of our investments to these As we left the worst year of our refining history behind, we our employee engagement score by 25 areas in the last decade. We plan to focused heavily on optimizing our processes to make the percentage points to 61 percent in such allocate 40 percent of our approximately most of our assets and to offset the decline in demand an unprecedented times of turbulence, 1.7-billion-Turkish lira investment budget to and profitability. We managed our financial risks using a proving the Tüpraş family’s solidarity in the sustainability projects in 2021. disciplined and dynamic approach and leveraged our working face of challenges. Tüpraş 2020 Sustainability Report – 8 GRI 102–14 * GRI 102–15 GRI 102–14 * GRI 102–15 Tüpraş 2020 Sustainability Report – 9 Since we signed the United Nations to a low carbon economy, within the scope 90 percent through our Gulf Transport We want the rule of social benefit to Women’s Empowerment Principles (UN of the Task Force on Climate-Related Company, which owns the first private thrive on inclusion. WEPs), our ambition has been to reinvent Financial Disclosures (TFCD) formed by the rail transport license in Turkey. In 2021, our business, sporting inclusion, equality, Financial Stability Board (FSB) established In addition to its duty of providing Turkey’s we aim to launch Turkey’s first hybrid energy needs, Tüpraş undertakes and diversity as the basic minimum by the G20 and European Green Deal. In locomotives. Our maritime transport requirements in this male-dominated the feasibility studies of our investment projects, as part of its commitment to company Ditaş operates in line with the being a responsible corporate citizen, refining sector. In a pioneering move projects, we include the potential carbon International Maritime Organization’s (IMO) for our industry, we employ women as pricing and evaluate the environmental to support the development of our strategy of reducing greenhouse gas society. Through its social responsibility shift technicians and operators in our impacts of our projects in a holistic way (GHG) emissions. production sites today, intending to using the Life Cycle Analysis. project dubbed “Our Energy for the Future: I Code, I Model, I Produce,” increase the number of women in every We continue to partner with the leading role and level, not just in our field and We are rooting our culture of Tüpraş produced 10,000 face shields for research centers, universities, and healthcare workers during the pandemic, office positions.
Load more

Recommended publications
  • Systematic Review to Update 'Value of a Statistical Life'
    International Journal of Environmental Research and Public Health Review Systematic Review to Update ‘Value of a Statistical Life’ Estimates for Australia Jaithri Ananthapavan 1,2,* , Marj Moodie 1,2, Andrew J. Milat 3,4 and Rob Carter 1 1 Deakin Health Economics, School of Health and Social Development, Institute for Health Transformation, Deakin University, Geelong, VIC 3220, Australia; [email protected] (M.M.); [email protected] (R.C.) 2 Global Obesity Centre, School of Health and Social Development, Institute for Health Transformation, Deakin University, Geelong, VIC 3220, Australia 3 NSW Ministry of Health, St Leonards, NSW 2065, Australia; [email protected] 4 Sydney Medical School, The University of Sydney, Camperdown, NSW 2050, Australia * Correspondence: [email protected]; Tel.: +61-3-92517181 Abstract: The value of a statistical life (VSL) estimates individuals’ willingness to trade wealth for mortality risk reduction. This economic parameter is often a major component of the quantified benefits estimated in the evaluation of government policies related to health and safety. This study reviewed the literature to update the VSL recommended for Australian policy appraisals. A sys- tematic literature review was conducted to capture Australian primary studies and international review papers reporting VSL estimates published from 2007 to January 2019. International estimates were adjusted for income differences and the median VSL estimate was extracted from each review study. VSL estimates were used to calculate the value of a statistical life year. Of the 18 studies that met the inclusion criteria, two studies were primary Australian studies with a weighted mean VSL of A$7.0 million in 2017 values.
