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Do the near-elderly value mortality risks differently?
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DOI：10.1162/003465304774201842.png)
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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.
Keyword:
STATISTICAL LIFE
HEALTH
SELECTIVITY
CONSUMPTION
MODELS
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