TITLE

COMPENSATING WAGE DIFFERENTIALS AND PUBLIC POLICY: A REVIEW

AUTHOR(S)
Smith, Robert S.
PUB. DATE
April 1979
SOURCE
Industrial & Labor Relations Review;Apr79, Vol. 32 Issue 3, p339
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article summarizes the concepts of compensating wage differentials developed in the context of hedonic price theory. It focuses on the predicted trade-off between wages and disagreeable job characteristics. The elements of both the demand and supply functions relevant to the job are pace of work, probability of injury and unpleasantness of tasks. Thus, the wage rate embodies a series of implicit prices at which each of these job characteristics is bought and sold. Two general approaches to estimate the willingness of people to pay for reductions in the risk of death, namely survey method and estimating willingness to pay for lifesaving programs, are discussed.
ACCESSION #
4455652

 

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