Compensating Differentials for Risk of Death in Australia

Paul Miller, Charles Mulvey and Keith Norris

The Economic Record, 1997, vol. 73, issue 223, 363-372

Abstract: The theory of compensating wage differentials suggests that, for workers with similar human capital and other characteristics, earnings should he relatively high in industries where there is an above average risk of death. Using data from Worksafe Australia, this paper confirms the existence of such differentials in Australia. A worker facing the mean fatality risk would receive between 2.8 and 4.8 per cent higher earnings than a worker in a job where there is no risk of death. The lower estimate is similar to that reported by Kniesner and Leeth (1991). The estimated wage differentials are used to calculate the implicit value of a life.

Date: 1997
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