A shortage of workers in high-z establishments. To simplify our discussion suppose that all employers offer identical hours of work, and workers accept employment in only one firm. We conclude by noting that the National Institute of Safety and Health’s industry risk measure produces implicit value of life estimates much more in line with the mode for the existing literature than other risk measures. The hedonic wage function equilibrates the supply and demand for labor along the entire job attribute spectrum. The underlying force generating the hedonic wage function is the sorting of workers and firms among the various levels of the job characteristic. The logic behind the label is that wages reflect not only the overall conditions in the labor market but also the relative attractiveness (pleasure) of one job. However, because we also find non-classical measurement error that differs across multiple risk measures and is not independent of other regressors, more complex statistical procedures than a standard instrumental variables estimator need be applied to obtain statistically improved estimates of wage-fatality risk tradeoffs. In a hedonic regression model, a price is usually. We first examine possible classical attenuation bias in the fatality risk coefficient. Hedonic Wage Equilibrium: Theory, Evidence and Policy (Foundations and Trends(r) in Microeconomics) Kniesner, Thomas J., Leeth, John D. Hedonic regression is the application of regression analysis to estimate the impact that various factors have on the price or demand for a good. We find evidence of substantial measurement errors in the fatality risk researchers attach to individual workers when estimating the implicit price of risk and the value of a statistical life. We examine the incidence, form, and research consequences of measurement error in measure of fatal injury risk in United States workplaces using both BLS and NIOSH data.
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