The marginal value of job safety: A contingent valuation study
Purchase on Springer.com
$39.95 / €34.95 / £29.95*
Rent the article at a discountRent now
* Final gross prices may vary according to local VAT.
This article estimates the marginal value of safety based on contingent values obtained in a labor-market-oriented national random-sample mail survey. Thus, worker preferences for safety are assessed directly, in contrast to the hedonic price method that has been used almost exclusively in related studies. Key aspects of this article are that (1) contingent values are obtained for small changes in risks of job-related fatal accidentsperceived by respondents, and (2) relationships are analyzed between respondents' marginal safety values and their income, socioeconomic/demographic characteristics, union membership status, and initial levels of risk faced.
- Brookshire, David S. & Coursey, Don L. Measuring the Value of a Public Good: An Empirical Comparison of Elicitation Procedures.American Economic Review (Vol. 77, No. 4, 1987), pp 554–566.
- Coursey, Don L., Hovis, John J., & Schulze, William D. The Disparity Between Willingness to Accept and Willingness to Pay Measures of Value.Quarterly Journal of Economics (Vol. 102, No. 2, 1987), pp 679–690.
- Cummings, Ronald G., Brookshire, David S., & Schulze, William D.Valuing Environmental Goods: An Assessment of the Contingent Valuation Method. Totowa, NJ: Rowman & Allanheld Publishers, 1986.
- Desvousges, William H., Smith, V. Kerry, & Fisher, Ann. Option Price Estimates for Water Quality Improvements: A Contingent Valuation Study for the Monongahela River.Journal of Environmental Economics and Management (Vol. 14, No. 3, 1987), pp 248–267.
- Dickens, William T. Differences Between Risk Premiums in Union and Nonunion Wages and the Case for Occupational Safety Regulation.American Economic Review (Vol. 74, No. 2, 1984), pp 320–323.
- Dickie, Mark & Gerking, Shelby. Interregional Wage Differentials: An Equilibrium Perspective.Journal of Regional Science (1988), forthcoming.
- Dillingham, Alan E. The Influence of Risk Variable Definition on Value-of-Life Estimates.Economic Inquiry (Vol. 23, No. 2, 1985), pp 277–294.
- Dillingham, Alan E. & Smith, Robert S. Union Effects on the Valuation of Fatal Risk.Industrial Relations Research Association. Proceedings of the Thirty-Sixth Annual Meeting, December 28–30, 1983, San Francisco, (1984), pp 270–277.
- Dillman, Donald A.Mail and Telephone Surveys: The Total Design Method, New York: Wiley-Interscience, 1978.
- Gegax, Douglas, Gerking, Shelby, & Schulze, William. Perceived Risk and the Marginal Value of Safety. Manuscript. Department of Economics, University of Wyoming, Laramie, WY, 1987.
- Gegax, Douglas et al. Valuing Safety: Two Approaches. Volume IV in.Experimental Methods for Assessing Environmental Benefits. Washington, DC: U.S. Environmental Protection Agency, 1985.
- Heckman, James J. Sample Selection Bias as a Specification Error.Econometrica (Vol. 47, No. 1, 1979), pp 153–161.
- Jones-Lee, Michael W. The Value of Changes in the Probability of Death or Injury.Journal of Political Economy (Vol. 82, 1974), pp 835–849.
- Jones-Lee, M.W., Hammerton, M., & Philips, P.R. The Value of Safety: Results of a National Sample Survey.The Economic Journal (Vol. 95, No. 377, 1985), pp 49–72.
- Kahneman, Daniel & Tversky, Amos. Prospect theory: An Analysis of Decision Under Risk.Econometrica (Vol. 47, No. 2, 1979), pp 263–291.
- Kahneman, Daniel & Tversky, Amos. Choices, Values, and Frames.American Psychologist (Vol. 39, No. 4, 1984), pp 341–350.
- Knetsch, Jack L. & Sinden, J.A. Willingness to Pay and Compensation Demanded: Experimental Evidence of an Unexpected Disparity in Measures of Value.The Quarterly Journal of Economics (Vol. 99, No. 3, 1984), pp 507–521.
- Lichtenstein, S. et al. Judged Frequency of Lethal Events.Journal of Experimental Psychology: Human Learning and Memory (Vol. 4, No. 6, 1978), pp 551–578.
- Marin, Alan & Psacharopoulos, George. The Reward for Risk in the Labor Market: Evidence from the United Kingdom and a Reconciliation with Other Studies.Journal of Political Economy (Vol. 90, No. 4, 1982), pp 827–853.
- Olson, Craig A. An Analysis of Wage Differentials Received by Workers on Dangerous Jobs.Journal of Human Resources (Vol. 16, No. 2, 1981), pp 167–185.
- Rowe, Robert D. & Chestnut, Lauraine G. Valuing Changes in Morbidity: WTP Versus COI Measures. Manuscript, Energy and Resource Consultants, Inc., Boulder, CO, 1987.
- Smith, V. Kerry & Desvousges, William H. An Empirical Analysis of the Economic Value of Risk Changes.Journal of Political Economy (Vol. 95, No. 1, 1987), pp 89–114.
- Smith, Robert S. Compensating Wage Differentials and Public Policy: A Review.Industrial and Labor Relations Review (Vol. 32, No. 3, 1979), pp 339–352.
- Thaler, Richard & Rosen, Sherwin. The Value of Saving a Life: Evidence from the Labor Market. In: Nestor E., Terleckyj, ed.,Household Production and Consumption. New York: Columbia University Press for NBER, 1976.
- Viscusi, W. Kip. Labor Market Valuations of Life and Limb: Empirical Evidence and Policy Implications.Public Policy (Vol. 26, No. 3, 1978), pp 359–386.
- Viscusi, W. Kip.Employment Hazards: An Investigation of Market Performance. Cambridge, MA: Harvard University Press, 1979.
- Viscusi, W. Kip.Risk By Choice: Regulating Health and Safety in the Workplace. Cambridge, MA: Harvard University Press, 1983.
- Viscusi, W. Kip & O'Connor, Charles J. Adaptive Responses to Chemical Labeling: Are Workers Bayesian Decision Makers?American Economic Review (Vol. 74, No. 5, 1984), pp 942–956.
- Viscusi, W. Kip, Magat, Wesley, & Huber, Joel. An Investigation of the Rationality of Consumer Valuations of Multiple Health Risks,Rand Journal of Economics (Vol. 18, No. 4, 1987).
- Weinstein, Milton C., Shepard, Donald S., & Pliskin, Joseph S. The Economic Value of Changing Mortality Probabilities: A Decision-Theoretic Approach.Quarterly Journal of Economics (Vol. 94, No. 2, 1980), pp 373–396.
- Worrall, John D. & Butler, Richard J. Health Conditions and Job Hazards: Union and Nonunion Jobs.Journal of Labor Research (Vol. 4, No. 4, 1983), pp 339–347.
- U.S. Department of Labor, Bureau of Labor Statistics.Occupational Injuries and Illnesses in the U.S., By Industry, 1984. Bulletin 2259. Washington, DC: U.S. Government Printing Office, 1986.
- The marginal value of job safety: A contingent valuation study
Journal of Risk and Uncertainty
Volume 1, Issue 2 , pp 185-199
- Cover Date
- Print ISSN
- Online ISSN
- Kluwer Academic Publishers
- Additional Links
- Contingent valuation
- hedonic price method
- marginal value of safety
- perceived risk
- Industry Sectors