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Rational Risk Policy: The 1996 Arne Ryde Memorial Lectures

Author

Listed:
  • Viscusi, W. Kip

    (Harvard Law School)

Abstract

Rational Risk Policy is based on Viscusi's Arne Ryde Memorial Lectures, delivered at Lund University in 1996. The organizing principle of these lectures is that the irrationality of individual decisions is often embodied in government regulations. Rather than overcoming the inadequacies in individual risk beliefs and behaviour, governmental regulations often institutionalize them. Viscusi examines how consumers and workers perceive risk and the implications of these risk beliefs and behavioural responses to risk for government policy. Hazard warnings efforts, direct regulation, and liability are among the alternative modes of intervention. The role of risk tradeoffs with respect to the value of life as well as the consequences of wasteful regulatory expenditures are considered in a discussion of riskrisk analysis. Rational Risk Policy also includes a critique of the risk analysis practices used by government agencies as well as a consideration of how liability and social insurance should be integrated into a rational risk management strategy.

Suggested Citation

  • Viscusi, W. Kip, 1998. "Rational Risk Policy: The 1996 Arne Ryde Memorial Lectures," OUP Catalogue, Oxford University Press, number 9780198293637.
  • Handle: RePEc:oxp:obooks:9780198293637
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    Cited by:

    1. Productivity Commission, 2007. "Annual Review of Regulatory Burdens on Business: Primary Sector," Research Reports, Productivity Commission, Government of Australia, number 25.
    2. Scott Farrow & W. Kip Viscusi, 2013. "Towards principles and standards for the benefit–cost analysis of safety," Chapters,in: Principles and Standards for Benefit–Cost Analysis, chapter 5, pages 172-193 Edward Elgar Publishing.
    3. Michael Jones-Lee & Susan Chilton & Hugh Metcalf & Jytte Nielsen, 2015. "Valuing gains in life expectancy: Clarifying some ambiguities," Journal of Risk and Uncertainty, Springer, vol. 51(1), pages 1-21, August.
    4. Kuchler, Fred & Hamm, Shannon, 2000. "Animal disease incidence and indemnity eradication programs," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 22(3), April.
    5. Stavros A. Drakopoulos & Ioannis Theodossiou, 2016. "Workers’ risk underestimation and occupational health and safety regulation," European Journal of Law and Economics, Springer, vol. 41(3), pages 641-656, June.
    6. Grégory Ponthière, 2015. "The contribution of improved joint survival conditions to living standards: An equivalent consumption approach," Working Papers halshs-01194427, HAL.
    7. Grégory Ponthière, 2015. "The contribution of improved joint survival conditions to living standards: An equivalent consumption approach," PSE Working Papers halshs-01194427, HAL.
    8. Gregory Ponthiere, 2016. "The contribution of improved joint survival conditions to living standards: an equivalent consumption approach," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 46(2), pages 407-449, February.
    9. Lindberg, Gunnar, 2005. "Accidents," Research in Transportation Economics, Elsevier, vol. 14(1), pages 155-183, January.
    10. Jonathan Aldred, 2006. "Incommensurability and Monetary Valuation," Land Economics, University of Wisconsin Press, vol. 82(2), pages 141-161.
    11. Guignet, Dennis, 2012. "The impacts of pollution and exposure pathways on home values: A stated preference analysis," Ecological Economics, Elsevier, vol. 82(C), pages 53-63.
    12. Henrik Andersson & James Hammitt & Gunnar Lindberg & Kristian Sundström, 2013. "Willingness to Pay and Sensitivity to Time Framing: A Theoretical Analysis and an Application on Car Safety," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 56(3), pages 437-456, November.
    13. Antony Millner & Hélène Ollivier, 2016. "Beliefs, Politics, and Environmental Policy," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 10(2), pages 226-244.
    14. Rebecca L. McDonald & Susan M. Chilton & Michael W. Jones-Lee & Hugh R. T. Metcalf, 2016. "Dread and latency impacts on a VSL for cancer risk reductions," Journal of Risk and Uncertainty, Springer, vol. 52(2), pages 137-161, April.
    15. Goeb, Joseph C. & Dillon, Andrew & Lupi, Frank & Tschirley, David, 2017. "Pesticides: What you don’t know can hurt you," 2017 Annual Meeting, July 30-August 1, Chicago, Illinois 258519, Agricultural and Applied Economics Association.
    16. Ryen, Linda & Svensson, Mikael, 2014. "The Willingness to Pay for a QALY: a Review of the Empirical Literature," Karlstad University Working Papers in Economics 12, Karlstad University, Department of Economics.
    17. Treich, Nicolas, 2000. "Décision séquentielle et Principe de Précaution," Cahiers d'Economie et de Sociologie Rurales (CESR), Institut National de la Recherche Agronomique (INRA), vol. 55.
    18. Spengler, Hannes, 2004. "Kompensatorische Lohndifferenziale und der Wert eines statistischen Lebens in Deutschland," Darmstadt Discussion Papers in Economics 133, Darmstadt University of Technology, Department of Law and Economics.
    19. Hammitt, James K. & Rheinberger, Christoph, 2015. "Dinner with Bayes: On the Revision of Risk Beliefs," TSE Working Papers 15-574, Toulouse School of Economics (TSE).
    20. Christoph M. Rheinberger & Nicolas Treich, 2017. "Attitudes Toward Catastrophe," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 67(3), pages 609-636, July.
    21. repec:kap:jrisku:v:57:y:2018:i:3:d:10.1007_s11166-018-9294-2 is not listed on IDEAS

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