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Health-Health Analysis: A New Way to Evaluate Health and Safety Regulation

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  • Lutter, Randall
  • Morrall, John F, III

Abstract

Regulations to promote health and safety that are exceptionally costly relative to the expected health benefits may actually worsen health and safety, since compliance reduces other spending, including private spending on health and safety. Past studies relating income and mortality give estimates of the income loss that induces one death--a value that we call willingness-to-spend (WTS)--to be around $9 to $12 million. Such estimates help identify regulations that do not improve health and safety, and moreover, fail benefit-cost comparisons. WTS is a multiple of the willingness to pay to avert a statistical death. International data yield estimates of WTS and willingness-to-pay in different countries. Copyright 1994 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 8 (1994)
Issue (Month): 1 (January)
Pages: 43-66

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Handle: RePEc:kap:jrisku:v:8:y:1994:i:1:p:43-66

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Web page: http://www.springerlink.com/link.asp?id=100299

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Cited by:
  1. Krupnick, Alan & Toman, Michael & Kopp, Raymond, 1997. "Cost-Benefit Analysis and Regulatory Reform: An Assessment of the Science and Art," Discussion Papers dp-97-19, Resources For the Future.
  2. Ulf-G. Gerdtham & Christopher J. Ruhm, 2002. "Deaths Rise in Good Economic Times: Evidence From the OECD," NBER Working Papers 9357, National Bureau of Economic Research, Inc.
  3. Gerdtham, Ulf-G. & Johannesson, Magnus, 1999. "Income-Related Inequality in Life-Years and Quality-Adjusted Life-Years," Working Paper Series in Economics and Finance 334, Stockholm School of Economics.
  4. 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.
  5. W. Kip Viscusi & Joseph E. Aldy, 2003. "The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," NBER Working Papers 9487, National Bureau of Economic Research, Inc.
  6. Ettner, Susan L., 1996. "New evidence on the relationship between income and health," Journal of Health Economics, Elsevier, vol. 15(1), pages 67-85, February.
  7. Toman, Michael, 1998. "Sustainable Decisionmaking: The State of the Art from an Economics Perspective," Discussion Papers dp-98-39, Resources For the Future.
  8. Robert B. Avery & Raphael W. Bostic & Glenn B. Canner, 2003. "Assessing the CRA's Necessity and Efficiency," Working Paper 8606, USC Lusk Center for Real Estate.

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