Surin Kim (Class of 2021) of the Department of Economics at Chung-Ang University won the Grand Prize (Minister of Employment and Labor Award) at the 12th Occupational Safety and Health Survey Data Paper Competition. The study was a collaborative effort with Yongung Wang (Class of 2020) from the Department of Applied Statistics and Dongjun Lee (Class of 2019) and Taesung Jung (Class of 2020) from the School of Business Administration.
The award-winning paper, titled “Estimating the Value of a Statistical Life (VSL) in the Korean Labor Market and Analyzing Structural Imbalances in Risk Compensation,” applies a hedonic wage model to estimate the Value of a Statistical Life (VSL) in Korea’s labor market. The research team empirically analyzed imbalances in risk compensation by incorporating workers’ perceived risks and employment insecurity. Through this analysis, the study reveals distortions in risk premiums reflected in wages across industries and worker groups, underscoring the need for a more rational and safer working environment.
The competition, hosted annually since 2014 by the Occupational Safety and Health Research Institute, aims to encourage the use of raw data from nationally approved statistics—such as the Working Conditions Survey and the Occupational Safety and Health Survey—and to identify outstanding research talent. This year, a total of 51 papers were submitted between February 17 and June 1, and after three rounds of evaluation, 13 papers were selected as award recipients: one Grand Prize, three Best Paper Awards, four Excellence Awards, and five Honorable Mentions.
Kim received high praise for successfully integrating economic analytical methods into the resolution of social issues, achieving both academic excellence and public value through the research.