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Risk Equity

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Author Info

  • Viscusi, W Kip

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 trade-offs rather than equity in risk levels. Equalizing the cost per life saved across policy contexts will save additional lives and will give fair treatment to risks arising in a variety of domains. Equitable trade-offs will also benefit minorities who currently are disadvantaged by politically based inefficient policies. Copyright 2000 by the University of Chicago.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Legal Studies.

Volume (Year): 29 (2000)
Issue (Month): 2 (June)
Pages: 843-71

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Handle: RePEc:ucp:jlstud:v:29:y:2000:i:2:p:843-71

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Web page: http://www.journals.uchicago.edu/JLS/

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Cited by:
  1. HAMMITT James K & TREICH Nicolas, 2006. "Statistical vs. Identified Lives in Benefit-Cost Analysis," LERNA Working Papers 06.11.204, LERNA, University of Toulouse.
  2. Thomas J. Kniesner & W. Kip Viscusi, 2005. "Value of a Statistical Life: Relative Position vs. Relative Age," American Economic Review, American Economic Association, vol. 95(2), pages 142-146, May.
  3. Johansson-Stenman, Olof, 2008. "Mad cows, terrorism and junk food: Should public policy reflect perceived or objective risks?," Journal of Health Economics, Elsevier, vol. 27(2), pages 234-248, March.
  4. Carlsson, Fredrik & Daruvala, Dinky & Jaldell, Henrik, 2013. "Do administrators have the same priorities for risk reductions as the general public?," Karlstad University Working Papers in Economics 7, Department of Economics, Karlstad University.
  5. Gibson, John & Barns, Sandra & Cameron, Michael & Lim, Steven & Scrimgeour, Frank & Tressler, John, 2007. "The Value of Statistical Life and the Economics of Landmine Clearance in Developing Countries," World Development, Elsevier, vol. 35(3), pages 512-531, March.
  6. Sven Hansson, 2007. "Social decisions about risk and risk-taking," Social Choice and Welfare, Springer, vol. 29(4), pages 649-663, December.
  7. Johansson-Stenman, Olof, 2006. "Mad Cows, Terrorism and Junk Food: Should Public Policy Reflect Subjective or Objective Risks?," Working Papers in Economics 194, University of Gothenburg, Department of Economics.
  8. Cameron, Michael P. & Gibson, John & Helmers, Kent & Lim, Steven & Scrimgeour, Frank G. & Tressler, John & Vaddanak, Kien, 2005. "Value of Life and Measuring the Benefits of Landmine Clearance in Cambodia," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 137799, Australian Agricultural and Resource Economics Society.

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