TY  - RPRT
        AU  - Cramer, Robert J
AU  - Kniesner, Thomas J.
AU  - Viscusi, W. Kip
        TI  - Employer Monopsony Power  Does Not Reduce the Value of a Statistical Life
        PY  - 2025/Oct/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 18173
        UR  - https://www.iza.org/publications/dp18173
        AB  - 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.
        KW  - monopsony
KW  - VSL
KW  - value of a statistical life
KW  - concentration
KW  - HHI
        ER  -