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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.

Suggested Citation

  • Miller, Paul & Mulvey, Charles & Norris, Keith, 1997. "Compensating Differentials for Risk of Death in Australia," The Economic Record, The Economic Society of Australia, vol. 73(223), pages 363-372, December.
  • Handle: RePEc:bla:ecorec:v:73:y:1997:i:223:p:363-72
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    Cited by:

    1. Marcela Parada-Contzen & Andrés Riquelme-Won & Felipe Vasquez-Lavin, 2013. "The value of a statistical life in Chile," Empirical Economics, Springer, vol. 45(3), pages 1073-1087, December.
    2. Bellavance, Franois & Dionne, Georges & Lebeau, Martin, 2009. "The value of a statistical life: A meta-analysis with a mixed effects regression model," Journal of Health Economics, Elsevier, vol. 28(2), pages 444-464, March.
    3. Dionne, Georges & Lebeau, Martin, 2010. "Le calcul de la valeur statistique d’une vie humaine," L'Actualité Economique, Société Canadienne de Science Economique, vol. 86(4), pages 487-530, décembre.
    4. A.T. Le, 1998. "Self Employment and Earnings Among Immigrants in Australia," Economics Discussion / Working Papers 98-28, The University of Western Australia, Department of Economics.
    5. Courard-Hauri David & Lauer Stephen A., 2012. "Taking "All Men Are Created Equal" Seriously: Toward a Metric for the Intergroup Comparison of Utility Functions Through Life Values," Journal of Benefit-Cost Analysis, De Gruyter, vol. 3(3), pages 1-30, August.
    6. 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.
    7. 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, Springer;European Association of Environmental and Resource Economists, vol. 34(3), pages 385-406, July.
    8. repec:kap:jrisku:v:54:y:2017:i:2:d:10.1007_s11166-017-9255-1 is not listed on IDEAS

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