Compensating wage differentials for job stress

Recent medical studies have demonstrated a strong relationship between mental stress and cardiac events such as myocardial infarction and stroke. In the workplace, stress once accounted for less than 5% of all occupational disease claims, but it now accounts for over 15%. Although research on the effects of mental stress is increasing, few studies offer an economic perspective. In this paper, we examine the effects of job stress on weekly wages and explore the possibility that stress commands a compensating wage differential. Our findings suggest that, ceteris paribus, a wage differential does exist between workers experiencing mental stress and their ‘non-stressed’ cohorts. After controlling for other demographic and occupational factors, we found a statistically significant wage premium ranging from 3 to 10% attributable to mental stress. In addition, the magnitude of the differential varies by gender.     

Compensating wage differences

The paper develops a model of the allocation of workers to jobs based on individual's preferences for job satisfaction vs earnings. Given the distribution of levels of job satisfaction and productivities, it is possible to solve explicitly for wages as a function of job satisfaction. More productive individuals will take more (less) satisfying jobs whenever the elasticity of substitution between job satisfaction and earnings is less (greater) than one. The paper also discusses the effects of inequality on earnings of high and low productivity workers and the effects of compensating wage differences on the distribution of earnings.     

Compensating for the winner's curse: Experimental evidence

We conduct experiments on common value auctions with rationing. In each auction, the good is randomly allocated to one of the k highest bidders, at the (k+1)st highest price. When k>1, bidders are rationed. As the degree of rationing increases, the equilibrium bid function increases. Consistent with prior literature, we find that bidders suffer from the winner's curse and lose money on average. However, bids in the experiments do adjust in the appropriate direction as the degree of rationing changes, providing support for the comparative statics implications of the theory. Our results are consistent with subjects having an intuitive understanding of the winner's curse, but being unable to compute the equilibrium bid levels.     

物业管理企业侵权的原因及对策

随着物业管理在我国的迅速发展和物业管理企业队伍的不断扩大,物业管理纠纷近几年来不断涌现,特别是住宅小区中物业管理企业侵害业主权益的问题变得越来越突出。对此,文章从物业管理企业的角度出发,在总结住宅小区中物业管理企业侵害业主权益的表现形式的基础上,分析了物业管理企业侵权的原因,并提出相关的对策和建议。     

德育工作者思维预见力的培养探析

面对复杂多变、动态发展的社会现实和人的思想,为了取得德育工作的主动权、增强德育工作的针对性和实效性,德育工作者应培养自己的思维预见力,明确使命,增强忧患意识,加强理论修养,不断拓宽自己的知识面,加强调查研究,运用科学思维方法,科学把握事物的规律性和趋势。     

Lawyers and medical torts: medical malpractice litigation as a residual option

The relationship between the supply of lawyers and the frequency of medical malpractice claims for one state is examined. A model of the location decisions of lawyers within a state developed. These decisions depend on their forecasts of the amounts of various types of legal business which will be available. Because such forecasts are inperfect, however, at a given time an excess of lawyers in any given hypothesized, there will then be an incentive to dip deeper into the available pool of malpractice cases. This hypothesis is tested and it is found that the estimated excess of lawyers over those required to perform other tasks is a significant factor in explaining the filing of malpractice claims.     

Natural resources damages from Chernobyl

Conclusion In this note, we have reported a simple attempt to examine the stability over time of willingness-to-pay measures. By running a simple regression equation, we are able to explain why the average willingness to pay fell between two consecutively hunting seasons. The most important explanation is that hunting in the second hunting season was affected by the nuclear radiation accident at Chernobyl. Almost 10 percent of the hunters stated that their willingness to pay was affected due to the fact that their moose meat was contaminated. Since there are 24,000 moose hunters in the county of Västerbotten, we arrive at a yearly loss of about SEK 2 million for the county. Assuming that our figures apply also at the national level, Swedish moose hunters suffered a loss of almost SEK 30 million in the 1986 hunting season. If the same impact on hunters was felt for, say, 3 to 4 years, the present value of the loss caused by the Chernobyl accident could amount to over SEK 100 million (assuming a discount rate of 5 percent). This is a considerable amount, given that Swedish moose hunters constitute only a small fraction of all those who were affected by the Chernobyl accident.     

Compensating variation consumer's surplus via succesive approximations

Many economists agree that the best measure of consumer's surplus is the compensating Variation Consumer's surplus (CVCS). Howerver, Because the compensated demand function is not observable, there are problems in using this measure in emperical applications. There are ways around this limitations that work well under certain circumstances, However, until now there has been no solution that always works well. We introduce a sucessive approximations method of calculating compensating variation consumer’s surplus using data from the ordinary demand curve. In doing so we numerically identify the compensated demand fuction over the price interval involved. This procedure can be made extremely ‘small’. We also use our method to calculate CVCS for three applications in the literature where Marshallian surplus was reported.     

Ramsey discounting calls for subtracting climate damages from economic growth rates

The Ramsey equation ties the utility discount rate and the elasticity of marginal utility of consumption together with per capita consumption growth rates to calculate consumption discount rates. For many applications, per capita consumption growth rates can be approximated with per capita output growth rates. That approximation does not work for climate change, which drives an ever-increasing and increasingly uncertain wedge between output and consumption growth. NAS (2017), in a central recommendation and illustrative example, conflates the two. The correct, consumption-based discounting method generally decreases consumption discount rates and, thus, increases the resulting Social Cost of Carbon Dioxide (SC-CO₂).     

