Complementarity and the measurement of individual risk tradeoffs: accounting for quantity and quality of life effects
This paper considers the factors responsible for differences with age in estimates of the wage compensation an individual requires to accept increased occupational fatality risk. We derive a relationship between the value of a statistical life (VSL) and the degree of complementarity between consumpt...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2008
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13722 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper considers the factors responsible for differences with age in estimates of the wage compensation an individual requires to accept increased occupational fatality risk. We derive a relationship between the value of a statistical life (VSL) and the degree of complementarity between consumption and labor supplied when health status serves as a potential source of variation in this relationship. Our empirical analysis finds that variations in an individual's health status or quality of life and anticipated longevity threats lead to significant differences in the estimated wage/risk tradeoffs. We describe how extensions to the specification of hedonic wage models, including measures for quality of life and anticipated longevity threats, help to explain the diversity in past studies examining how the estimated wageﾖrisk tradeoff changes with age. |
| Beschreibung: | 40 S. 22 cm |
Internformat
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| 245 | 1 | 0 | |a Complementarity and the measurement of individual risk tradeoffs |b accounting for quantity and quality of life effects |c Mary F. Evans ; V. Kerry Smith |
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| 700 | 1 | |a Smith, V. Kerry |d 1945- |e Verfasser |0 (DE-588)12880582X |4 aut | |
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Datensatz im Suchindex
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| spelling | Evans, Mary F. Verfasser (DE-588)130634913 aut Complementarity and the measurement of individual risk tradeoffs accounting for quantity and quality of life effects Mary F. Evans ; V. Kerry Smith Cambridge, Mass. National Bureau of Economic Research 2008 40 S. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13722 This paper considers the factors responsible for differences with age in estimates of the wage compensation an individual requires to accept increased occupational fatality risk. We derive a relationship between the value of a statistical life (VSL) and the degree of complementarity between consumption and labor supplied when health status serves as a potential source of variation in this relationship. Our empirical analysis finds that variations in an individual's health status or quality of life and anticipated longevity threats lead to significant differences in the estimated wage/risk tradeoffs. We describe how extensions to the specification of hedonic wage models, including measures for quality of life and anticipated longevity threats, help to explain the diversity in past studies examining how the estimated wageﾖrisk tradeoff changes with age. Smith, V. Kerry 1945- Verfasser (DE-588)12880582X aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13722 (DE-604)BV002801238 13722 http://papers.nber.org/papers/w13722.pdf kostenfrei Volltext |
| spellingShingle | Evans, Mary F. Smith, V. Kerry 1945- Complementarity and the measurement of individual risk tradeoffs accounting for quantity and quality of life effects |
| title | Complementarity and the measurement of individual risk tradeoffs accounting for quantity and quality of life effects |
| title_auth | Complementarity and the measurement of individual risk tradeoffs accounting for quantity and quality of life effects |
| title_exact_search | Complementarity and the measurement of individual risk tradeoffs accounting for quantity and quality of life effects |
| title_exact_search_txtP | Complementarity and the measurement of individual risk tradeoffs accounting for quantity and quality of life effects |
| title_full | Complementarity and the measurement of individual risk tradeoffs accounting for quantity and quality of life effects Mary F. Evans ; V. Kerry Smith |
| title_fullStr | Complementarity and the measurement of individual risk tradeoffs accounting for quantity and quality of life effects Mary F. Evans ; V. Kerry Smith |
| title_full_unstemmed | Complementarity and the measurement of individual risk tradeoffs accounting for quantity and quality of life effects Mary F. Evans ; V. Kerry Smith |
| title_short | Complementarity and the measurement of individual risk tradeoffs |
| title_sort | complementarity and the measurement of individual risk tradeoffs accounting for quantity and quality of life effects |
| title_sub | accounting for quantity and quality of life effects |
| url | http://papers.nber.org/papers/w13722.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT evansmaryf complementarityandthemeasurementofindividualrisktradeoffsaccountingforquantityandqualityoflifeeffects AT smithvkerry complementarityandthemeasurementofindividualrisktradeoffsaccountingforquantityandqualityoflifeeffects |