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Workers' Compensation: Wage Effects, Benefit Inadequacies, and the Value of Health Losses

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Author Info
Viscusi, W Kip
Moore, Michael J

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Abstract

Using the 1977 Quality of Employment Survey in conjunction with BLS risk series and state workers' compensation benefit formulas, the authors assess the labor market implications of workers' compensation. Higher levels of workers' compensation benefits reduce wage levels, and controlling for workers' compensation raises estimates of compensating differentials for risk. The rate of trade- off between wages and workers' compensation suggests that benefit levels provide suboptimal levels of income insurance, abstracting from moral hazard considerations. The value of nonmonetary losses from job injuries (including pain and suffering and nonwork disability), is estimated to be $17,000 to $26,000. Copyright 1987 by MIT Press.

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Publisher Info
Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 69 (1987)
Issue (Month): 2 (May)
Pages: 249-61
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Handle: RePEc:tpr:restat:v:69:y:1987:i:2:p:249-61

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  1. Georges Dionne & Paul Lanoie, 2002. "How to Make a Public Choice About the Value of a Statistical Life: The Case of Road Safety," Cahiers de recherche 02-04, HEC Montréal, Institut d'économie appliquée. [Downloadable!]
    Other versions:
  2. Alan B. Krueger & John F. Burton, Jr., 1989. "The Employers' cost of Workers' Conpensation Insurance: Magnitudes, Determinants, and Public Policy," NBER Working Papers 3029, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. 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.com. [Downloadable!]
  4. repec:fth:prinin:238 is not listed on IDEAS
  5. Jonathan Gruber & Julie Berry Cullen, 1996. "Spousal Labor Supply as Insurance: Does Unemployment Insurance Crowd Outthe Added Worker Effect?," NBER Working Papers 5608, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Kelly Edmiston, 2005. "Worker's compensation and state employment growth," Community Affairs Research Working Paper 2005-04, Federal Reserve Bank of Kansas City. [Downloadable!]
    Other versions:
  7. Alan B. Krueger & Bruce D. Meyer, 2002. "Labor Supply Effects of Social Insurance," NBER Working Papers 9014, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  8. Alan Krueger, 1988. "The Employers' Costs of Workers' Compensation Insurance: Magnitudes and Determinants," Working Papers 618, Princeton University, Department of Economics, Industrial Relations Section.. [Downloadable!]
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