16.9 Compensating wage differentials for risk An individual receives utility from daily income (y), given by U(y) 100y- The only source of income is earnings. Hence y wl, where is the hourly wage and I is hours worked per day. The individual knows of a job that pays $5 per hour for a certain 8-hour day. What wage must be offered for a construction job where hours of work are random-with a mean of 8 hours and a standard deviation of 6 hours-to get the individual to accept this more "risky" job? Hint: This problem makes use of the statistical identity