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The Value of Life: Estimates with Risks by Occupation and Industry

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  • W. Kip Viscusi

Abstract

The worker fatality risk variable constructed for this article uses BLS data on total worker deaths by both occupation and industry over the 1992--97 period rather than death risks by occupation or industry alone, as in past studies. The subsequent estimates using 1997 CPS data indicate a value of life of $4.7 million for the full sample, $7.0 million for blue-collar males, and $8.5 million for blue-collar females. Unlike previous estimates, these values account for the influence of clustering of the job risk variable and compensating differentials for both workers' compensation and nonfatal job risks. (JEL J3, I1) Copyright 2004, Oxford University Press.

Suggested Citation

  • W. Kip Viscusi, 2004. "The Value of Life: Estimates with Risks by Occupation and Industry," Economic Inquiry, Western Economic Association International, vol. 42(1), pages 29-48, January.
  • Handle: RePEc:oup:ecinqu:v:42:y:2004:i:1:p:29-48
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    File URL: http://hdl.handle.net/10.1093/ei/cbh042
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    References listed on IDEAS

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    1. Holmes, Paul, 2011. "New evidence of salary discrimination in major league baseball," Labour Economics, Elsevier, vol. 18(3), pages 320-331, June.
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    9. Joshua Pitts & Daniel Yost, 2013. "Racial Position Segregation in Intercollegiate Football: Do Players become more Racially Segregated as they Transition from High School to College?," The Review of Black Political Economy, Springer;National Economic Association, vol. 40(2), pages 207-230, June.
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    More about this item

    JEL classification:

    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
    • I1 - Health, Education, and Welfare - - Health

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