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The value of risks to life and health

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WK Viscusi - Journal of Economic Literature, 1993 - JSTOR
H EALTH AND SAFETY RISKS comprise one aspect of our lives that we would all like to
eliminate. Even if we set out to provide a risk-free existence, however, our efforts would be
constrained by our economic resources. If the entire American GNP were devoted to ...
Cited by 1284 - Related articles - BL Direct - All 18 versions

[BOOK] Economics of regulation and antitrust

[PDF] from unibo.it
WK Viscusi, JM Vernon, JE Harrington, JM Vernon… - 2000 - dse.unibo.it
308 Chapter¡ 0 Introduction to Economic Regulation The Theory of Regulation 309 years to
complete) and by the FCC in deciding upon entry into a segment of the intercity
telecommunications market {the first case took six years to complete). If the participants do ...
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The value of a statistical life: a critical review of market estimates throughout the world

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WK Viscusi… - Journal of risk and uncertainty, 2003 - Springer
A substantial literature over the past thirty years has evaluated tradeoffs between money and
fatality risks. These values in turn serve as estimates of the value of a statistical life. This
article reviews more than 60 studies of mortality risk premiums from ten countries and ...
Cited by 944 - Related articles - Library Search - BL Direct - All 47 versions

[BOOK] Fatal tradeoffs: Public and private responsibilities for risk

WK Viscusi - 1995 - books.google.com
Ideally, it would be desirable if we could all adopt a high-minded commitment to a risk-free
existence. Unfortunately, such an objective is beyond our reach--politicians who advocate
higher taxes rarely get elected and economists who indicate that our resources are limited ...
Cited by 510 - Related articles - Get it from MIT Libraries - Library Search - All 6 versions

Utility functions that depend on health status: Estimates and economic implications

WK Viscusi… - The American Economic Review, 1990 - JSTOR
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. Injury valuations have unitary income elasticity, and ...
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Economic contests: Comparative reward schemes

[PDF] from umd.edu
M O'Keeffe, WK Viscusi… - Journal of Labor Economics, 1984 - JSTOR
Contests are situations in which an individual's reward depends on his performance relative
to others. Students are graded on a curve; the candidate with the most votes gets the
political office; the underling who performs best is promoted to the executive position. ...
Cited by 323 - Related articles - Get it from MIT Libraries - All 8 versions

Effectiveness of the EPA's regulatory enforcement: The case of industrial effluent standards

WA Magat… - JL & Econ., 1990 - HeinOnline
I. Introduction IN the almost two decades since the initial wave of social regulation, the
academic literature documented very few, if any, instances of a health, safety, or
environmental regulation being an unqualified success. Indeed, in most cases, the ...
Cited by 296 - Related articles - All 8 versions

[BOOK] Reforming products liability

WK Viscusi - 1991 - books.google.com
The current products liability crisis is both familiar and puzzling: million-dollar awards for
apparently frivolous claims, inadequate settlements for thousands of people with severe
injuries, skyrocketing insurance premiums, an overburdened judicial system. The adverse ...
Cited by 285 - Related articles - Get it from MIT Libraries - Library Search - All 3 versions

Do smokers underestimate risks?

[PDF] from unibo.it
WK Viscusi - Journal of Political Economy, 1990 - JSTOR
This paper uses a national survey of 3,119 individuals to examine the effect of lung cancer
risk perceptions on smoking activity. Both smokers and nonsmokers greatly overestimate the
lung cancer risk of cigarette smoking, and the extent of the overestimation is much greater ...
Cited by 289 - Related articles - Get it from MIT Libraries - All 10 versions

Prospective reference theory: Toward an explanation of the paradoxes

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WK Viscusi - Journal of risk and uncertainty, 1989 - Springer
This article develops a variant of the expected utility model termed prospective reference
theory. Although the standard model occurs as a limiting case, the general approach is that
individuals treat stated experimental probabilities as imperfect information. This model is ...
Cited by 258 - Related articles - All 7 versions

[BOOK] Smoking: Making the risky decision

WK Viscusi - 1992 - books.google.com
Are the risks of smoking exaggerated? Has there been an open and rational discussion
about the risks of smoking? This book attempts to answer these and many other questions
about smoking. It provides a detailed empirical presentation on smoking behavior as a ...
Cited by 252 - Related articles - Get it from MIT Libraries - Library Search - All 3 versions

Adaptive responses to chemical labeling: Are workers Bayesian decision makers?

