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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. ...
Effectiveness of the EPA's Regulatory Enforcement: The Case of Industrial Effluent Standards
(Journal of Law and Economics, 1990)
The EPA water pollution regulations-the focus of this study represent an interesting departure from past patterns of regulatory failure. First, the nature of the regulations-discharge limits-relates directly to the policy ...
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 ...
Do Smokers Underestimate Risks?
(Journal of Political Economy, 1990)
This paper uses a national survey of 3,119 individuals to examine the effect of lung cancer risk perceptions on smoking activity. Both smokers and nonsmokers greatly overestimate the lung cancer risk of cigarette smoking, ...
Wading Through the Muddle of Risk-Utility Analysis
(American University Law Review, 1990)
The original emphasis of risk-utility analysis on the need for balanced
decisions with respect to product liability is a correct and fundamental
principle. Moreover, many traditional factors that have
been considered ...
The Performance of Liability Insurance in States with Different Products-Liability Statutes
(The Journal of Legal Studies, 1990)
The liability crisis of the mid-1980s has led to an extensive reexamination of the liability system. A number of explanations have been offered for the substantial increase in insurance premiums and, in some cases, a decline ...