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Product Liability, Research and Development, and Innovation
(The Journal of Political Economy, 1993)
Product liability ideally should promote efficient levels of product safety, but misdirected liability efforts may depress beneficial innovations. This paper examines these competing effects of liability costs on product ...
The Value of Risks to Life and Health
(Journal of Economic Literature, 1993)
The 1980s marked the first decade in which use of estimates of the value of life based on risk tradeoffs became widespread throughout the Federal government. Previously, agencies assessed only the lost present value of the ...
Cigarette Warnings: The Perils of the Cipollone Decision
(Supreme Court Economic Review, 1993)
In Cipollone v Liggett Group, Inc., a splintered Court concluded that cigarette smokers who are injured through their consumption of tobacco may bring some state law tort claims against the manufacturers of the cigarettes. ...