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date: 25 February 2021

Abstract and Keywords

This entry explicates how market forces incent managers to be concerned with worker health and safety. It also notes how supplementing market forces are government actions intended to improve work-related health and safety. These include the legal system under tort laws, states’ workers’ compensation insurance Programs, research into the causes of health hazards at the National Institute of Occupational Safety and Health (NIOSH), and the federal government’s workplace regulations under the Occupational Safety and Health Act (OSHA). An important empirical conclusion emerging is that the labor market, via the additional compensation workers require for exposure to health and safety risks, provides the largest economic incentive for managers making workplace decisions involving worker health-related well being.

Keywords: hedonic labor market equilibrium, value of statistical life (VSL), workers’ compensation insurance, OSHA, tort liability, NIOSH, risk-risk, risk equity

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