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TECHNICAL PAPERS

Criteria for Cost Effectiveness of Safety Measures

[+] Author and Article Information
Rolf Skjong, Knut O. Ronold

Det Norske Veritas, NO-1322 Høvik, Norway

J. Offshore Mech. Arct. Eng 126(1), 129-134 (Mar 02, 2004) (6 pages) doi:10.1115/1.1643386 History: Received September 01, 2002; Revised February 01, 2003; Online March 02, 2004
Copyright © 2004 by ASME
Topics: Safety , Regulations
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References

Figures

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Acceptance criterion in terms of net cost of averting a fatality for OECD member countries (1999)
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Life expectancy (years) as function of annual purchasing power (US$). The data represent 190 countries.
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The net cost of averting fatality criteria for OECD member countries. The blue (left) columns would be defendable by purely economic considerations, the red (middle) columns represent the societal value (derived from the societal indicators), the yellow (right) columns represent the limit where no regulation should be implemented as individuals would use the resources better on life saving. The OECD average numbers are $0.76 million, $2.65 million and $8.93 million. The factor differences are 3.50 and 3.33.
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The net cost of averting a fatality criterion for 12 countries ranked as about No. 100 with respect to GDP/capita. The blue (left) columns would be defendable by purely economic considerations, the red (middle) columns represent the societal value (derived from the societal indicators), and the yellow (right) columns represent the limit where no regulation should be implemented. The average numbers are $51,363, $179,769 and $450, 339. The factor differences are 3.50 and 2.51.

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