Compensation Mechanisms for Job Risks: Wages, Workers' Compensation, and Product Liability

Michael J. Moore; W. Kip Viscusi

Published by Princeton University Press 1990

Compensation Mechanisms for Job Risks

Wages, Workers' Compensation, and Product Liability

Michael J. Moore and W. Kip Viscusi

Volume 1060 in the series Princeton Legacy Library

https://doi.org/10.1515/9781400860852

Overview
Contents

About this book

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.

Topics

Frontmatter Publicly Available Download PDF	i
Contents Publicly Available Download PDF	vii
List of Figures Requires Authentication Unlicensed Licensed Download PDF	ix
List of Tables Requires Authentication Unlicensed Licensed Download PDF	xi
Preface Requires Authentication Unlicensed Licensed Download PDF	xiii
Abbreviations and Symbols Requires Authentication Unlicensed Licensed Download PDF	xvii
One. Overview Requires Authentication Unlicensed Licensed Download PDF	3
Two. The Research Context of the Analysis Requires Authentication Unlicensed Licensed Download PDF	12
Three. The Performance of Workers' Compensation as a Social Insurance Program Requires Authentication Unlicensed Licensed Download PDF	34
Four. Net Workers' Compensation Costs: Implications of the Wage Offset Requires Authentication Unlicensed Licensed Download PDF	53
Five. Workers' Implicit Value of Life Requires Authentication Unlicensed Licensed Download PDF	69
Six. The Value of Life: Quantity Adjustments and Implicit Rates of Time Preference Requires Authentication Unlicensed Licensed Download PDF	82
Seven. Worker Learning and the Valuation of the Compensation Package Requires Authentication Unlicensed Licensed Download PDF	98
Eight. The Role of Unions in Altering the Structure of Risk Compensation Requires Authentication Unlicensed Licensed Download PDF	111
Nine. The Effects of Workers' Compensation on Job Safety Requires Authentication Unlicensed Licensed Download PDF	121
Ten. Tort Liability Remedies for Job Injuries: Product Liability and Its Interaction with Workers' Compensation Requires Authentication Unlicensed Licensed Download PDF	136
Eleven. Conclusion Requires Authentication Unlicensed Licensed Download PDF	162
Appendix A. Estimation of the Value of Life Using Flexible Functional Forms Requires Authentication Unlicensed Licensed Download PDF	165
Appendix B. A Conceptual Model of Worker and Firm Responses to Insurance Benefits Requires Authentication Unlicensed Licensed Download PDF	168
Notes Requires Authentication Unlicensed Licensed Download PDF	173
Bibliography Requires Authentication Unlicensed Licensed Download PDF	181
Index Requires Authentication Unlicensed Licensed Download PDF	189

(Deutsch)