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Valuing the economic consequences of work injury and illness: a comparison of methods and findings.

Authors
Weil-D
Source
Am J Ind Med 2001 Oct; 40(4):418-437
NIOSHTIC No.
20041084
Abstract
Background: Workplace injuries and fatalities in the US create significant economic costs to society. Although economic costs should measure the opportunity cost to society arising from injuries and fatalities, estimating them often proves difficult as a practical matter. This leads to a range of estimates for valuing these costs. Methods: This paper compares methods of economic valuation, focusing in particular on how different methods diverge to varying degrees from measuring the ``true'' economic costs of injuries and illnesses. In so doing, it surveys the literature that has arisen in the past 25 years to measure different aspects of economic consequences. Results: Estimates of the costs of injuries and fatalities tend to understate the true economic costs from a social welfare perspective, particularly in how they account for occupational fatalities and losses arising from work disabilities. Conclusions: Although data availability often makes estimation of social welfare costs difficult, researchers should attempt to more fully integrate such approaches into estimation procedures and interpretation of their results.
Keywords
Injuries; Diseases; Employee-health; Sociological-factors; Mortality-data; Disabled-workers; Lost-work-days; Lifespan; Author Keywords: occupational injury and illness; economic valuation; benefit/cost analysis; value of human life; social welfare costs
Contact
David Weil, Visiting Fellow, Taubman Center, T-310, John F. Kennedy School of Government, Harvard University, Cambridge, MA 02138
CODEN
AJIMD8
Publication Date
20011001
Document Type
Journal Article
Email Address
David_Weil@ksg.harvard.edu
Funding Type
Grant
Fiscal Year
2002
NTIS Accession No.
NTIS Price
Issue of Publication
4
ISSN
0271-3586
Source Name
American Journal of Industrial Medicine
State
MA
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