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Full Description
In this major new work, Michael J. Moore and W. Kip Viscusi explore the question, "How are workers compensated for exposing themselves to the risk of physical injury while on the job?" The authors detail the diverse nature of labor market responses to job risks and the important role played by compensation-for-risk mechanisms. Following an overview of the literature, they present a number of unprecedented results. Comprehensive and systematic discussions of issues such as wage-risk tradeoffs, the effects of workers' compensation on wages and risk, the role of unions, and the role of product liability suits in job-related injuries make the volume an essential work for all those interested in risk policy and workplace safety. Among the major results presented for the first time are the first estimates of the value of life derived from recently released occupational fatality risk data from the National Traumatic Occupational Fatality Survey. From these same data the authors also demonstrate that higher workers' compensation benefit levels significantly reduce fatalities on the job--a finding that challenges virtually every other treatment of this topic. Originally published in 1990.
The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Contents
*FrontMatter, pg. i*Contents, pg. vii*List of Figures, pg. ix*List of Tables, pg. xi*Preface, pg. xiii*Abbreviations and Symbols, pg. xvii*One. Overview, pg. 3*Two. The Research Context of the Analysis, pg. 12*Three. The Performance of Workers' Compensation as a Social Insurance Program, pg. 34*Four. Net Workers' Compensation Costs: Implications of the Wage Offset, pg. 53*Five. Workers' Implicit Value of Life, pg. 69*Six. The Value of Life: Quantity Adjustments and Implicit Rates of Time Preference, pg. 82*Seven. Worker Learning and the Valuation of the Compensation Package, pg. 98*Eight. The Role of Unions in Altering the Structure of Risk Compensation, pg. 111*Nine. The Effects of Workers' Compensation on Job Safety, pg. 121*Ten. Tort Liability Remedies for Job Injuries: Product Liability and Its Interaction with Workers' Compensation, pg. 136*Eleven. Conclusion, pg. 162*Appendix A. Estimation of the Value of Life Using Flexible Functional Forms, pg. 165*Appendix B. A Conceptual Model of Worker and Firm Responses to Insurance Benefits, pg. 168*Notes, pg. 173*Bibliography, pg. 181*Index, pg. 189