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WK Viscusi… - The American Economic Review, 1984 - JSTOR
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 the evidence regarding individual rationality was, at ...
Cited by 242 - Related articles - All 6 versions

An investigation of the rationality of consumer valuations of multiple health risks

[PDF] from duke.edu
WK Viscusi, WA Magat… - The RAND journal of economics, 1987 - JSTOR
After developing a conceptual analysis of consumer valuation of multiple risks, we explore
both economic and cognitive hypotheses regarding individual risk-taking. Using a sample of
over 1,500 consumers, our study ascertains risk-dollar tradeoffs for the risks associated ...
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Workers' compensation and injury duration: evidence from a natural experiment

[PDF] from ua.edu
BD Meyer, WK Viscusi… - The American economic review, 1995 - JSTOR
This paper examines the effect of workers' compensation on time out of work. It introduces a"
natural experiment" approach of comparing individuals injured before and after increases in
the maximum weekly benefit amount. The increases examined in Kentucky and Michigan ...
Cited by 233 - Related articles - Get it from MIT Libraries - BL Direct - All 26 versions

[BOOK] Employment hazards: an investigation of market performance

WK Viscusi - 1979 - books.google.com
Employment Hazards An Investigation of Market Performance W. Kip Viscusi The safety of the
work place is now a highly visible public issue. Many are calling for tighter regulation to reduce
worker risk, while others feel govern- ment intervention is ineffective and costly. Here Kip ...
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Risk within reason

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RJ Zeckhauser… - Science, 1990 - sciencemag.org
Abstract Advances in low-level risk detection threaten to engulf us with information.
Regulators typically respond to each newly highlighted risk, whether painstakingly
uncovered through scientific investigation or divulged with fanfare by the media, on an ad ...
Cited by 219 - Related articles - Library Search - All 7 versions

The quantity‐adjusted value of life

Full text - MIT Libraries
MJ Moore… - Economic Inquiry, 1988 - Wiley Online Library
The traditional compensating differential analysis is extended to reflect the effects on wages
of the duration of life at risk and of insurance benefits to the surviving spouse and
dependents. The implicit discount rate that workers use in making their life-cycle ...
Cited by 213 - Related articles - All 7 versions

Sex differences in worker quitting

Full text - MIT Libraries
WK Viscusi - The Review of Economics and Statistics, 1980 - JSTOR
T HE stereotypical view of female employees is that they have relatively weak job
attachment and that, in particular, they are especially prone to voluntary job separations.
Although this notion is borne out by overall sex differences in aggregative quit rates, this ...
Cited by 200 - Related articles - All 5 versions

The impact of occupational safety and health regulation

[PDF] from uvm.edu
WK Viscusi - The Bell Journal of Economics, 1979 - JSTOR
Occupational health and safety regulation imposes on enterprises an expected penalty that
is positively related to the presence of unsafe working conditions for firms not in compliance
with the standards. Higher expected penalties will increase enterprises' investment in ...
Cited by 192 - Related articles - Get it from MIT Libraries - All 12 versions

[BOOK] Informational approaches to regulation

WA Magat… - 1992 - books.google.com
How does risk labeling information on hazardous household chemicals and pesticides
influence consumer behavior? While many studies speculate on the effects of risk
information, Magat and Viscusi draw on a series of extensive surveys to assess the likely ...
Cited by 185 - Related articles - Get it from MIT Libraries - Library Search - All 8 versions

[BOOK] Risk by choice: Regulating health and safety in the workplace

WK Viscusi - 1983 - books.google.com
PREFACE GOVERNMENT REGULATION OF HEALTH AND SAFETY RISKS HAS been characterized
by a myopic concern with risk reduction, ir- respective of the magnitude of the risk or the cost
of eliminating it. Although there is an emerging consensus that these policies should be ...
Cited by 186 - Related articles - Get it from MIT Libraries - Library Search - All 3 versions

Social Costs of Punitive Damages against Corporations in Environmental and Safety Torts, The

WK Viscusi - Geo. Lj, 1998 - HeinOnline
Perhaps more than any other aspect of the judicial system, punitive damages have come to
symbolize the problems of our nation's courts. Punitive damages awards are often
substantial-running into the millions, and in rare cases, the billions of dollars. These ...
Cited by 188 - Related articles - Library Search - BL Direct - All 14 versions

[BOOK] Compensation mechanisms for job risks: wages, Workers' Compensation, and product liability

MJ Moore… - 1990 - pup.princeton.edu
In this major new work, Michael J. Moore and W. Kip Viscusi explore the question," How are
workers compensated for exposing themselves to the risk of physical injury while on the
job?" The authors detail the diverse nature of labor market responses to job risks and the ...
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Doubling the estimated value of life: results using new occupational fatality data

Full text - MIT Libraries
MJ Moore… - Journal of Policy Analysis and …, 1988 - Wiley Online Library
Abstract Using a new series of data on occupational fatalities compiled by the National
Institute for Occupational Safety and Health, the authors reassess value-of-life calculations
based on labor market tradeoffs between fatality risks and wages. The new data are less ...
Cited by 171 - Related articles - All 6 versions

Corporate Risk Analysis: A Reckless Act?

