References
i. The total loss control theory of accidents, first developed by Heinrich in the 1950s, aims to express a rule of distribution of the consequences of a particular type of work accident. Heinrich analysed 1,500 enterprises in 1931 and concluded that the invisible part of accidents was four times the visible part. Thus, behind one visible case of major injury, there were 29 cases of minor injuries and 300 “no injury” accidents. Numerous researchers have subsequently argued for different ratios based on the same triangular model.
ii. In round numbers, $2,000,000 = $118,000/1.05 + $118,000/(1.05)2 + ... + $118,000/(1.05). [The actual value should be $116,556, not $118,000 even in round numbers.]
iii. The equivalent value of $60,000 assumes, in broad terms, 40 years of lost life and a discount rate of 5 per cent. [AE comment: More accurately the figure should be $58,278.]
iv. In addition to the cited references in the text, see for example Murphy and Topel’s study (1999) on the economic value of medical research. [AE comment. Identical reference to our Murphy and Topel.32]
v. Information obtained from http://www.eowa.gov.au/, accessed on 5 January 2004.
vi. Assuming AWE around £400, applied to the average figure of £1,918 per employee turned over.
vii. See in particular Figure 1 Retirement ages vary widely in the OECD: Estimated effective retirement age of older male workers in 2000, based on Duval R (2003) The retirement effects of old-age pension and early retirement schemes in OECD countries, OECD Economics Department Working Papers, No. 370.
viii. Workcover Annual Report 2001/02 http://www.workcover.nsw.gov.au/Publications/General/AnnualReports/annualreport0102.htm
ix. See http://www.workandincome.govt.nz/ as at 1 April 2005.
x. Ministry of Social Development website http://www.workandincome.govt.nz/ for data as at 1 April 2005.
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