    [Show full text]
  • The Value of Human Life
    Richárd Adorján THE VALUE OF HUMAN LIFE Development of an exceptional economic issue in Hungary 2 Department of Public Services Tutor: Dr. Ernő Kemenes Richárd Adorján 3 BUDAPEST UNIVERSITY OF ECONOMICS AND PUBLIC ADMINISTRATION PH.D. PROGRAM IN MANAGEMENT THE VALUE OF HUMAN LIFE Development of an exceptional economic issue in Hungary PH.D. DISSERTATION Richárd Adorján Budapest 2004. 4 5 CONTENTS I. INTRODUCTION ........................................................................................................ 9 I.1. The initial problem........................................................................................ 10 I.2. The structure of the dissertation.................................................................. 14 II. COST-BENEFIT ANALYSIS ..................................................................................... 17 II.1. The key points of cost-benefit analysis ...................................................... 18 II.1.1. The most important characteristics of the method.................................. 18 II.1.2. Philosophical issues and other critiques ................................................ 20 II.2. The history of CBA and its use in Hungary .............................................. 22 II.2.1. From the beginning till the Executive Order of President Reagan ........ 22 II.2.2. The role of CBA in Hungary today ......................................................... 22 III. THE HISTORY OF THE ECONOMIC APPROACH TOWARDS VALUING A HUMAN LIFE ...................................................................................................................................
    [Show full text]
  • The Community Value of a Life
    COMMUNITY VERSUS MARKET VALUES OF LIFE Robert Cooter*and David DePianto** Abstract: Individuals and communities make choices affecting the risk of accidental death. Individuals balance risk and cost in market choices, and communities develop social norms prescribing how much risk people may impose on others (and, in some instances, on themselves). In both cases, the balance between risk and the cost of reducing it implies a value of a statistical life or “VSL.” Applying this novel distinction to the existing VSL literature, we find that community VSLs are significantly smaller in magnitude than market values: whereas market VSLs average roughly $7 million, community VSLs—those based on socially approved behaviors—average roughly $2-3 million. In terms of magnitude, community VSLs therefore fall between the values of life determined though tort litigation (which average under $1 million and vary widely) and those used in the regulatory context (which are derived from market VSLs and commonly range from $5-$7 million). This paper argues that courts and regulators should base the legal value of a life on the community value. Adopting the community value would roughly double current tort awards and halve the cost of death in regulating safety. The legal value of a life should equal the community value for practical and theoretical reasons. The practical reasons include reliability and measurability. The community value is more reliable than unaided intuition of jurors and no harder to measure than the market value. The theoretical reasons are reasonableness and validity. The community value is more reasonable because social norms embody collective judgments over time, which are less susceptible to irrationality and cognitive bias than unaided intuition or market value.
    [Show full text]
  • How to Value a Life
    J Econ Finan (2008) 32:311–323 DOI 10.1007/s12197-008-9030-x How to value a life W. Kip Viscusi Published online: 30 April 2008 # Springer Science + Business Media, LLC 2008 Abstract The tradeoff between money and small risks of death is the value of statistical life (VSL), which has become the standard for assessing the benefits of risk and environmental regulations. Labor market estimates of the VSL average about $7 million. This valuation amount rises with age and then declines, closely tracking the pattern of consumption over the life cycle. The VSL for those at age 60 is higher than for people in their 20s. Application of this methodology to assess the mortality costs to smokers indicates a personal mortality cost on the order of $200 per pack for men and $100 for women using a 3% discount rate, but based on smokers’ rates of time preference the costs are reduced by about an order of magnitude. Keywords Value of Statistical Life . Risk Regulation . Cigarettes . Mortality Cost JEL codes J17 . I12 . I18 1 Framing our thinking about the value of life When non-economists hear that economists are placing a value on risks to human life, they typically assume that such economic measures involve some sort of morally offensive accounting exercise, such as equating the value of an individual life with the present value of his or her future earnings. Such measures do, of course, have prominence in personal injury litigation, as they serve as a principal reference point for the financial loss that a family has incurred after a wrongful death to a family member.
