The value of job safety for railroad workers

Michael T. French, David L. Kendall

Research output: Contribution to journalArticle

7 Scopus citations

Abstract

The value of reducing job risk is estimated using a hedonic wage model and a risk variable that is matched by occupation and state of residence. This study is the first to use the hedonic wage approach to estimate the value of safety in a single industry. Industry-specific estimates will help researchers and labor policymakers better understand the distribution of compensating wage differentials across industries. Our estimated value of job safety for railroad workers is between $21,000 and $26,000 (1980 dollars) per statistical disabling injury, which is somewhat larger than the average of values estimated in previous studies that use cross-industry or crossoccupation aggregate risk data.

Original languageEnglish (US)
Pages (from-to)175-185
Number of pages11
JournalJournal of Risk and Uncertainty
Volume5
Issue number2
DOIs
StatePublished - May 1 1992

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Keywords

  • railroad industry
  • value of safety
  • willingness to pay
  • workplace injuries

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics

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