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 language | English (US) |
|---|---|
| Pages (from-to) | 175-185 |
| Number of pages | 11 |
| Journal | Journal of Risk and Uncertainty |
| Volume | 5 |
| Issue number | 2 |
| DOIs | |
| State | Published - May 1992 |
| Externally published | Yes |
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Keywords
- railroad industry
- value of safety
- willingness to pay
- workplace injuries
ASJC Scopus subject areas
- Finance
- Economics and Econometrics
- Accounting
Cite this
The value of job safety for railroad workers. / French, Michael; Kendall, David L.
In: Journal of Risk and Uncertainty, Vol. 5, No. 2, 05.1992, p. 175-185.Research output: Contribution to journal › Article
}
TY - JOUR
T1 - The value of job safety for railroad workers
AU - French, Michael
AU - Kendall, David L.
PY - 1992/5
Y1 - 1992/5
N2 - 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.
AB - 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.
KW - railroad industry
KW - value of safety
KW - willingness to pay
KW - workplace injuries
UR - http://www.scopus.com/inward/record.url?scp=0008209565&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=0008209565&partnerID=8YFLogxK
U2 - 10.1007/BF00057570
DO - 10.1007/BF00057570
M3 - Article
AN - SCOPUS:0008209565
VL - 5
SP - 175
EP - 185
JO - Journal of Risk and Uncertainty
JF - Journal of Risk and Uncertainty
SN - 0895-5646
IS - 2
ER -