[PDF] from nellco.org
WK Viscusi - Stanford Law Review, 2000 - JSTOR
Balancing of risk and cost lies at the heart of standard negligence tests and policy analysis
approaches to government regulation. Notwithstanding the desirability of using a benefit-
cost approach to assess the merits of safety measures, in many court cases juries appear ...
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Labor market valuations of life and limb: empirical evidence and policy implications.

WK Viscusi - Public Policy, 1978 - ncbi.nlm.nih.gov
The empirical analysis of compensating wage differentials received by 496 blue-collar
workers yields the first implicit values of injuries ever obtained and the only implicit values of
life that take into account compensation for other nonpecuniary characteristics. Workers ...
Cited by 167 - Related articles - Get it from MIT Libraries

Rates of time preference and valuations of the duration of life

Full text - MIT Libraries
WK Viscusi… - Journal of Public Economics, 1989 - Elsevier
Abstract This paper develops a multi-period Markov model of the lifetime choice of
occupational fatality risks. The empirical model analyzes the wage effects of job risks using
the 1982 University of Michigan Panel Study of Income Dynamics in conjunction with ...
Cited by 162 - Related articles - All 6 versions

Wealth effects and earnings premiums for job hazards

Full text - MIT Libraries
WK Viscusi - The review of economics and statistics, 1978 - JSTOR
A DAM Smith (1937) observed that" the whole of the advantages and disadvantages of the
different employments of labor and stock must, in the same neighborhood, be either perfectly
equal or continually tending to equality." If a job poses health and safety risks that are ...
Cited by 159 - Related articles - All 5 versions

Rates of time preference and consumer valuations of automobile safety and fuel efficiency

MK Dreyfus… - JL & Econ., 1995 - HeinOnline
ABSTRACT This article estimates hedonic price models for automobiles using a data set on
almost 3,000 households from the US Department of Energy Residential Transportation
Energy Consumption Survey. The standard hedonic models are generalized to recognize ...
Cited by 159 - Related articles - BL Direct - All 9 versions

Rational risk policy: the 1996 Arne Ryde memorial lectures

WK Viscusi - OUP Catalogue, 1998 - ideas.repec.org
Rational Risk Policy is based on Viscusi's Arne Ryde Memorial Lectures, delivered at Lund
University in 1996. The organizing principle of these lectures is that the irrationality of
individual decisions is often embodied in government regulations. Rather than ...
Cited by 157 - Related articles - Cached - Library Search - All 6 versions

[BOOK] Calculating risks?: The spatial and political dimensions of hazardous waste policy

[PDF] from uidaho.edu
J Hamilton… - 1999 - books.google.com
Hazardous wastes often head the public's list of environmental concerns. Exaggerated
estimates of cancer epidemics arising from waste sites generate a sense of alarm, but little is
known about the real extent of the health threats. In this book James T. Hamilton and W. ...
Cited by 149 - Related articles - Get it from MIT Libraries - Library Search - All 9 versions

Private values of risk tradeoffs at superfund sites: housing market evidence on learning about risk

Full text - MIT Libraries
T Gayer, JT Hamilton… - Review of Economics and Statistics, 2000 - MIT Press
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 cancer risks from Superfund sites before the US ...
Cited by 147 - Related articles - All 9 versions

Age variations in risk perceptions and smoking decisions

WK Viscusi - The Review of Economics and Statistics, 1991 - JSTOR
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 information associated with smoking status. Risk ...
Cited by 144 - Related articles - Get it from MIT Libraries - All 8 versions

Cigarette taxation and the social consequences of smoking

WK Viscusi - 1994 - nber.org
This paper assesses the appropriate cigarette tax needed to address potential market
failures. There is no evidence of inadequate risk decisions by smokers regarding their own
welfare. Detailed calculations of the financial externalities of smoking indicate that the ...
Cited by 141 - Related articles - Library Search - BL Direct - All 11 versions

What juries can't do well: The jury's performance as a risk manager

R Hastie… - Ariz. L. Rev., 1998 - HeinOnline
Can juries handle complex cases? One way to frame this question in behavioral science
terms is to ask: What tasks can juries perform well and what tasks will they perform poorly?
Our basic precept is that the legal system should ask juries to perform tasks that they are ...
Cited by 139 - Related articles - BL Direct - All 2 versions

Cigarette smokers as job risk takers

[PDF] from nellco.org
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WK Viscusi… - Review of Economics and Statistics, 2001 - MIT Press
Using a large data set, the authors find that smokers select riskier jobs, but receive lower
total wage compensation for risk than do nonsmokers. This finding is inconsistent with
conventional models of compensating differentials. The authors develop a model in which ...
Cited by 140 - Related articles - Library Search - All 17 versions

