Do the Near-Elderly Value Mortality Risks Differently?

V. Smith, Mary Evans, Hyun Kim and Donald H. Taylor
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Hyun Kim: Portland State University
Donald H. Taylor: Duke University

The Review of Economics and Statistics, 2004, vol. 86, issue 1, 423-429

Abstract: 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. 2004 President and Fellows of Harvard College and the Massachusetts Institute of Technology. Classification-JEL: I12

Date: 2004
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