Wage compensation for job risks : the case of Hong Kong
Asian Economic Journal
The paper provides an estimate of wage compensation for fate job risk in Hong Kong. Is uses the 1991 Population Census of Hong Kong merged with job fatality data collected by the Labour Department. The results show that there is a positive and significant compensating wage differential for job fatal risk for manual workers in Hong Kong. The estimated 'statistical value of a life' is approximately HK$10.8m in 1990 prices (about US$1.4m). While this figure is somewhat lower than many estimates for developed countries, it is much higher than workers' compensation for permanent total incapacity (maximum at HK$1.728m in 1996) in Hong Kong.
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