Do the near-elderly value mortality risks differently?
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.
Smith, VK; Evans, MF; Kim, H; Taylor, DH
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