Toward a diminished role for tort liability: social insurance, government regulation, and contemporary risks to health and safety

Full text - MIT Libraries
WK Viscusi - Yale J. on Reg., 1989 - HeinOnline
Society approaches health and safety risks in a piecemeal fashion. Regulators attempt to
control the risks in their domain as if regulations were the only factor preventing injuries at
home, in the workplace, and on the highways. Similarly, the courts address accidents with ...
Cited by 136 - Related articles - All 3 versions

Cigarette smoking, seatbelt use, and differences in wage-risk tradeoffs

J Hersch… - Journal of Human Resources, 1990 - JSTOR
Using an original data set that allowed us to measure the job risk perceived by individuals
as well as smoking and seatbelt use, we found that cigarette smokers and nonseatbelt
wearers receive a lower compensating differential for risk than nonsmokers and seatbelt ...
Cited by 124 - Related articles - Get it from MIT Libraries - All 6 versions

Jurors, Judges, and the Mistreatment of Risk by the Courts

[PDF] from nellco.org
WK Viscusi - 2000 - papers.ssrn.com
Abstract: A sample of almost 500 jury-eligible citizens considered a series of experimental
situation involving accidents. The juror sample did not properly apply negligence rules, as
their errors were particularly great for low probability-large loss cases. They also ...
Cited by 121 - Related articles - BL Direct - All 14 versions

Workers' compensation: Wage effects, benefit inadequacies, and the value of health losses

WK Viscusi… - The Review of Economics and Statistics, 1987 - JSTOR
Using the 1977 Quality of Employment Survey in conjunction with BLS risk series and state
workers' compensation benefit formulas, the authors assess the labor market implications of
workers' compensation. Higher levels of workers' compensation benefits reduce wage ...
Cited by 119 - Related articles - Get it from MIT Libraries - All 5 versions

[CITATION] Pain and suffering in product liability cases: systematic compensation or capricious awards?

Full text - MIT Libraries
WK Viscusi - International Review of Law and Economics, 1988 - econpapers.repec.org
... org! Please update your bookmarks. Pain and suffering in product liability cases:
Systematic compensation or capricious awards? W Kip Viscusi. International Review
of Law and Economics, 1988, vol. 8, issue 2, pages 203-220. ...
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ALARMIST DECISIONS WITH DIVERGENT RISK INFORMATION*

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WK Viscusi - The Economic Journal, 1997 - Wiley Online Library
This research was prepared under a US EPA grant to Duke University, R81-8464-010.
Harrell Chesson provided excellent research assistance with both the empirical analysis
and the survey. Three anonymous referees provided valuable comments.
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[BOOK] Learning about risk: Consumer and worker responses to hazard information

WK Viscusi, WA Magat… - 1987 - books.google.com
Copyright © 1987 by the President and Fellows of Harvard College All rights reserved Printed
in the United States of America 10 987654321 Many of the designations used by manufacturers
and sellers to distin- guish their products are claimed as trademarks. Where those ...
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A note on" lemons" markets with quality certification

[PDF] from rasmusen.org
WK Viscusi - The Bell Journal of Economics, 1978 - JSTOR
In markets with qualitative uncertainty, pricing on the basis of average quality will be
unattractive to participants whose products are above average in quality. This note
examines the possibility of quality certification as an alternative to exit from the market in ...
Cited by 114 - Related articles - Get it from MIT Libraries - All 11 versions

Paired comparison and contingent valuation approaches to morbidity risk valuation

Full text - MIT Libraries
WA Magat, W Kip Viscusi… - Journal of Environmental Economics …, 1988 - Elsevier
Abstract This research uses an experimental approach for eliciting consumer valuations of
morbidity risk reductions associated with safter chemical products and introduces the paired
comparison questions approach to non-market valuation. In four applications, the paired ...
Cited by 99 - Related articles - All 6 versions

Models for estimating discount rates for long-term health risks using labor market data

Full text - MIT Libraries
…, W Kip Viscusi - Journal of Risk and Uncertainty, 1990 - Springer
This article utilizes evidence from job choices involving fatality risks to estimate individual
discount rates for adverse health outcomes. The study compares the results from five distinct
models for estimating discount rates from labor market data. The estimated discount rates ...
Cited by 102 - Related articles - All 6 versions

Energy taxation as a policy instrument to reduce CO2 emissions: a net benefit analysis

Full text - MIT Libraries
R Boyd, K Krutilla… - Journal of Environmental Economics and …, 1995 - Elsevier
This study evaluates the costs and benefits of energy taxation as a policy instrument to
conserve energy and reduce CO2 emissions. The study combines economic cost estimates
generated with a CGE model and monetary estimates of environmental damages in a ...
Cited by 112 - Related articles - BL Direct - All 11 versions

