Now showing items 1-10 of 122
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 ...
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 ...
Frameworks for Analyzing the Effects of Risk and Environmental Regulations on Productivity
(American Economic Association, 1983)
The existence of a negative relationship between the regulatory burden and capital investments, and consequently productivity,is not controversial. A conventional model of this type is developed in Section I. If, however, ...
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 ...
The Value of Life in Legal Contexts: Survey and Critique
(American Law and Economics Review, 2000)
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 Journal of Legal Studies, 2000)
Risk equity serves as the purported rationale for a wide range of inefficient policy practices, such as the concern that hypothetical individual risks not be too great. This paper proposes an alternative risk equity concept ...
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 ...