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Compensating Wage Differentials and the Endogeneity of Job Riskiness

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Author Info
Garen, John
Abstract

Those with greater earnings capacity are likely to choose safer jobs, assuming safety is a normal good. Those who e xperience greater returns to job may choose riskier jobs. This paper estimates wage premia for risk of fatality and injury, allowing unobs ervables to affect earnings capacity and the returns to risk. As the endogeneity of job risk causes bias in OLS estimation, the model is e stimated with simultaneous equations and modified selection bias tech niques. The results indicate that unobserved heterogeneity in the ret urns to risk is important and that OLS underestimates the wage premia for fatality and injury risk. Copyright 1988 by MIT Press.

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

Volume (Year): 70 (1988)
Issue (Month): 1 (February)
Pages: 9-16
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Handle: RePEc:tpr:restat:v:70:y:1988:i:1:p:9-16

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  2. 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!]
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  3. David A. Hennessy, 2003. "Slaughterhouse Rules: Human Error, Food Safety, and Uniformity in Meat Packing," Center for Agricultural and Rural Development (CARD) Publications 03-wp346, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
  4. G. Arabsheibani & A. Marin, 2000. "Stability of Estimates of the Compensation for Danger," Journal of Risk and Uncertainty, Springer, vol. 20(3), pages 247-269, May. [Downloadable!] (restricted)
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  5. Neil Bruce & Robert Halvorsen, 2007. "The Marginal Willingness to Pay for Longevity: A Better Way to Value Changes in Mortality Hazard," Working Papers UWEC-2007-04-R, University of Washington, Department of Economics, revised Mar 2007. [Downloadable!]
  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.com. [Downloadable!]
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  8. Thomas Kniesner & W. Viscusi & James Ziliak, 2006. "Life-Cycle Consumption and the Age-Adjusted Value of Life," Contributions to Economic Analysis & Policy, Berkeley Electronic Press, vol. 5(1), pages 1524-1524. [Downloadable!] (restricted)
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  9. Beat Hintermann & Anna Alberini & Anil Markandya, 2006. "Estimating the Value of Safety with Labor Market Data: Are the Results Trustworthy?," Working Papers 2006.119, Fondazione Eni Enrico Mattei. [Downloadable!]
  10. John F. Heliwell & Haifang Huang, 2005. "How's the Job? Well-Being and Social Capital in the Workplace," NBER Working Papers 11759, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Emilia Del Bono & Andrea Weber, 2006. "Do Wages Compensate for Anticipated Working Time Restrictions? Evidence from Seasonal Employment in Austria," IZA Discussion Papers 2242, Institute for the Study of Labor (IZA). [Downloadable!]
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  12. 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. [Downloadable!] (restricted)
  13. 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. [Downloadable!] (restricted)
  14. Martinez Perez, Jorge Eduardo & Mendez Martinez, Ildefonso, 2008. "¿Qué podemos saber sobre el Valor Estadístico de la Vida en España utilizando datos laborales?," MPRA Paper 11165, University Library of Munich, Germany. [Downloadable!]
  15. Hennessy, David A., 2003. "Slaughterhouse Rules: Animal Uniformity and Regulating for Food Safety in Meat Packing," Staff General Research Papers 10839, Iowa State University, Department of Economics.
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  16. Strand, Jon, 2009. "Valuing statistical lives from observations of speed limits and driving behavior," HERO On line Working Paper Series 2003:21, Oslo University, Health Economics Research Programme. [Downloadable!]
  17. John Leeth & John Ruser, 2006. "Safety segregation: The importance of gender, race, and ethnicity on workplace risk," Journal of Economic Inequality, Springer, vol. 4(2), pages 123-152, August. [Downloadable!] (restricted)
  18. Luiz Alberto Esteves, 2007. "Salários e Risco de Acidentes de Trabalho: Evidências de Diferenciais Compensatórios para a Indústria Manufatureira," Working Papers 0016, Universidade Federal do Paraná, Department of Economics. [Downloadable!]
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