[CITATION] Optimal standards with incomplete enforcement

WK Viscusi… - 1979 - John F. Kennedy School of …
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Are risk regulators rational? Evidence from hazardous waste cleanup decisions

[PDF] from regulation2point0.org
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WK Viscusi… - The American Economic Review, 1999 - JSTOR
A large literature in economics and social science focuses on how people reason about
risks. Reactions of individuals to risk frequently depart from behavior predicted by full
information variants of expected utility theory. Risk regulators are human and are subject ...
Cited by 110 - Related articles - BL Direct - All 19 versions

Estimation of state-dependent utility functions using survey data

WN Evans… - The Review of Economics and Statistics, 1991 - JSTOR
Surveys of individual's risk-dollar tradeoffs illuminate not only the local tradeoff rates but also
can be used to address more fundamental questions about the structure of utility functions.
This largely unexplored empirical area is investigated by developing an econometric ...
Cited by 108 - Related articles - Get it from MIT Libraries - All 8 versions

The impact of occupational safety and health regulation, 1973-1983

[PDF] from chicagobooth.edu
WK Viscusi - The Rand Journal of Economics, 1986 - JSTOR
Using a sample of manufacturing industries from 1973 to 1983, this article reexamines
OSHA's impact on workplace safety. Evidence supporting OSHA's effectiveness is stronger
than that presented in most previous studies but remains quite mixed. Only for the ...
Cited by 106 - Related articles - Get it from MIT Libraries - Library Search - All 13 versions

The determinants of the disposition of product liability claims and compensation for bodily injury

Full text - MIT Libraries
WK Viscusi - The Journal of Legal Studies, 1986 - JSTOR
THE frequency and severity of products liability lawsuits have become a matter of increasing
importance and concern to the public at large and to American business in particular. The
number of product liability cases filed each year escalated dramatically in the 1970s both ...
Cited by 101 - Related articles - All 2 versions

Sacrificing civil liberties to reduce terrorism risks

[PDF] from nellco.org
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WK Viscusi… - Journal of Risk and Uncertainty, 2003 - Springer
Our survey results demonstrate that targeted screening of airline passengers raises
conflicting concerns of efficiency and equity. Support for profiling increases if there is a
substantial reduction in avoided delays to other passengers. The time cost and benefit ...
Cited by 99 - Related articles - Library Search - BL Direct - All 30 versions

Consumer behavior and the safety effects of product safety regulation

[PDF] from uvm.edu
WK Viscusi - JL & Econ., 1985 - HeinOnline
I. Introduction recurring issue in the economic analysis of risk regulation agencies is whether
these efforts have had any significant favorable effect on safety. Although the existence of
such an effect would not necessarily imply that these efforts were worthwhile, without an ...
Cited by 98 - Related articles - All 7 versions

[BOOK] Punitive damages: How juries decide

CR Sunstein, R Hastie, JW Payne, DA Schkade… - 2003 - books.google.com
Over the past two decades, the United States has seen a dramatic increase in the number
and magnitude of punitive damages verdicts rendered by juries in civil trials. Probably the
most extraordinary example is the July 2000 award of $144.8 billion in the Florida class ...
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Punitive damages: How judges and juries perform

[PDF] from nellco.org
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J Hersch… - The Journal of Legal Studies, 2004 - JSTOR
Abstract This paper presents the first empirical analysis that demonstrates that juries differ
from judges in awarding punitive damages. Our review of punitive damages awards of $100
million or more identified 63 such awards, of which juries made 95 percent. These jury ...
Cited by 96 - Related articles - Library Search - BL Direct - All 33 versions

Alternative approaches to valuing intangible health losses: the evidence for multiple sclerosis1

Full text - MIT Libraries
FA Sloan, W Kip Viscusi, HW Chesson… - Journal of Health …, 1998 - Elsevier
This study uses both risk–risk and risk–dollar approaches to assess intangible health losses
associated with multiple sclerosis (MS). Using an estimation approach that adjusts for
potential perceptional biases that may affect the expressed risk tradeoffs, we estimated ...
Cited by 83 - Related articles - All 9 versions

[PDF] Market incentives for criminal behavior

[PDF] from nber.org
WK Viscusi - 1986 - nber.org
Since the seminal article by Becker (1974), the economic analysis of criminal behavior has
focused on the economic incentives to engage in illegal actions. These incentives are the
integral components of a model of the rational choice to engage in criminal acts. ...
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The value of life: estimates with risks by occupation and industry

Full text - MIT Libraries
WK Viscusi - Economic Inquiry, 2004 - Wiley Online Library
This research is supported in part by the Sheldon Seevak Research Fund; the Olin Center
for Law, Economics, and Business; and the US Environmental Protection Agency. DeYett
Law provided superb research assistance. I express gratitude to the BLS for permission to ...
Cited by 97 - Related articles - Library Search - BL Direct - All 11 versions

