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Product and Occupational Liability
(Journal of Economic Perspectives, 1991)
Litigation over product liability has escalated because of shifting liability standards, and the role of workers' compensation has increased both because of the changing injury mix and the provision of more generous benefit ...
The Dimensions of the Product Liability Crisis
(The Journal of Legal Studies, 1991)
Examination of a variety of sources of statistics indicates that the product liability crisis is real, and it is not simply imagined or contrived by the insurance industry. Litigation in the product liability area has ...
Risk Perceptions in Regulation, Tort Liability, and the Market
(Regulation, 1991)
Risk regulations are generally based on a stylized view of the behavior of the individuals affected by the regulation. These behavioral assumptions establish the basis for regulation and also influence the character of the ...
Worker Learning and Compensating Differentials
(Industrial and Labor Relations Review, 1991)
In the standard compensating wage differential model, workers value their wage and workers' compensation components based on full job risk information. Market forces generate positive wage differentials as ex ante compensation ...
Estimation of State-Dependent Utility Functions Using Survey Data
(The Review of Economics and Statistics, 1991)
Abstract-Surveys of individual's risk-dollar tradeoffs illuminate not only the local tradeoff rates but also can be used to address more fundamental questions about the structure of
utility functions. This largely unexplored ...
Age Variations in Risk Perceptions and Smoking Decisions
(The Review of Economics and Statistics, 1991)
Abstract-The results of a national survey of smoking risks and smoking behavior are analyzed. Smoking risk perceptions follow the expected patterns given age differences in risk information acquired and differences in ...