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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
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    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. 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.
    2. Aldy, Joseph E. & Viscusi, W. Kip, 2003. "The Value of Statistical Life: A Critical Review of Market Estimates throughout the World," Working paper 282, Regulation2point0.
    3. Gerdtham, Ulf-G. & Ruhm, Christopher J., 2002. "Deaths Rise in Good Economic Times: Evidence From the OECD," IZA Discussion Papers 654, Institute for the Study of Labor (IZA).
    4. Toman, Michael, 1998. "Sustainable Decisionmaking: The State of the Art from an Economics Perspective," Discussion Papers dp-98-39, Resources For the Future.
    5. 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.
    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.

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