Altruistic and private valuations of risk reduction

Full text - MIT Libraries
WK Viscusi, WA Magat… - Journal of Policy Analysis …, 1988 - Wiley Online Library
Abstract To remedy the neglect of altruism in benefit assessments for risk regulation
programs, this article reports the findings of a new survey of 785 consumers regarding their
valuation of two pairs of risks from insecticide. The risk-dollar tradeoffs revealed by ...
Cited by 91 - Related articles - All 5 versions

[BOOK] Smoke-filled rooms: A postmortem on the tobacco deal

WK Viscusi - 2002 - books.google.com
The 1998 out-of-court settlements of litigation by the states against the cigarette industry
totaled $243 billion, making it the largest payoff ever in our civil justice system. Two key
questions drove the lawsuits and the attendant settlement: Do smokers understand the ...
Cited by 83 - Related articles - Get it from MIT Libraries - Library Search - All 3 versions

Discounting environmental health risks: new evidence and policy implications

Full text - MIT Libraries
MJ Moore… - Journal of Environmental Economics and …, 1990 - Elsevier
Abstract When environmental policy benefits accrue over a long time horizon, the valuation
problem becomes more complex. Some analysts support the use of financial market interest
rates for discounting deferred health benefits, while others argue against discounting ...
Cited by 82 - Related articles - All 6 versions

The risks and rewards of criminal activity: a comprehensive test of criminal deterrence

WK Viscusi - Journal of Labor Economics, 1986 - JSTOR
Whereas previous analyses of criminal deterrence have focused on the effect of criminal
enforcement on crime rates, this study analyzes the existence of compensating differentials
for criminal pursuits. By analyzing the risk-rewards trade-off, this approach represents a ...
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[CITATION] Discounting health effects for medical decisions

WK Viscusi - Valuing Health Care: Costs, …, 1995 - New York: Cambridge University …
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Informational regulation of consumer health risks: an empirical evaluation of hazard warnings

[PDF] from msu.ru
WK Viscusi, WA Magat… - The Rand Journal of Economics, 1986 - JSTOR
On the basis of data from a survey of almost 400 consumers, this article assesses whether
consumer behavior is responsive to information about product hazards that is provided in
response to regulation. We find that the extent to which consumers take precautions is ...
Cited by 73 - Related articles - Get it from MIT Libraries - All 12 versions

Mortality effects of regulatory costs and policy evaluation criteria

WK Viscusi - The RAND journal of Economics, 1994 - JSTOR
Risk regulations directly reduce risks, but they may produce offsetting risk increases.
Regulated risks generate a substitution effect, as individuals' risk-averting actions will
diminish. Recognition of these effects alters benefit-cost criteria and the value-of-life ...
Cited by 72 - Related articles - Get it from MIT Libraries - BL Direct - All 10 versions

Product liability, research and development, and innovation

[PDF] from msu.ru
WK Viscusi… - Journal of Political Economy, 1993 - JSTOR
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 R & D intensity and new product introductions by ...
Cited by 71 - Related articles - Get it from MIT Libraries - All 9 versions

Economic foundations of the current regulatory reform efforts

[PDF] from radford.edu
Full text - MIT Libraries
WK Viscusi - The Journal of Economic Perspectives, 1996 - JSTOR
W. Kip Viscusi raditional economic regulation focused on issues such as antitrust and setting
prices for public utilities. But in the last few decades, the emerging role of environmental and
risk regulation has transformed the role of regulation in the American economy. Rough ...
Cited by 71 - Related articles - BL Direct - All 10 versions

Age differences in the value of statistical life: revealed preference evidence

[PDF] from rff.org
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JE Aldy… - Review of Environmental Economics …, 2007 - reep.oxfordjournals.org
Abstract Revealed preference evidence, especially based on wage-risk tradeoffs in the labor
market, provides the primary empirical basis for analyses of the value of statistical life (VSL).
This market evidence also provides guidance on how VSL varies with age. While labor ...
Cited by 72 - Related articles - All 20 versions

How do Judges think about risk?

WK Viscusi - American Law and Economics Review, 1999 - Am Law Econ Assoc
Abstract 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 decisions, though there are some exceptions, ...
Cited by 68 - Related articles - Library Search - All 9 versions

Hopes and fears: The conflicting effects of risk ambiguity

[PDF] from luiss.it
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WK Viscusi… - Theory and Decision, 1999 - Springer
The Ellsberg Paradox documented the aversion to ambiguity in the probability of winning a
prize. Using an original sample of 266 business owners and managers facing risks from
climate change, this paper documents the presence of departures from rationality in both ...
Cited by 69 - Related articles - BL Direct - All 11 versions

