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 1 1992 |
| Externally published | Yes |
Keywords
- railroad industry
- value of safety
- willingness to pay
- workplace injuries
ASJC Scopus subject areas
- Accounting
- Finance
- Economics and Econometrics
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Cite this
French, M. T., & Kendall, D. L. (1992). The value of job safety for railroad workers. Journal of Risk and Uncertainty, 5(2), 175-185. https://doi.org/10.1007/BF00057570