Do the Near-Elderly Value Mortality Risks Differently?

V. Kerry Smith; Mary F. Evans; Hyun Kim; Donald H. Taylor

doi:10.1162/003465304774201842

Do the Near-Elderly Value Mortality Risks Differently?

V. Kerry Smith¹; Mary F. Evans²; Hyun Kim³; Donald H. Taylor⁴

¹ North Carolina State University · ² University of Tennessee at Knoxville · ³ Portland State University · ⁴ Duke University

The Review of Economics and Statistics 2004

Wage hedonic models are estimated with the Health and Retirement Study to measure the risk-wage tradeoffs (value of statistical lives) for older workers. The analysis explicitly allows for multiple employment states, including retirement, using a multinomial selection model. The results suggest that the oldest and most risk-averse workers require significantly higher, not lower, compensation to accept increases in job-related fatality risks. 2004 President and Fellows of Harvard College and the Massachusetts Institute of Technology. Classification-JEL: I12

DOI: 10.1162/003465304774201842
Volume: 86 (1)
Pages: 423-429
Language: en
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