Price and availability tradeoffs of automobile insurance regulation

H Grabowski, WK Viscusi… - Journal of Risk and Insurance, 1989 - JSTOR
Early analyses of automobile insurance regulation and deregulation efforts have yielded
mixed results, in part because of the small number of completed deregulation experiments.
This analysis focuses on a 30-state sample from 1974 through 1981 and on the ...
Cited by 67 - Related articles - Get it from MIT Libraries - All 2 versions

A reference lottery metric for valuing health

[PDF] from duke.edu
WA Magat, WK Viscusi… - Management Science, 1996 - JSTOR
This study utilizes reference lotteries on life and death to establish a death-equivalent metric
for valuing long-term health effects. We use a computer-based survey approach to elicit
choices among residential locations that pose different risks of chronic disease and dying ...
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Risk equity

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WK Viscusi - J. Legal Stud., 2000 - HeinOnline
Abstract 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 in terms of equitable tradeoffs rather than ...
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Adjusting the value of a statistical life for age and cohort effects

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JE Aldy… - The Review of Economics and Statistics, 2008 - MIT Press
Abstract 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 an inverted-U-shaped relationship with age. In ...
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Individual rationality, hazard warnings, and the foundations of tort law

WK Viscusi - Rutgers L. Rev., 1995 - HeinOnline
Hazard warnings and other forms of risk information have become increasingly prominent
mechanisms for promoting safety. Government-mandated warnings on products continue to
proliferate, and private parties have taken advantage of various warning mechanisms as ...
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Age variations in workers' value of statistical life

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JE Aldy… - 2004 - nber.org
This paper develops a life-cycle model in which workers choose both consumption levels
and job fatality risks, implying that the effect of age on the value of life is ambiguous. The
empirical analysis of this relationship uses novel, age-dependent fatal and nonfatal risk ...
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Damages caps, insurability, and the performance of medical malpractice insurance

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WK Viscusi… - Journal of Risk and Insurance, 2005 - Wiley Online Library
This article uses the complete property-casualty insurance files of the National Association
of Insurance Commissioners from 1984 to 1991 to assess the effect of medical malpractice
reforms pertaining to damages levels and the degree to which these damages are ...
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Risk-risk analysis

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WK Viscusi - Journal of Risk and Uncertainty, 1994 - Springer
Constraints on the use of benefit-cost tests have generated increased interest in risk-risk
analysis as a regulatory test. The effect on individual mortality of the income losses arising
from regulatory expenditures can be determined from direct empirical estimates, which ...
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How costly is “clean”? An analysis of the benefits and costs of Superfund site remediations

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JT Hamilton… - Journal of Policy Analysis and …, 1999 - Wiley Online Library
Abstract The cleanup of hazardous waste sites under the US Environmental Protection
Agency's Superfund program is governed by a number of legislative and regulatory
constraints. Congress passed legislation in 1986 directing the Environmental Protection ...
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The challenge of punitive damages mathematics

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WK Viscusi - The Journal of Legal Studies, 2001 - JSTOR
Abstract Proposals to provide juries with specific numerical instructions for setting punitive
damages should bring greater rationality to punitive damages awards. This approach is
tested using evidence from 353 jury-eligible citizens who applied these formulas to a ...
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A theory of job shopping: A Bayesian perspective

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WK Viscusi - The Quarterly Journal of Economics, 1980 - JSTOR
In situations in which individuals have imperfect information about the pecuniary and
nonpecuniary attributes of a job, it will often be desirable to learn about the job's properties
by working on the job and then quit if these experiences are sufficiently unfavorable. The ...
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[CITATION] Regulating consumer product safety

WK Viscusi - 1984 - getcited.org
An academic directory and search engine.
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Promoting safety through workers' compensation: The efficacy and net wage costs of injury insurance

MJ Moore… - The Rand Journal of Economics, 1989 - JSTOR
This article explores the effects of workers' compensation on fatality rates and wages using
the 1982 Panel Study of Income Dynamics and the new occupational fatality data issued by
the National Institute for Occupational Safety and Health. The fatality rate depends upon ...
Cited by 57 - Related articles - Get it from MIT Libraries - All 9 versions

Product liability litigation with risk aversion

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WK Viscusi - J. Legal Stud., 1988 - HeinOnline
A he recent law and economics literature has directed much energy toward identifying the
various factors that determine whether parties will litigate or settle accident claims. 1 The
substantive interest in this area rests in large measure on the obvious element of conflict ...
Cited by 54 - Related articles - All 6 versions

The perception and valuation of the risks of climate change: a rational and behavioral blend

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WK Viscusi… - Climatic Change, 2006 - Springer
Abstract Over 250 respondents–graduate students in law and public policy–assessed the
risks of climate change and valued climate-change mitigation policies. Many aspects of their
behavior were consistent with rational behavior. For example, respondents successfully ...
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The heterogeneity of time-risk tradeoffs.

