National Repository of Grey Literature 2 records found  Search took 0.00 seconds. 
Measuring the Value of a Statistical Life in the Czech Republic: A Hedonic Wage Approach
Špiroch, Jakub ; Havránek, Tomáš (advisor) ; Pertold-Gebicka, Barbara (referee)
To resolve the wage-risk trade off relationship on the labor market in Czech Republic, we introduce multiple hedonic wage regressions. Empirical theory ad- mits an income and age heterogeneity in value of a statistical life (VSL). This thesis employs a quantile regression along with age-dependent non-fatal and fa- tal on-the-job risk rates to estimate the age and income variation in VSL within a unified framework. Our results, based on EU-SILC 2018 data, implicate an inverted-V-shaped development of VSL with respect to age. The estimates of age-VSL peak for workers within the age cohort 42-47 across most real wage quantile levels and once reaching the maximum point the VSL proceeds to de- cline with age. In order to infer any effects of the global pandemic on VSL, we propose a set of novel COVID-19 control variables. Additionally, we annuitize the VSL estimates, which yields the value of a statistical life year (VSLY). The measures of VSLY correspond to the age and income varying trend of VSL. In conclusion, this thesis offers applicable varying VSL estimates across cohorts and wage distribution to policy-makers and respective authorities. JEL Classification J17, J24, J28, J31, J33 Keywords hedonic wage, compensating wage differential, quantile regression, VSL, income elasticity Title Measuring the...
Value of Statistical Life: Estimation for the Czech Republic
Přenosilová, Klára ; Dušek, Libor (advisor) ; Rod, Aleš (referee)
This work combines economics and law and shows how the results of economic estimations can be beneficial and useful for the legal practice. Concerning the economic theory, this work is based on the theory of compensating wage differentials, which originate in the labour market in order to compensate workers on riskier jobs for the higher probability of fatal and non fatal work related accident. On the basis of compensating wage differentials caused by the different level of work related risk in different industries, I estimated the value of statistical life in the Czech Republic. The estimated value of statistical life ranged between 86.2-96.8 million CZK. In the legal practice these estimations could be used as reference amounts when compensating for the non-pecuniary damage in case of bodily injury and killing.

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