Application of the Hedonic Wage Model: a Value of Statistical Life Derived from Employee’s Choice in the Czech Labor Market

Abstract

The aim of the paper is to analyse statistical relationship between the wage level and job-related fatal risks. Specifically, wage differential is econometrically estimated from a hedonic wage function and then used to obtain a value of statistical life.

Keywords

• hedonic wage model
• wage differentials
• job-related risk
• fatality
• value of statistical life
• Czech Republic