Premium
The Value of Life: Estimates with Risks by Occupation and Industry
Author(s) -
Viscusi W. Kip
Publication year - 2004
Publication title -
economic inquiry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.823
H-Index - 72
eISSN - 1465-7295
pISSN - 0095-2583
DOI - 10.1093/ei/cbh042
Subject(s) - blue collar , economics , sample (material) , demographic economics , value (mathematics) , actuarial science , labour economics , demography , statistics , mathematics , sociology , chemistry , chromatography
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.