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- Title
THE VALUE OF LIFE: ESTIMATES WITH RISKS BY OCCUPATION AND INDUSTRY.
- Authors
Viscusi, W. Kip
- 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.
- Subjects
INDUSTRIAL safety; ACCIDENT insurance; GOVERNMENT insurance; BLUE collar workers; BACHELOR of liberal studies; COMPENSATORY balances
- Publication
Economic Inquiry, 2004, Vol 42, Issue 1, p29
- ISSN
0095-2583
- Publication type
Article
- DOI
10.1093/ei/cbh042