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The implicit value of life in the labor market in Taiwan

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  • Hsueh, Li-Min
  • Wang, Su-Wan

Abstract

By using a hedonic wage equation, this study estimats the implicit value of life for the labor market in Taiwan. The data were obtained from the Taiwan Area Labor Force Survey of 1984, from which two samples, the main and the sub, were drawn. The value of life was found to range from NT$21-34 million which, relatively speaking, is no less than that obtained from the U.S. studies. The estimated risk premium was found to be higher for any level of job risk in the case of the sub-sample . This may be due to this group of workers' perceived job risk being higher than the actual risk, hence their asking for and receiving a higher wage compensation.

Suggested Citation

  • Hsueh, Li-Min & Wang, Su-Wan, 1988. "The implicit value of life in the labor market in Taiwan," Discussion Papers 260344, Chung-Hua Institution for Economic Research.
    • Handle: RePEc:ags:cierdp:260344
    DOI: 10.22004/ag.econ.260344
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    References listed on IDEAS

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    1. Viscusi, W Kip & Moore, Michael J, 1987. "Workers' Compensation: Wage Effects, Benefit Inadequacies, and the Value of Health Losses," The Review of Economics and Statistics, MIT Press, vol. 69(2), pages 249-261, May.
    2. Craig A. Olson, 1981. "An Analysis of Wage Differentials Received by Workers on Dangerous Jobs," Journal of Human Resources, University of Wisconsin Press, vol. 16(2), pages 167-185.
    3. Dillingham, Alan E, 1985. "The Influence of Risk Variable Definition on Value-of-Life Estimates," Economic Inquiry, Western Economic Association International, vol. 23(2), pages 277-294, April.
    4. Arnould, Richard J & Nichols, Len M, 1983. "Wage-Risk Premiums and Workers' Compensation: A Refinement of Estimates of Compensating Wage Differential," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 332-340, April.
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