The Employers' Costs of Workers' Compensation Insurance: Magnitudes, Determinants, and Public Policy
Alan Krueger and
Burton, John F,
The Review of Economics and Statistics, 1990, vol. 72, issue 2, 228-40
New estimates of the average cost of workers' compensation insurance for a homogeneous group of employers by state are presented. These data are used to estimate cost equations for a variety of alternative specifications. The main finding is that when cost equations are estimated by ordinary least squares there is a unit elasticity of costs with respect to benefits, but instrumental variable estimates of the effect of benefits yield a greater than unit elasticity. Finally, the presence of a state insurance fund is associated with higher average costs for employers, all else equal. Copyright 1990 by MIT Press.
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