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Reference-Dependent Valuations of Risk: Why Willingness-to-Accept Exceeds Willingness-to-Pay
(Journal of Risk and Uncertainty, 2011)
The gap between willingness-to-pay (WTP) and willingness-to-accept (WTA) benefit values typifies situations in which reference points — and direction of movement from reference points — are consequential. Why WTA-WTP ...
Policy Relevant Heterogeneity in the Value of Statistical Life: New Evidence from Panel Data Quantile Regressions
(Journal of Risk and Uncertainty, 2010)
We examine differences in the value of statistical life (VSL) across potential wage levels in panel data using quantile regressions with intercept heterogeneity. Latent heterogeneity is econometrically important and affects ...
Law and Economics as a Pillar of Legal Education
(Review of Law and Economics, 2012)
This paper reports the distribution of doctoral degrees in economics and in other fields among faculty at the 26 highest ranked law schools. Almost one-third of professors at the top 13 law schools have a Ph.D. degree, ...
The Benefits of Mortality Risk Reduction: Happiness Surveys vs. The Value of a Statistical Life
(Duke Law Journal, 2013)
A principal component of many benefit-cost analyses (BCAs) of health, safety, and environmental regulations is the valuation of the fatality risk effects of the underlying policy. Government agencies currently value these ...
Assessing the Insurance Role of Tort Liability After Calabresi
(Law & Contemporary Problems, 2014)
Calabresi’s theory of tort liability (1961) as a risk distribution mechanism established insurance as an objective of tort liability. Calabresi’s risk-spreading concept of tort has provided the impetus for much of the ...
The Heterogeneity of the Value of Statistical Life: Introduction and Overview
(Journal of Risk and Uncertainty, 2010)
The refinement in worker fatality risk data used in hedonic wage studies and evidence from new stated preference studies have facilitated the exploration of the heterogeneity of the value of statistical life (VSL). Although ...
The Value of a Statistical Life: Evidence from Panel Data
(Review of Economics and Statistics, 2012)
This article addresses fundamental long-standing concerns in the compensating wage differentials literature and its public policy implications: the econometric properties of estimates of the value of statistical life (VSL) ...
Deterring and Compensating Oil-Spill Catastrophes: The Need for Strict and Two-Tier Liability
(Virginia Law Review, 2011)
The BP Deepwater Horizon oil spill highlighted the glaring weaknesses in the current liability and regulatory regime for oil spills and for environmental catastrophes more broadly. This Article proposes a new liability ...
Pricing Lives for Corporate and Governmental Risk Decisions
(Vanderbilt Law Review, 2015)
The value of a statistical life (VSL) is the most influential single parameter used in calculating the benefits of governmental regulations. While there are some inter-agency differences, there is a commonality in the ...
Punitive Damages by Numbers: Exxon Shipping Co. v. Baker
(Supreme Court Economic Review, 2010)
The U.S. Supreme Court decision in Exxon Shipping Co. v. Baker is a landmark that establishes an upper bound ratio of punitive damages to compensatory damages of 1:1 for maritime cases, with potential implications for other ...