Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 3 of 3
Full-Text Articles in Law
Cigarette Smokers As Job Risk Takers, Joni Hersch, W. Kip Viscusi
Cigarette Smokers As Job Risk Takers, Joni Hersch, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
Using a large data set, the authors find that smokers select riskier jobs, but receive lower total wage compensation for risk than do nonsmokers. This finding is inconsistent with conventional models of compensating differentials. The authors develop a model in which worker risk preferences and job safety performance lead to smokers facing a flatter market offer curve than nonsmokers. The empirical results support the theoretical model. Smokers are injured more often controlling for their job's objective risk and are paid less for these risks of injury. Smokers and nonsmokers, in effect, are segmented labor market groups with different preferences and …
Utility Functions That Depend On Health Status: Estimates And Economic Implications, W. Kip Viscusi, William N. Evans
Utility Functions That Depend On Health Status: Estimates And Economic Implications, W. Kip Viscusi, William N. Evans
Vanderbilt Law School Faculty Publications
Taylor's series and logarithmic estimates of health state-dependent utility functions both imply that job injuries reduce one's utility and marginal utility of income, thus rejecting the monetary loss equivalent formulation. Injury valuations have unitary income elasticity, and the valuation of non-incremental risk changes and effects of base risks follow economic predictions.
Health And Safety, W. Kip Viscusi
Health And Safety, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
My review of recent risk regulation policies necessarily starts with the new oversight group within the Office of Management and Budget (OMB), because it has been the dominant force for improvement thus far. Unfortunately, OMB's efforts have not been matched by a similar commitment at the agency level.