H Chesson… - Journal of Behavioral Decision Making; …, 2000 - psycnet.apa.org
Abstract 1. This paper uses an original sample of 146 business managers to examine the
rationality of choices with respect to deferred lotteries. Using a new empirical methodology, it
explicitly estimates implicit rates of time preference with respect to these deferred gambles ...
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Communication of ambiguous risk information

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WK Viscusi, WA Magat… - Theory and Decision, 1991 - Springer
This paper reports on the responses of 646 individuals to environmental risk information
involving different forms of risk ambiguity. Recipients of more than one set of risk information
do not simply average the risk levels provided. Rather, a variety of aspects of the nature of ...
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The market value of reducing cancer risk: Hedonic housing prices with changing information

T Gayer, JT Hamilton… - Southern Economic Journal, 2002 - JSTOR
In this paper, we use housing price changes occurring after the release of a regulatory
agency's environmental risk information to estimate the value people place on cancer risk
reduction. Using a large original data set on the repeat sales of houses, matched with ...
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Union, labor market structure, and the welfare implications of the quality of work

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WK Viscusi - Journal of Labor Research, 1980 - Springer
The institutional labor economics literature suggests that trade unions have diverse impacts
on worker wage rates, promotion poficies, grievance procedures, internal transfers, and
other aspects of the employment relation, l Until recently, only the wage effect had been ...
Cited by 50 - Related articles - All 2 versions

A Bayesian perspective on biases in risk perception

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WK Viscusi - Economics Letters, 1985 - Elsevier
Abstract Psychological risk perception studies have shown that individuals overassess low
frequency events and underassess high frequency events. This letter develops a new test
that reconciles these findings with the Bayesian learning approach frequently used in ...
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The cost‐per‐life‐saved cutoff for safety‐enhancing regulations

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R Lutter, JF Morrall… - Economic Inquiry, 1999 - Wiley Online Library
This article develops a model of the conditions under which risk regulations that are too expensive
have net adverse health effects. Two principal components of this relationship are the implicit
value of life and the income elasticity of risky behaviors. Using new empirical estimates ...
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How to value a life

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WK Viscusi - Journal of Economics and Finance, 2008 - Springer
Abstract The tradeoff between money and small risks of death is the value of statistical life
(VSL), which has become the standard for assessing the benefits of risk and environmental
regulations. Labor market estimates of the VSL average about 7million. ...
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Smoking risks in Spain: Part I—Perception of risks to the smoker

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F Antoñanzas, WK Viscusi, J Rovira… - Journal of Risk and …, 2000 - Springer
Survey evidence for the Spanish population indicates that perceptions of lung cancer risk
and life expectancy loss due to smoking are similar to estimates found in the United States.
This paper also presents new evidence on the relative lung cancer risk for smokers, the ...
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[CITATION] Occupational safety and health regulation: Its impact and policy alternatives

WK Viscusi - Research in Public Policy Analysis and Management. …, 1981
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Medical Malpractice Insurance in the Wake of Liability Reform

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WK Viscusi… - J. Legal Stud., 1995 - HeinOnline
Abstract This article examines the effect of the liability reforms on medical malpractice
insurance over the 1984-91 period. This is the first study to use data by firm and by state for
every firm writing medical malpractice insurance over that time period. The liability reforms ...
Cited by 45 - Related articles - All 9 versions

Dimensions of the Product Liability Crisis, The

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WK Viscusi - J. Legal Stud., 1991 - HeinOnline
T, he product liability crisis of the mid-1980s has sparked a variety of efforts to reform the tort
system, including studies by the US Department of Justice, the American Law Institute, the
American Bar Association, and others. 1 The principal impetus for these reform efforts has ...
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Structuring an Effective Occupational Disease Policy: Victim Compensation and Risk Regulation

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WK Viscusi - Yale J. on Reg., 1984 - HeinOnline
Controlling occupational disease is now at the forefront of the debate over occupational
health and safety. Although workplace injuries have received attention from labor,
government, and insurance officials for many years, the general public has only recently ...
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Fatal tradeoffs: Public and private responsibilities for risk

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WK Viscusi… - Journal of Economic Literature, 1994 - questia.com
Tradeoffs inevitably must and will be made in our pursuit of health and safety. The intent of this
book is to ascertain how we currently make these tradeoffs and how we should be making
them. The focus is on both individual decisions as well as societal choices in the form of ...
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Smoking and other risky behaviors.

J Hersch… - Journal of Drug Issues; Journal of Drug …, 1998 - psycnet.apa.org
Abstract 1. Examined the relationship of job risk, wages, cigarette smoking, and other risk-
taking behavior. Data were obtained from the 1987 Medical Expenditure Survey which
provided information on 30,000 individuals (aged 18–65 yrs). Information from the US ...
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