Now showing items 1-10 of 31
The Value of Life in Legal Contexts: Survey and Critique
(American Law and Economics Review, 2000)
(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 ...
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 ...
Private Values of Risk Tradeoffs at Superfund Sites: Housing Market Evidence on Learning About Risk
(The Review of Economics and Statistics, 2000)
This paper incorporates a Bayesian learning model into a hedonic framework to estimate the value that residents place on avoiding cancer risks from hazardous-waste sites. We show that residents are willing to pay to avoid ...
Rational Discounting for Regulatory Analysis
(University of Chicago Law Review, 2007)
This Article examines the economic basis for what is termed "rational discounting," which entails full recognition of policy effects over time and exponential discounting at a riskless rate of return. Policies often cannot ...
Monetizing the Benefits of Risk and Environmental Regulation
(Fordham Urban Law Journal, 2006)
Should the benefits of risk and environmental regulations be monetized? For economists, this question is not controversial. Benefits of government policies have a value given by society's willingness to pay for these ...
Punitive Damages: How Jurors Fail to Promote Efficiency
(Harvard Journal on Legislation, 2002)
Evidence of corporate risk-cost balancing often leads to inefficient punitive damages awards, suggesting that jurors fail to base their decision making on principles of economic efficiency. In this Article, Professor Viscusi ...
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 Changing Landscape of Blockbuster Punitive Damages Awards
(American Law and Economics Review, 2009)
This article investigates the determinants of the blockbuster punitive damages awards of at least $100 million. As of the end of 2008, there had been 100 such awards with an average value of $3.0 billion. The U.S. Supreme ...
An Empirical Assessment of Early Offer Reform for Medical Malpractice
(Journal of Legal Studies, 2007)
The early offer reform proposal for medical malpractice provides an option for claimants to receive prompt payment of all their net economic losses and reasonable attorney fees. Using a large sample of closed individual ...