    [Show full text]
  • The Value of Life
    Cleveland State Law Review Volume 38 Issue 1 Issues 1 and 2: Symposium: Natural Article 14 Law and Legal Reasoning 1990 The Value of Life Lewis A. Kornhauser New York University Follow this and additional works at: https://engagedscholarship.csuohio.edu/clevstlrev Part of the Legal History Commons How does access to this work benefit ou?y Let us know! Recommended Citation Lewis A. Kornhauser, The Value of Life, 38 Clev. St. L. Rev. 209 (1990) available at https://engagedscholarship.csuohio.edu/clevstlrev/vol38/iss1/14 This Article is brought to you for free and open access by the Journals at EngagedScholarship@CSU. It has been accepted for inclusion in Cleveland State Law Review by an authorized editor of EngagedScholarship@CSU. For more information, please contact [email protected]. THE VALUE OF LIFE1 LEwIS A. KORNHAUSER 2 In "Natural Law and Legal Reasoning," John Finnis contends, first, that rationality does not dictate a unique resolution of a conflict among incommensurable values though it may distinguish acceptable from un- acceptable outcomes; second, that, in cases of first impression, the law may resolve these conflicts as it pleases; but third, that, once a legal decision has been rendered, consistency, or, to use Dworkin's term, in- tegrity, requires that society adhere to its prior resolution of this conflict between competing values.3 This comment elaborates some of the con- straints that this third requirement of consistency imposes on federal health and safety regulation. Many, if not most, regulations promulgated by federal agencies affect the survival chances of many individuals. For many of these regulations, Executive Order 12291 requires that the agency adopt the regulation dictated by a cost-benefit analysis.4 Thus, the grounds of choice apparently require the agency to "value" life and then to weigh lives saved against the monetary costs.
    [Show full text]
  • Journal of Health Economics the Value of a Statistical Life: a Meta
    Journal of Health Economics 28 (2009) 444–464 Contents lists available at ScienceDirect Journal of Health Economics journal homepage: www.elsevier.com/locate/econbase The value of a statistical life: A meta-analysis with a mixed effects regression model Franc¸ ois Bellavance a, Georges Dionne b,c,∗, Martin Lebeau c a Department of Management Sciences, HEC Montréal, Canada b Canada Research Chair in Risk Management, HEC Montréal, 3000 Chemin de la Cote-Ste-Catherine, Montreal, QC, Canada H3T 2A7 c Department of Finance, HEC Montréal, Canada article info abstract Article history: The value of a statistical life (VSL) is a very controversial topic, but one which is essential to Received 21 December 2006 the optimization of governmental decisions. We see a great variability in the values obtained Received in revised form 25 August 2008 from different studies. The source of this variability needs to be understood, in order to offer Accepted 20 October 2008 public decision-makers better guidance in choosing a value and to set clearer guidelines for Available online 8 November 2008 future research on the topic. This article presents a meta-analysis based on 39 observations obtained from 37 studies (from nine different countries) which all use a hedonic wage JEL classification: D80 method to calculate the VSL. Our meta-analysis is innovative in that it is the first to use D13 the mixed effects regression model [Raudenbush, S.W., 1994. Random effects models. In: D61 Cooper, H., Hedges, L.V. (Eds.), The Handbook of Research Synthesis. Russel Sage Foundation, H43 New York] to analyze studies on the value of a statistical life.
    [Show full text]
  • The Option Value of Life LSE Research Online URL for This Paper: Version: Accepted Version
    The option value of life LSE Research Online URL for this paper: http://eprints.lse.ac.uk/102958/ Version: Accepted Version Article: Burri, Susanne (2019) The option value of life. Economics and Philosophy. ISSN 0266-2671 (In Press) https://doi.org/10.1017/S0266267120000061 Reuse Items deposited in LSE Research Online are protected by copyright, with all rights reserved unless indicated otherwise. They may be downloaded and/or printed for private study, or other acts as permitted by national copyright laws. The publisher or other rights holders may allow further reproduction and re-use of the full text version. This is indicated by the licence information on the LSE Research Online record for the item. [email protected] https://eprints.lse.ac.uk/ The Option Value of Life Susanne Burri∗ December 19, 2019 Abstract This paper argues that under conditions of uncertainty, there is frequently a positive option value to staying alive when compared to the alternative of dying right away. This value can make it prudentially rational for you to stay alive even if it appears highly unlikely that you have a bright future ahead of you. Drawing on the real options approach to investment analysis (see e.g. Dixit and Pindyck, 1994), the paper explores the conditions under which there is a positive option value to staying alive, and it draws out important implications for the problems of suicide and euthanasia. Keywords: Real options approach, uncertainty, Deprivation Account of the Badness of Death, suicide, euthanasia. ∗London School of Economics and Political Science, Houghton Street, London WC2A 2AE, UK.
