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Economic Foundations of the Current Regulatory Reform Efforts

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  • W. Kip Viscusi

Abstract

Regulatory reform proposals before Congress would potentially increase the role of economics in regulatory policymaking. These reforms seek to override existing legislative mandates, which usually prohibit economic trade-offs and have often led to inefficient expenditures. Proposed legislation would preempt these requirements and improve benefit-cost tests, making economic assessment a focal point of regulatory policy debates. Other reforms, such as the promotion of unbiased risk assessment and offsetting risk consequences of regulations, would also promote more efficient policies. Some less desirable proposals would largely serve to increase the transactions costs of issuing new regulations.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.10.3.119
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 10 (1996)
Issue (Month): 3 (Summer)
Pages: 119-134

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Handle: RePEc:aea:jecper:v:10:y:1996:i:3:p:119-34

Note: DOI: 10.1257/jep.10.3.119
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  1. Peter A. Diamond & Jerry A. Hausman, 1994. "Contingent Valuation: Is Some Number Better than No Number?," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 45-64, Fall.
  2. Paul R. Portney, 1994. "The Contingent Valuation Debate: Why Economists Should Care," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 3-17, Fall.
  3. W. Michael Hanemann, 1994. "Valuing the Environment through Contingent Valuation," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 19-43, Fall.
  4. Viscusi, W Kip & Zeckhauser, Richard J, 1994. "The Fatality and Injury Costs of Expenditures," Journal of Risk and Uncertainty, Springer, vol. 8(1), pages 19-41, January.
  5. Peltzman, Sam, 1975. "The Effects of Automobile Safety Regulation," Journal of Political Economy, University of Chicago Press, vol. 83(4), pages 677-725, August.
  6. W. Kip Viscusi, 1994. "Mortality Effects of Regulatory Costs and Policy Evaluation Criteria," RAND Journal of Economics, The RAND Corporation, vol. 25(1), pages 94-109, Spring.
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Cited by:
  1. Stéphan Marette, 2007. "Minimum safety standard, consumers’ information and competition," Journal of Regulatory Economics, Springer, vol. 32(3), pages 259-285, December.
  2. Juergen Jung & Michael D. Makowsky, 2012. "Regulatory Enforcement, Politics, and Institutional Distance: OSHA Inspections 1990-2010," Working Papers 2012-02, Towson University, Department of Economics, revised Apr 2013.
  3. Schmid, A. Allan, 2004. "Economic Analysis And Efficiency In Public Expenditure," Staff Papers 11776, Michigan State University, Department of Agricultural, Food, and Resource Economics.
  4. Rohlfs, Chris & Sullivan, Ryan & Kniesner, Thomas J., 2012. "New Estimates of the Value of a Statistical Life Using Air Bag Regulations as a Quasi-Experiment," IZA Discussion Papers 6994, Institute for the Study of Labor (IZA).
  5. Hamilton, Stephen F. & Sunding, David L. & Zilberman, David, 2003. "Public goods and the value of product quality regulations: the case of food safety," Journal of Public Economics, Elsevier, vol. 87(3-4), pages 799-817, March.
  6. Harald Hau & Marcel Thum, 2000. "Lawyers, Legislation and Social Welfare," European Journal of Law and Economics, Springer, vol. 9(3), pages 231-254, May.
  7. Kuchler, Fred & Golan, Elise H., 1999. "Assigning Values To Life: Comparing Methods For Valuing Health Risks," Agricultural Economics Reports 34037, United States Department of Agriculture, Economic Research Service.
  8. Juergen Jung & Michael Makowsky, 2014. "The determinants of federal and state enforcement of workplace safety regulations: OSHA inspections 1990–2010," Journal of Regulatory Economics, Springer, vol. 45(1), pages 1-33, February.
  9. Frenzen, Paul D. & Buzby, Jean C. & Rasco, Barbara, 2001. "Product Liability And Microbial Foodborne Illness," Agricultural Economics Reports 34059, United States Department of Agriculture, Economic Research Service.
  10. Kenkel, Don, 1997. "On valuing morbidity, cost-effectiveness analysis, and being rude," Journal of Health Economics, Elsevier, vol. 16(6), pages 749-757, December.
  11. Rohlfs, Chris & Sullivan, Ryan & Kniesner, Thomas J., 2013. "Hedonic Estimation under Very General Conditions Using Experimental and Quasi-Experimental Designs," IZA Discussion Papers 7554, Institute for the Study of Labor (IZA).

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