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Adaptive Responses to Chemical Labeling: Are Workers Bayesian Decision Makers?
(American Economic Review, 1984)
A fundamental issue in the economics of uncertainty is how individuals process information and make choices under uncertainty. In a recent analysis of the findings on risk perception, Kenneth Arrow (1982) concluded that ...
The Lulling Effect: The Impact of Child-Resistant Packaging on Aspirin and Analgesic Ingestions
(AEA Papers and Proceedings, 1984)
In 1972 the Food and Drug Administration imposed a protective bottlecap requirement
on aspirin and other selected drugs. This regulation epitomizes the technological
approach to social regulation. The strategy for reducing ...
Phosphates and the Environmental Free Lunch
(Regulation, 1984)
The environmental rationale for a detergent phosphate ban is straightforward enough.
Phosphates are pollutants because, ironically enough, they are biodegradable. In fact, living things thrive on them. Excessive phosphate ...
Economic Contests: Comparative Reward Schemes
(Journal of Labor Economics, 1984)
Contests are situations in which an individual's reward depends on his performance relative to others. Students are graded on a curve; the candidate with the most votes gets the political office; the un- derling who performs ...