    [Show full text]
  • The Principle of QALY Maximisation As the Basis for Allocating Health Care Resources
    J Med Ethics: first published as 10.1136/jme.17.4.181 on 1 December 1991. Downloaded from journal ofmedical ethics, 1991, 17, 181-184 The principle of QALY maximisation as the basis for allocating health care resources John Cubbon Birmingham University Author's abstract its all-embracing sense, they measure those of its This paper presents a casefor allocating health care dimensions which are of primary importance in health resources so as to maximise Quality Adjusted Life Years care. It is possible to use QALYs as the building-blocks (QALYs). Throughout parallels are drawn with the of health policy in a number of ways (2); but generally grounds for adopting utilitarianism. QAL Ys are desirable the approach adopted is to implement the course of because they are essentialfor human flourishing and action which results in more QALYs than any goal-attainment. In conditions ofscarcity the principle of alternative. This is the principle of QALY QALY maximisation may involve unequal treatment of maximisation. A fairly clear example of its application different groups ofpeople; and it is argued that this is not is provided by Williams's (3) seminal article on objectionable. Doctors in their dealings with patients coronary artery bypass grafting. He advocates the should not be continually consulting theprinciple (though it marginal redeployment of resources to procedures for which the benefit in terms ofQALYs is high in relationcopyright. can sometimes be useful); instead byfollowing existing to costs. By this criterion hip replacement and the ethical codes more QALYs will beproducedoverall. In the insertion of pacemakers for heart-block take priority formulation ofpolicy, however, the principle should be in applied in a thoroughgoing way and, ifit is, it will not over the provision ofadditional facilities for patients have some ofthe counterintuitive consequences itmay have need of kidney transplants.
    [Show full text]
  • “The Social Value of Mortality Risk Reduction: VSL Vs. the Social Welfare Function Approach”
    12-292 Research Group: Environmental Economics and Natural Resources March, 2012 “The Social Value of Mortality Risk Reduction: VSL vs. the Social Welfare Function Approach” Matthew Adler, James K. Hammitt and Nicolas Treich The Social Value of Mortality Risk Reduction: VSL vs. the Social Welfare Function Approach Matthew D. Adler University of Pennsylvania Law School 3400 Chestnut Street Philadelphia, PA 19104, USA tel: 215 898 4571, email: [email protected] James K. Hammitt Harvard University (Center for Risk Analysis) 718 Huntington Ave., Boston, MA 02115, USA Toulouse School of Economics (LERNA-INRA) 21 allée de Brienne, 31000 Toulouse, France tel: +33 (0)5 61 12 86 22; email: [email protected] Nicolas Treich Toulouse School of Economics (LERNA-INRA) 21 allée de Brienne, 31000 Toulouse, France tel: +33 (0)5 61 12 85 14; email: [email protected] March 2012 Abstract We examine how different welfarist frameworks evaluate the social value of mortality risk- reduction. These frameworks include classical, distributively unweighted cost-benefit analysis— i.e., the “value per statistical life” (VSL) approach—and three benchmark social welfare functions (SWF): a utilitarian SWF, an ex ante prioritarian SWF, and an ex post prioritarian SWF. We examine the conditions on individual utility and on the SWF under which these frameworks display the following five properties: i) wealth sensitivity, ii) sensitivity to baseline risk, iii) equal value of risk reduction, iv) preference for risk equity, and v) catastrophe aversion. We show that the particular manner in which VSL ranks risk-reduction measures is not necessarily shared by other welfarist frameworks, and we identify when the use of an ex ante or an ex post approach has different implications for risk policymaking.
