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Handbook of the Economics of Risk and Uncertainty
book

Handbook of the Economics of Risk and Uncertainty

by Mark Machina, W. Kip Viscusi
November 2013
Beginner content levelBeginner
896 pages
35h 10m
English
North Holland
Content preview from Handbook of the Economics of Risk and Uncertainty
Regulating Occupational and Product Risks
511
diseases and reduce the maximum observed chance of injury on the job to π
max
. If the
hedonic wage function remained the same then worker A’s welfare would fall from
Θ
1
to Θ
0
, but the function rises and becomes flatter, allowing the worker to reach a
higher indifference curve, Θ
2
. Additionally, workers originally employed in relatively
safe employment also receive wage increases as the wage function rises so their welfare
improves. The higher labor costs reduce firm profitability, not only for high-risk work-
places but also for low-risk workplaces. Firms in turn cut back on production resulting
in higher ...
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Publisher Resources

ISBN: 9780444536853