@TechReport{iza:izadps:dp18173,
            	author={Cramer, Robert J and Kniesner, Thomas J. and Viscusi, W. Kip},
            	title={Employer Monopsony Power  Does Not Reduce the Value of a Statistical Life},
            	year={2025},
	month={Oct},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={18173},
            	url={https://www.iza.org/publications/dp18173},
	abstract={Although wage rates are lower when employers have monopsony power, we find that the value of a statistical life (VSL) is not reduced when labor markets are more concentrated. Because the estimated VSL is the product of the wage and the wage-risk tradeoff rate, a greater tradeoff rate in highly concentrated U.S. labor markets produces a larger VSL. The general relationship we find is robust with respect to different labor market data. Our results provide the first evidence contradicting policy-related concerns that the VSL is lower in monopsonistic labor markets.},
	keywords={monopsony;VSL;value of a statistical life;concentration;HHI},
            }