Regulation of Product Safety Characteristics under Imperfect Observability

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Regulation of Product Safety Characteristics under Imperfect Observability

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Chan, Yuk-Shee
Marino, Anthony M

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Abstract

In this paper, we consider the problem of setting minimum safety standards for observable safety characteristics and the proper amount of effort in the production of safety for a product which has some unobservable safety attributes. We formulate a second-best optimum for a regulator, examine the interplay between safety effort and a minimum safety standard, and study how the internalization of excess costs or benefits by a self-interested regulator affects the minimum safety standard and the safety effort level. Finally, we present two examples using a utility function which is widely used in the law and economics literature. Copyright 1994 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Regulatory Economics.

Volume (Year): 6 (1994)
Issue (Month): 2 (May)
Pages: 177-95
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Handle: RePEc:kap:regeco:v:6:y:1994:i:2:p:177-95

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Marette, Stéphan, 2007. "Minimum Safety Standard, Consumers’ Information, and Competition (The)," Staff General Research Papers 12718, Iowa State University, Department of Economics. [Downloadable!]
Other versions:
- Stephan Marette, 2007. "Minimum Safety Standard, Consumers' Information, and Competition, The," Center for Agricultural and Rural Development (CARD) Publications 07-wp441, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
- Stephan Marette, 2007. "Minimum Safety Standard, Consumers' Information, and Competition, The," Food and Agricultural Policy Research Institute (FAPRI) Publications 07-wp441, Food and Agricultural Policy Research Institute (FAPRI) at Iowa State University. [Downloadable!]
Stéphan Marette, 2007. "Minimum safety standard, consumers’ information and competition," Journal of Regulatory Economics, Springer, vol. 32(3), pages 259-285, December. [Downloadable!] (restricted)

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