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The Value of Job Safety for Railroad Workers

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  • French, Michael T
  • Kendall, David L

Abstract

The value of reducing job risk is estimated using a hedonic wage model and a risk variable that is matched by occupation and state of residence. This study is the first to use the hedonic wage approach to estimate the value of safety in a single industry. Industry-specific estimates will help researchers and labor policymakers better understand the distribution of compensating wage differentials across industries. The authors' estimated value of job safety for railroad workers is between $21,000 and $26,000 (1980 dollars) per statistical disabling injury, which is somewhat larger than the average of values estimated in previous studies that use cross-industry or cross-occupation aggregate risk data. Copyright 1992 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 5 (1992)
Issue (Month): 2 (May)
Pages: 175-85

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Handle: RePEc:kap:jrisku:v:5:y:1992:i:2:p:175-85

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Web page: http://www.springerlink.com/link.asp?id=100299

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Cited by:
  1. K. Shanmugam, 2000. "Valuations of Life and Injury Risks," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 16(4), pages 379-389, August.
  2. G. Dionne & P. Lanoie, 2002. "How to Make a Public Choice about the Value of a Statistical Life : The Case of Road Safety," THEMA Working Papers 2002-14, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  3. repec:reg:wpaper:140 is not listed on IDEAS
  4. Viscusi, W Kip, 1993. "The Value of Risks to Life and Health," Journal of Economic Literature, American Economic Association, vol. 31(4), pages 1912-46, December.
  5. 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.
  6. S. Madheswaran, 2008. "Measuring the Value of Life and Limb: Estimating Compensating Wage Differentials Among Workers in Chennai and Mumbai," Working Papers id:1708, eSocialSciences.

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