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Economic Foundations of the Current Regulatory Reform Efforts

  • W. Kip Viscusi

Regulatory reform proposals before Congress would potentially increase the role of economics in regulatory policymaking. These reforms seek to override existing legislative mandates, which usually prohibit economic trade-offs and have often led to inefficient expenditures. Proposed legislation would preempt these requirements and improve benefit-cost tests, making economic assessment a focal point of regulatory policy debates. Other reforms, such as the promotion of unbiased risk assessment and offsetting risk consequences of regulations, would also promote more efficient policies. Some less desirable proposals would largely serve to increase the transactions costs of issuing new regulations.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.10.3.119
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Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 10 (1996)
Issue (Month): 3 (Summer)
Pages: 119-134

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Handle: RePEc:aea:jecper:v:10:y:1996:i:3:p:119-34
Note: DOI: 10.1257/jep.10.3.119
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  1. Paul R. Portney, 1994. "The Contingent Valuation Debate: Why Economists Should Care," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 3-17, Fall.
  2. Lutter, Randall & Morrall, John F, III, 1994. "Health-Health Analysis: A New Way to Evaluate Health and Safety Regulation," Journal of Risk and Uncertainty, Springer, vol. 8(1), pages 43-66, January.
  3. W. Kip Viscusi, 1994. "Mortality Effects of Regulatory Costs and Policy Evaluation Criteria," RAND Journal of Economics, The RAND Corporation, vol. 25(1), pages 94-109, Spring.
  4. Peter A. Diamond & Jerry A. Hausman, 1994. "Contingent Valuation: Is Some Number Better than No Number?," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 45-64, Fall.
  5. Peltzman, Sam, 1975. "The Effects of Automobile Safety Regulation," Journal of Political Economy, University of Chicago Press, vol. 83(4), pages 677-725, August.
  6. Viscusi, W Kip & Zeckhauser, Richard J, 1994. "The Fatality and Injury Costs of Expenditures," Journal of Risk and Uncertainty, Springer, vol. 8(1), pages 19-41, January.
  7. W. Michael Hanemann, 1994. "Valuing the Environment through Contingent Valuation," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 19-43, Fall.
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