    [Show full text]
  • Life Insurance Basics an Introductory Guide
    Life Insurance Basics An Introductory Guide DISCLAIMER The content contained in this document is designed to help you understand the ideas discussed. Any examples are hypothetical and are used only to help you understand the ideas. They may not reflect your client(s)’ particular circumstances. Your clients should carefully read their contract, policy, and prospectus(es), when applicable. What we say about legal or tax matters is our understanding of current law; but we are not offering legal or tax advice. Tax laws and IRS administrative positions may change. This material is not for use in avoiding any IRS penalty and neither you nor your clients may use it for that purpose. Your clients should ask their independent tax and legal advisors for advice based on their particular circumstances. If this material states or implies that it was prepared or distributed to promote, market or recommend an investment plan or arrangement within the meaning of IRS guidance, or such use may be reasonably expected, then, as required by the IRS, the following also applies: The tax information in this material was written to support the promotion or marketing of the transaction(s) or matter(s) addressed in this material. Changes to tax laws may require changes to the contents of this material from time to time. Once distributed, we cannot be responsible for the continued accuracy of the material. Any examples or excerpts from illustrations are for training purposes only and are not intended to represent any specific product. These examples or illustrations are not valid for use in a sales setting with consumers.
    [Show full text]
  • Cost-Benefit Analysis
    Cost-Benefit Analysis 131 Undergraduate Public Economics Emmanuel Saez UC Berkeley 1 OUTLINE Chapter 8 8.1 Measuring the Costs of Public Projects 8.2 Measuring the Benefits of Public Projects 8.3 Putting It All Together 8.4 Conclusion 2 DEFINITION Cost-benefit analysis The comparison of costs and benefits of public goods projects to decide if they should be undertaken. 3 8 . 1 Measuring the Costs of Public Projects The Example Chapter 8 Cost-Benefit Analysis Cost-Benefit 8 Chapter © 2007 Worth Publishers Public Finance and Public Policy, 2/e, Jonathan Gruber 3 of 21 MEASURING CURRENT COSTS Cash-flow accounting: Accounting method that calculates costs solely by adding up what the government pays for inputs to a project, and calculates benefits solely by adding up income or government revenues generated by the project. Opportunity cost: The social marginal cost of any resource is the value of that resource in its next best use. 5 MEASURING CURRENT COSTS General rule: Economic costs are only those costs associated with diverting the resource from its next best use Perfectly Competitive Markets Social Cost = Price (true for labor and material) Imperfectly Competitive Markets A. Monopoly: (suppose asphalt is produced by monopoly) Price = Marginal cost + Monopoly Marginal Profit > Marginal cost On efficiency grounds, Social cost = Marginal cost Profit is a transfer from govt (taxpayers) to monopoly (this matters for redistribution but not efficiency) B. Labor market with unemployment: Suppose a minimum wage set at $10 creates involuntary unemployment The unemployed would be willing to work for $6 on average but cannot find jobs Govt provides jobs paying $10/hour.
    [Show full text]
  • The Value of a Statistical Life∗†
    The Value of a Statistical Life∗y Henrik Andersson Toulouse School of Economics (UT1, CNRS, LERNA), France Nicolas Treich Toulouse School of Economics (INRA, LERNA), France Contents 1 Introduction 2 2 Theoretical Insights 4 2.1 The VSL model . .4 2.1.1 The standard model . .4 2.1.2 The dead-anyway effect and the wealth effect . .5 2.1.3 Risk aversion and background risks . .6 2.1.4 Multiperiod models . .7 2.1.5 Human capital and annuities . .8 2.2 VSL and welfare economics . .9 2.2.1 Public provision of safety . .9 2.2.2 Distributional effects . 10 2.2.3 Statistical vs. identified lives . 11 2.2.4 Altruism . 12 3 Empirical Aspects 13 3.1 Preference elicitation . 13 3.1.1 Revealed Preferences . 13 3.1.2 Stated Preferences . 15 3.2 Results from the literature . 16 3.2.1 Empirical estimates of VSL . 16 3.2.2 Miscellaneous empirical findings . 17 3.2.3 Mortality risk perceptions . 19 3.3 Policy use of VSL in transport . 21 4 Conclusions 22 ∗We would like to thank James Hammitt and the editors, Andr´ede Palma, Robin Lindsey, Emile Quinet and Roger Vickerman, for useful comments on earlier drafts of this paper. Financial support from the Swedish National Road & Trans- port Research Institute (VTI) and the Chair Finance Durable et Investissement Responsable is gratefully acknowledged. The usual disclaimers apply. yPublished as: Andersson, H. and N. Treich: 2011, Handbook in Transport Economics, Chapt. `The Value of a Statistical Life', pp. 396-424, in de Palma, A., R.
    [Show full text]