ESTIMATING THE SAFETY ECONOMIC VALUE IN ESFAHAN OIL REFINERY WITH CONTINGENT VALUATION METHOD

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MAHERONNAGHSH SARA; PANAHI MOSTAFA; MOHAMMADFAM IRAJ; MAPAR MAHSA

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Journal: IRAN OCCUPATIONAL HEALTH JOURNAL Year:2017 | Volume:14 | Issue:2 Page(s): 27-36

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Title

ESTIMATING THE SAFETY ECONOMIC VALUE IN ESFAHAN OIL REFINERY WITH CONTINGENT VALUATION METHOD

Author(s)

MAHERONNAGHSH SARA | PANAHI MOSTAFA | MOHAMMADFAM IRAJ | MAPAR MAHSA | Issue Writer Certificate

Keywords

ECONOMIC VALUATION OF SAFETYQ1

WILLING TO ACCEPTQ1

REFINERYQ1

Abstract

Background and aims: Planning to increase production and efficiency of human resources in productive organizations without estimating the economic costs imposed on the organization would cause ignorance of the actual value of safety in workplaces. From among financial costs of the productive organizations, the subject of safety promotion through decreasing the probable hazards are often in line with reluctance of employers and therefore they will try to decrease these mentioned costs. The object of this study was to determine the numerical value of safety from the perspective of the REFINERY staff through computing the amount of money, which the staffs tend to receive to tolerate unsafe conditions in the workplace. This amount will be equivalent to the importance of preventing accidents and promoting the safety condition in the workplace from the perspective of the labor force.Methods: In this study, by applying Contingent Valuation Method (CVM) and determining the amount of willingness to accept (WTA) of employees in exchange for the waiver of improving safety in the workplace, the economic value of safety in Esfahan Oil Refining Company was estimated from the employee's perspective. For this purpose, a questionnaire was provided and by creating a hypothetical market scenario for safety as non-traded goods, data relating to the safety value were asked from 140 operational employees and analyzed by applying 2-steps questionnaire including the pre-test and post-test during 2014.Results: Based on the results of this study, the WTA for a month for each employee at the REFINERY was estimated at 2 million and five hundred thousands Rials. The total economic value estimated for the safety of the REFINERY personnel for 1, 300 people employed in operational units, estimated to be 39 billion Rails. Considering the total annual cost of REFINERY safety that is 6, 700, 000, 000 Rials, it was clear from the employee's perspective, the economic value of safety is 5.8 times greater than the cost of REFINERY’s existing safety programs in the workplace.Conclusion: According to this study, reconsidering the annual budget required to implement safety measures described and from an economic point focusing on the search for optimal conditions for market efficiency and cost effectiveness of the safety measures is important.

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APA: Copy

MAHERONNAGHSH, SARA, PANAHI, MOSTAFA, MOHAMMADFAM, IRAJ, & MAPAR, MAHSA. (2017). ESTIMATING THE SAFETY ECONOMIC VALUE IN ESFAHAN OIL REFINERY WITH CONTINGENT VALUATION METHOD. IRAN OCCUPATIONAL HEALTH JOURNAL, 14(2), 27-36. SID. https://sid.ir/paper/129144/en

Vancouver: Copy

MAHERONNAGHSH SARA, PANAHI MOSTAFA, MOHAMMADFAM IRAJ, MAPAR MAHSA. ESTIMATING THE SAFETY ECONOMIC VALUE IN ESFAHAN OIL REFINERY WITH CONTINGENT VALUATION METHOD. IRAN OCCUPATIONAL HEALTH JOURNAL[Internet]. 2017;14(2):27-36. Available from: https://sid.ir/paper/129144/en

IEEE: Copy

SARA MAHERONNAGHSH, MOSTAFA PANAHI, IRAJ MOHAMMADFAM, and MAHSA MAPAR, “ESTIMATING THE SAFETY ECONOMIC VALUE IN ESFAHAN OIL REFINERY WITH CONTINGENT VALUATION METHOD,” IRAN OCCUPATIONAL HEALTH JOURNAL, vol. 14, no. 2, pp. 27–36, 2017, [Online]. Available: https://sid.ir/paper/129144/en

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