Search
Now showing items 101-110 of 134
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 ...
Estimating Discount Rates for Environmental Quality from Utility-Based Choice Experiments
(Journal of Risk and Uncertainty, 2008)
We estimate rates of time preference using a utility-based choice experiment
administered to a nationally representative sample of 2,914 respondents. For the full
sample, the rate of time preference is very high for ...
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 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 ...
Adjusting the Value of a Statistical Life for Age and Cohort Effects
(The Review of Economics and Statistics, 2008)
To resolve the theoretical ambiguity in the effect of age on the value of statistical life (VSL), this article uses a novel, age-dependent fatal risk measure to estimate age-specific hedonic wage regressions. VSL exhibits ...
The Denominator Blindness Effect: Accident Frequencies and the Misjudgment of Recklessness
(American Law and Economics Review, 2004)
People seriously misjudge accident risks because they routinely neglect relevant information about exposure. Such risk judgments affect both personal and public policy decisions, e.g., choice of a transport mode, but also ...
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 ...