Discount Rate for Health Benefits and the Value of Life in India

Table 1

Nonlinear least square estimates of the market wage equations.

Variables	Mean [S.D]	Risk measure 1(=𝑝)	Risk measure 2 (=𝑝^∗ Danger)
	(1)	(2)	(3)
Region 1 × job risk	—	0.0617 (5.735)	0.0620 (5.765)
Region 1 × job risk^2	—	−0.0015 (3.440)	−0.0016 (3.522)
Region 2 × job risk	—	0.0146 (2.072)	0.0196 (2.703)
Region 2 × job risk^2	—	0.0002 (0.509)	0.0000 (0.036)
Region 3 × job risk	—	0.0421 (5.292)	0.0440 (5.330)
Region 3 × job risk^2	—	−0.0008 (2.394)	−0.0009 (2.417)
Region 4 × job risk	—	0.0350 (1.864)	0.0335 (1.807)
Region 4 × job risk^2	—	−0.0006 (0.575)	−0.0005 (0.499)
Dummy for high school education	0.2625 [0.440]	0.3248 (9.383)	0.3335 (9.862)
Dummy for HSc education	0.3985 [0.490]	0.3815 (11.208)	0.3931 (11.822)
Dummy for college degree	0.0766 [0.266]	0.5159 (8.916)	0.5168 (9.088)
Job experience in years	13.952 [7.035]	0.0343 (16.541)	0.0349 (17.202)
Indicator for backward caste	0.6456 [0.478]	0.2231 (8.062)	0.2219 (8.114)
Indicator for union status	0.5249 [0.499]	0.2765 (8.677)	0.2607 (8.278)
Firm size	90.96 [273.66]	0.0001 (2.453)	0.0001 (2.120)
Indicator for supervisor status	0.2701 [0.444]	0.0163 (0.393)	0.0224 (0.545)
Indicator for job security	0.6226 [0.485]	0.1871 (6.085)	0.2099 (6.893)
Indicator for decision making	0.4617 [0.499]	0.1799 (4.812)	0.1541 (4.172)
Indicator for irregular job hours	0.4080 [0.491]	0.1049 (3.594)	0.0944 (3.259)
Indicator for private job	0.8697 [0.337]	—	—
Indicator for own house	0.4348 [0.496]	—	—
𝑅^2 [Adjusted 𝑅^2]	—	0.4678 [0.4488]	0.4798 [0.4612]

Note: Mean (S.D) of after tax hourly wage (W) is 5.3026 (2.248) and job-related fatal risks, 𝑝 is 10.441 (9.257). Mean value of (𝑝 × Danger) variable is 9.7304. Figures in parentheses are absolute 𝑡 values.