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The Economic Analysis of Industrial Accidents: a re-assessment

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  • Nick Adnett
  • Alistair Dawson

Abstract

Conventional economic approaches to the analysis of industrial accidents utilise the hedonic pricing approach. This approach usually excludes potentially important institutional, sociological and macroeconomic determinants of occupational safety. Initially we identify some of the theoretical and empirical problems with orthodox economic analysis in this area. An alternative model is then formulated which explicitly encompasses a broader range of determinants. Finally, the model is tested using UK industry accident data, the results being inconsistent with the compensating differentials' emphasis of orthodox analysis but supportive of the augmented model.

Suggested Citation

  • Nick Adnett & Alistair Dawson, 1998. "The Economic Analysis of Industrial Accidents: a re-assessment," International Review of Applied Economics, Taylor & Francis Journals, vol. 12(2), pages 241-255.
    • Handle: RePEc:taf:irapec:v:12:y:1998:i:2:p:241-255
    DOI: 10.1080/02692179800000005
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    References listed on IDEAS

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    1. William T. Dickens, 1990. "Assuming The Can Opener: Hedonic Wage Estimates and the Value of Life," NBER Working Papers 3446, National Bureau of Economic Research, Inc.
    2. William T. Dickens, 1990. "Assuming the Can Opener: Hedonic Wage Estimates and the Value of Life," Journal of Forensic Economics, National Association of Forensic Economics, vol. 3(3), pages 51-59, September.
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    Cited by:

    1. Akbar Marvasti & Sami Dakhlia, 2017. "Occupational Safety and the Shift from Common to Individual Fishing Quotas in the Gulf of Mexico," Southern Economic Journal, John Wiley & Sons, vol. 83(3), pages 705-720, January.
    2. Akbar Marvasti, 2010. "Occupational Safety and English Language Proficiency," Journal of Labor Research, Springer, vol. 31(4), pages 332-347, December.
    3. Marais, K.B. & Saleh, J.H., 2008. "Conceptualizing and communicating organizational risk dynamics in the thoroughness–efficiency space," Reliability Engineering and System Safety, Elsevier, vol. 93(11), pages 1710-1719.

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