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Now showing items 31-40 of 44
Sources of Inconsistency in Societal Responses to Health Risks
(The American Economic Review, 1990)
Society has until recently devoted insufficient attention to the long-run environmental problems that we face, including acid rain and the greenhouse effect. Our inaction with respect to these risks can hardly be characterized ...
How Do Judges Think About Risk?
(American Law and Economics Review, 1999)
A sample of almost 100 judges exhibited well-known patterns of biases in risk beliefs and reasonable implicit values of life. These biases and personal preferences largely do not affect attitudes toward judicial risk ...
Estimation of Revealed Probabilities and Utility Functions for Product Safety Decisions
(The Review of Economics and Statistics, 1998)
Using survey data on consumer product purchases, this paper introduces an approach to estimate jointly individual utility functions and risk perceptions implied by their decisions. The behavioral risk beliefs reflected in ...
Regulating the Regulators
(University of Chicago Law Review, 1996)
Since the 1970s, there has been a tremendous growth in government regulation pertaining to risk and the environment. These efforts have emerged quite legitimately because market processes alone cannot fully address ...
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 National Implications of Liability Reforms for General Liability and Medical Malpractice Insurance
(Seton Hall Law Review, 1994)
The stabilization of the insurance market may lead to lower prices for products and for medical care, but will also generally lead to lower values of tort awards as well. If the social objective was simply to reduce losses, ...
Using Warnings to Extend the Boundaries of Consumer Sovereignty
(Harvard Journal of Law & Public Policy, 1999)
We make decisions every day for which we may not have full information. Not all such decisions lead to negative consequences, however. For example, scientists still know very little about why aspirin has its beneficial ...
Smoking Status and Public Responses to Ambiguous Scientific Risk Evidence
(Southern Economic Journal, 1999)
Situations in which individuals receive information seldom involve scientific consensus over the level of the risk. When scientific experts disagree, people may process the information in an unpredictable manner. The ...
Utility Functions that Depend on Health Status: Estimates and Economic Implications
(The American Economic Review, 1990)
Taylor's series and logarithmic estimates of health state-dependent utility functions
both imply that job injuries reduce one's utility and marginal utility of income, thus rejecting the monetary loss equivalent formulation. ...
Individual Rationality, Hazard Warnings, and the Foundations of Tort Law
(Rutgers Law Review, 1996)
If all people were fully rational and cognizant of all the risks they faced, then they would always select an efficient level of safety in all their activities and other choices. Thus people would trade off the potential ...