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Compensating Differentials for Occupational Health and Safety Risks: Implications of Recent Evidence

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  • Kniesner, Thomas J.

    (Claremont Graduate University)

  • Viscusi, W. Kip

    (Vanderbilt University)

Abstract

The most enduring measure of how individuals make personal decisions affecting their health and safety is the compensating wage differential for job safety risk revealed in the labor market via hedonic equilibrium outcomes. The decisions in turn reveal the value of a statistical life (VSL), the value of a statistical injury (VSI), and the value of a statistical life year (VSLY), which have both mortality and morbidity aspects that we describe and apply here. All such tradeoff rates play important roles in policy decisions concerning improving individual welfare. Specifically, we explicate the recent empirical research on VSL and its related concepts and link the empirical results to the on-going examinations of many government policies intended to improve individuals' health and longevity. We pay special attention to recent issues such as the COVID pandemic and newly emerging foci on distributional consequences concerning which demographic groups may benefit most from certain regulations.

Suggested Citation

  • Kniesner, Thomas J. & Viscusi, W. Kip, 2022. "Compensating Differentials for Occupational Health and Safety Risks: Implications of Recent Evidence," IZA Discussion Papers 15117, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp15117
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    1. Kniesner, Thomas J. & Viscusi, W. Kip, 2024. "A Tale of the Tails: The Value of a Statistical Life at the Tails of the Age Distribution," IZA Discussion Papers 16867, Institute of Labor Economics (IZA).

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    More about this item

    Keywords

    morbidity risk; mortality risk; VSLY; value of a statistical life year; VSI; value of statistical injury; VSL; value of statistical life; benefit cost analysis; hedonic labor market equilibrium; compensating wage differential; evaluation of health and safety programs;
    All these keywords.

    JEL classification:

    • J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • H40 - Public Economics - - Publicly Provided Goods - - - General
    • K32 - Law and Economics - - Other Substantive Areas of Law - - - Energy, Environmental, Health, and Safety Law
    • J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy

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