Calculating, With Income Effects, the Compensating Variation for a State Change

One can easily obtain exact closed-form solutions for the compensating variation (and equivalent variation) in the presence of income effects when the policy being evaluated can be described as a change in the state of the world and one is willing to assume the policy change does not change the individual’s epsilon draw. Alternatively, if one assumes the policy changes the epsilon draw, the expectation of the compensating variation is a complicated integral, typically without a closed-form. The assumption that the policy does not affect one’s epsilon draw is common, and often reasonable, but little discussed.     

征地补偿中的农民权探讨

近现代所有权限制理论的发展,其实质是如何限制公权力滥用,大多表现为如何保障土地利用人的权利.各国征地补偿标准的发展无论是在实体还是程序方面都体现出对土地利用人的基本权利保障.以此为依据,我国目前的征地补偿在征收目的、标准,尤其是程序方面还缺乏系统、明确的规定.农民权的依法具体确定才是征地补偿之根本.     

Compensating Wage Differentials with Unemployment: Evidence from China

We estimate the economic value of mortality risk in China using the compensating-wage-differential method. We find a positive and statistically significant correlation between wages and occupational fatality risk. The estimated effect is largest for unskilled workers. Unemployment reduces compensation for risk, which suggests that some of the assumptions under which compensating wage differentials can be interpreted as measures of workers’ preferences for risk and income are invalid when unemployment is high. Workers may be unwilling to quit high-risk jobs when alternative employment is difficult to obtain, violating the assumption of perfect mobility, or some workers (e.g., new migrants) may be poorly informed about between-job differences in risk, violating the assumption of perfect information. These factors suggest our estimates of the value per statistical life (VSL) in China, which range from approximately US$30,000 to US$100,000, may be biased downward. Alternative estimates adjust for heterogeneity of risk within industry by assuming that risk is concentrated among low-skill workers. These estimates, which are likely to be biased downward, range from US$7,000 to US$20,000.      

透视美国CEO的补偿结构及其社会问题

如果我们不能说美国的大公司总裁们是世界上最富有的人 ,我们也可以说他们是当今世界上因为个人收入而最受争议的人。20世纪90年代 ,美国经济在经历了80年代末的萧条之后 ,终于击溃了来自德国和日本的挑战 ,重新夺回大片已经丢弃的市场。在经济强劲反弹的同时 ,美国出现了一批有神话色彩的CEO们 ,包括微软公司的比尔·盖茨 ,通用电器公司的杰克·威尔士 ,摩托罗拉公司的鲍勃·凯文 ,克莱斯勒公司的李·拉考克等一批在美国家喻户晓 ,人们耳熟能详的人士。他们各自以自身的才能 ,或使公司起死回生 ,在公司遇到强力的发展阻力的时候使公司重…     

解析不动产登记错误赔偿责任的性质

《物权法》确立了不动产登记错误的赔偿责任,但因过于简化,没有明确赔偿责任的性质。笔者在解析《物权法》第21条的具体内容后认为,《物权法》规制的赔偿责任性质是：不全是国家赔偿责任,也不全是民事赔偿责任。由于一直以来,对这两种赔偿责任的态度均是立法上二者只居其一,适用上是相互排斥的,为此,笔者进一步对《物权法》的如此规制进行了正当性论证。     

云南矿产资源开发中的生态补偿问题及建议

针对云南矿产资源优势难以转化为经济优势和发展优势的问题,选择云南矿产资源开发强度大的滇中和滇东南区域,剖析其中典型的生态灾难事件,从法律、管理、收费、机制上归纳总结了云南矿产资源开发中的生态补偿问题,并提出了相应的对策建议。     

Flexible Hours,Workplace Authority,and Compensating Wage Differentials in the US

The theory of compensating differentials suggests that workers with flexible schedules will earn less than other workers. Some authors have also contended that the concentration of women in jobs with flexible hours explains a significant part of the gender pay gap. This paper uses data from the US subset of the Comparative Project in Class Analysis to test these hypotheses. These data first indicate that, contrary to popular wisdom, women workers do not have more flexible schedules than men. Second, the really striking differential is by race: black workers have much more rigid schedules than white workers. Third, workers with more authority at the workplace typically have more flexibility than subordinate workers. Finally, the data show that any compensating differentials for flexible hours are small and are offset by returns to workplace authority.     

Compensating Variation and Hicksian Choice Probabilities in Random Utility Models that are Nonlinear in Income

In this paper we discuss Hicksian demand and compensating variation in the context of discrete choice. We first derive Hicksian choice probabilities and the distribution of the (random) expenditure function in the general case when the utilities are nonlinear in income. We subsequently derive exact and simple formulae for the expenditure and choice probabilities under price (policy) changes conditional on the initial utility level. This is of particular interest for welfare measurement because it enables the researcher to compute the distribution of compensating variation in a simple way. We also derive formulae for the joint distribution of expenditure, the choice before and after a policy change has been introduced.     

Courts,scheduled damages,and medical malpractice insurance

We study how the functioning of the judicial system affects the availability and affordability of medical liability insurance, as proxied by the number of insurers and the premiums paid. We use two unique datasets collected in Italy from 2000 to 2010. Using the first dataset—insurance contracts for hospitals—we estimate the average treatment effect of schedules on insurers and premiums paid, conditional on judicial efficiency and proxied by different measures. Our identification rests on the partial overlap between healthcare districts and judicial districts, meaning that the caseload of a court and malpractice events at the healthcare provider level are not perfectly correlated. On average, the adoption of schedules does not produce any significant effect on insurers or on premiums paid. However, adopting schedules has a robust and significant effect on the number of insurers, but only in inefficient courts. We further investigate these findings using a second dataset comprising 17,578 malpractice insurance claims. We find evidence of a composition effect among claims that is triggered by higher levels of judicial inefficiency: As a court’s inefficiency increases, the likelihood for a case to not be decided on the merits decreases and the levels of reserve and recovery per claim decrease.