Our results show the relative dominance of workers' compensation insurance over occupational safety and health regulations in improving workplace safety. In Section 5 we present the empirical alternative of numerical simulation, which may be the focal section for readers well versed in the theory and econometrics but wish to expand their knowledge base to include the technique of computable hedonic equilibrium. Econometric estimates are not the only way to give empirical content to the hedonic model.
#Hedonic wage how to#
Section 4 is a standalone presentation that may be the primary interest of readers knowledgeable in how to estimate hedonic equilibrium regression models but want to learn some useful recent econometric results. Section 4 presents recent empirical results for the hedonic wage equilibrium locus and their implications for policy that use the value of a statistical life (VSL), which is the implicit value workers as a group place on one life. (the indifference curves in the excel file, by the way, show more probs, but there we just look above 0 and 1). In general, the theory holds that differences in pecuniary wages are required to compensate for the non-pecuniary advantages and disadvantages of different employments. Up to this point we have seen a model with only two types of jobs: Prob of injury 0 jobs and prob of injury 1 jobs. The reader who is knowledgeable in the theoretical dimension of hedonic equilibrium, but who wants to learn the econometric nuances of the model, can focus on Section 3. established framework for the analysis of wage differentials in contemporary economic institutions today. Hedonic Wage Equilibrium: Theory, Evidence and Policy (Foundations and Trends(r) in Microeconomics) by Thomas J. Complementing Section 2, Section 3 describes the special econometric issues involved with estimating the hedonic locus and the underlying structure resulting from worker and firm heterogeneity and the implicit prices of workplace characteristics that are the fundamental ingredients to an hedonic equilibrium econometric model.
The reader interested mainly in learning the fundamentals of hedonic equilibrium can focus on Sections 1 and 2 only. Section 2 describes the precision one can bring to policy evaluations with the hedonic equilibrium locus. Section 1 presents the complete economic structure of the hedonic labor market equilibrium model and considers the possibility of multiple hedonic equilibrium loci for highly distinctive groups of workers such as smokers and nonsmokers and the hedonic locus for desirable workplace attributes. Hedonic Wage Equilibrium examines empirically and theoretically the properties of the equilibrium wage function.
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