Regulation of Health, Safety, and Environmental Risks
AbstractThis paper provides a systematic review of the economic analysis of health, safety, and environmental regulations. Although the market failures that give rise to a rationale for intervention are well known, not all market failures imply that market risk levels are too great. Hazard warnings policies often can address informational failures. Some market failures may be exacerbated by government policies, particularly those embodying conservative risk assessment practices. Labor market estimates of the value of statistical life provide a useful reference point for the efficient risk tradeoffs for government regulation. Guided by restrictive legislative mandates, regulatory policies often strike a quite different balance with an inordinately high cost per life saved. The risk-risk analysis methodology enables analysts to assess the net safety implications of policy efforts. Inadequate regulatory enforcement and behavioral responses to regulation may limit their effectiveness, while rising societal wealth will continue to generate greater levels of health and safety.
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Bibliographic InfoPaper provided by Regulation2point0 in its series Working paper with number 307.
Date of creation: Apr 2006
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- Viscusi, W. Kip, 2007. "Regulation of Health, Safety, and Environmental Risks," Handbook of Law and Economics, Elsevier.
- W. Kip Viscusi, 2006. "Regulation of Health, Safety, and Environmental Risks," NBER Working Papers 11934, National Bureau of Economic Research, Inc.
- K32 - Law and Economics - - Other Substantive Areas of Law - - - Environmental, Health, and Safety Law
- Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
- J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy
- J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income
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