Economic Benefit and Cost Valuations for Occupational Injury and Fatality Prevention in Agriculture: A Generalizable Framework.

Abstract

Cost-benefit analysis (CBA) is a toolkit based in applied economic analysis to provide net impact values in dollar terms for direct and indirect benefits minus costs associated with a policy or intervention. CBA can include valuations of lives saved and of lives preserved via fatality and injury avoidance. The application of conceptually correct CBA to agricultural health and safety to date is limited. This article reviews how economic "shadow prices" can be used to estimate costs and benefits of interventions adjusted for farmwork populations relative to a "do nothing" status quo. The article provides a generalizable framework for future analyses of specific interventions, as well as background on tangible valuation methodologies that could contribute to impact analyses and funding requests highlighting the importance of farm health and safety.