Policy relevant heterogeneity in the value of statistical life: New evidence from panel data quantile regressions

We examine differences in the value of statistical life (VSL) across potential wage levels in panel data using quantile regressions with intercept heterogeneity. Latent heterogeneity is econometrically important and affects the estimated VSL. Our findings indicate that a reasonable average cost per expected life saved cut-off for health and safety regulations is 7 million to7 million to 8 million per life saved, but the VSL varies considerably across the labor force. Our results reconcile the previous discrepancies between hedonic VSL estimates and the values implied by theories linked to the coefficient of relative risk aversion. Because the VSL varies elastically with income, regulatory agencies should regularly update the VSL used in benefit assessments, increasing the VSL proportionally with changes in income over time.     

A sociological economy of HIV/AIDS vaccine partnerships: case studies from Africa and India

Public–private partnerships (PPPs) are perhaps the key emergent theme in the delivery of what the socio-economic literature terms global public goods. In light of the problems relating to the distribution of health services and products in developing countries, partnerships between public and private institutions are often proposed as an innovative mechanism to reconnect and reorient supply and demand. In this area, the International Aids Vaccine Initiative (IAVI), which is driving the development of candidate HIV/AIDS vaccines through injections of capital into the research process, represents a significant case study. IAVI seeks to form partnerships between key public and private interests committing them to sharing the risks, costs and benefits of research into an effective and affordable vaccine against HIV. Our empirical work covers partnerships based in several countries including Kenya, Uganda, Rwanda and India. Our early findings highlight IAVI's ability as a learning institution as it adapts its institutional arrangements to various local contexts. An offshoot of this appears to be the building of real local capacity.