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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 ...
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 ...
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, ...
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 ...
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 ...
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 ...
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 ...
Equivalent Frames of Reference for Judging Risk Regulation Policies
(N.Y.U. Environmental Law Journal, 1994)
Although the design of risk regulations has not yet attained what might be termed the economist's ideal of maximizing the difference between benefits and costs, substantial progress has been made in the design of regulatory ...