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Compensating Differentials for Risk of Death in Australia

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  • Miller, Paul
  • Mulvey, Charles
  • Norris, Keith

Abstract

The theory of compensating wage differentials suggests that, for workers with similar human capital and other characteristics, earnings should be relatively high in industries where there is an above average risk of death. Using data from Worksafe Australia, this paper confirms the existence of such differentials in Australia. A worker facing the mean fatality risk would receive between 2.8 and 4.8 percent higher earnings than a worker in a job where there is no risk of death. The lower estimate is similar to that reported by T. J. Kniesner and J. D. Leeth (1991). The estimated wage differentials are used to calculate the implicit value of a life. Copyright 1997 by The Economic Society of Australia.

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Bibliographic Info

Article provided by The Economic Society of Australia in its journal The Economic Record.

Volume (Year): 73 (1997)
Issue (Month): 223 (December)
Pages: 363-72

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Handle: RePEc:bla:ecorec:v:73:y:1997:i:223:p:363-72

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Cited by:
  1. Fran├žois Bellavance & Georges Dionne & Martin Lebeau, 2006. "The Value of a Statistical Life: a Meta-Analysis with a Mixed Effects Regression Model," Cahiers de recherche 0646, CIRPEE.
  2. Ikuho Kochi & Bryan Hubbell & Randall Kramer, 2006. "An Empirical Bayes Approach to Combining and Comparing Estimates of the Value of a Statistical Life for Environmental Policy Analysis," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 34(3), pages 385-406, July.
  3. Viscusi, W Kip & Aldy, Joseph E, 2003. " The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," Journal of Risk and Uncertainty, Springer, vol. 27(1), pages 5-76, August.

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