Paper Title :The Value of Statistical Life in Russia and The Costs of The Covid-19 Pandemic

Author :Ekaterina Zubova

Article Citation :Ekaterina Zubova , (2022 ) " The Value of Statistical Life in Russia and The Costs of The Covid-19 Pandemic " , International Journal of Management and Applied Science (IJMAS) , pp. 40-43, Volume-8,Issue-5

Abstract : Abstract - This paper presents the first estimate of the value of statistical life in Russia based on the compensating wage differential methodology. The obtained estimate of the value of statistical life in Russia (1.59 million US$2020) is comparable in magnitude to estimates from developed countries considering the difference in GDP per capita based on purchasing power parity and significantly higher than those obtained previously for Russia using survey methodology. As an application, we evaluate social costs associated with COVID-19 deaths to be 0.09 and 0.23 trillion US$2020 using the age-adjusted and age-invariant value of statistical life, respectively. Keywords - Compensating Differential, COVID-19, Hedonic Wage Equation, Value of Statistical Life.

Type : Research paper

Published : Volume-8,Issue-5

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