Classics in Risk Management

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Viscusi (law and economics, Harvard U.) and Gayer (public policy, Georgetown U.) have compiled a collection of 60 articles published from the 1960s through 2002. Of the 60, 14 were written or co-written by Viscusi. On the value of life, nine initial articles provide a survey and overview, five contribute labor market studies, and ten describe product and housing market studies. The final five articles in v.1 are on discounting and the quantity of life. Volume 2 contains papers on risk-risk analysis, several issues associated with risk regulation, risk beliefs and hazard warnings, and risk ambiguity. Individual articles include T.C. Schelling's 1968 "The life you save may be your own"; "Discounting statistical lives," by John Horowitz and Richard Carson; Ralph Keeney's 1990 "Mortality risks induced by economic expenditures"; and John Hamilton's 1995 "Testing for environmental racism; prejudice, profits, political power?" In their introduction, the editors discuss the state of research and introduce each article within this context. The articles are printed in facsimile, with their original notes, abstracts, and lists of references. There is a name index, but no subject index. Annotation ©2004 Book News, Inc., Portland, OR
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Table of Contents

Acknowledgements ix
Introduction xiii
Part I The Value of Life: Overview and Surveys
1 'The Life You Save May Be Your Own', in Samuel B. Chase, Jr. (ed.), Problems in Public Expenditure Analysis, Washington, DC: Brookings Institution, 127-62 (1968) 3
2 'Evaluation of Life and Limb: A Theoretical Approach', Journal of Political Economy, 79 (4), 687-705 (1971) 39
3 'Procedures for Valuing Lives', Public Policy, 23 (4), Fall, 419-64 (1975) 58
4 'Compensating Wage Differentials and Public Policy: A Review', Industrial and Labor Relations Review, 32 (3), April, 339-52 (1979) 104
5 'Workers' Compensation: Wage Effects, Benefit Inadequacies, and the Value of Health Losses', Review of Economics and Statistics, 69 (2), 249-61 (1987) 118
6 'Altruism and the Value of Other People's Safety', Journal of Risk and Uncertainty, 4 (2), April, 213-19 (1991) 131
7 'The Value of Risks to Life and Health', Journal of Economic Literature, XXXI (4), December, 1912-46 (1993) 138
8 'The Value of Private Safety Versus the Value of Public Safety', Journal of Risk and Uncertainty, 13 (3), November, 263-75 (1996) 173
9 'Explaining the "Identifiable Victim Effect'", Journal of Risk and Uncertainty, 14 (3), May/June, 235-57 (1997) 186
Part II The Value of Life: Labor Market Studies
10 'The Value of Saving a Life: Evidence from the Labor Market', in Nestor E. Terleckyj (ed.), Household Production and Consumption, New York: National Bureau of Economic Research, 265-98 (1976) 211
11 'Wealth Effects and Earnings Premiums for Job Hazards', Review of Economics and Statistics, 60 (3), 408-16 (1978) 245
12 'Compensating Wage Differentials for Fatal Injury Risk in Australia, Japan, and the United States', Journal of Risk and Uncertainty, 4 (1), January, 75-90 (1991) 254
13 'Compensating Differentials for Gender-Specific Job Injury Risks', American Economic Review, 88 (3), June, 598-607 (1998) 270
14 'Cigarette Smokers as Job Risk Takers', Review of Economics and Statistics, 83 (2), May, 269-80 (2001) 280
Part III The Value of Life: Product and Housing Market Studies
15 'Value of Life Saving: Implications of Consumption Activity', Journal of Political Economy, 87 (3), 540-58 (1979) 295
16 'Housing Prices, Health Effects, and Valuing Reductions in Risk of Death', Journal of Environmental Economics and Management, 8, 72-8 (1981) 314
17 'Measuring the Value of Life Saving from Consumer Reactions to New Information', Journal of Public Economics, 25, 53-81 (1984) 321
18 'A Test of the Expected Utility Model: Evidence from Earthquake Risks', Journal of Political Economy, 93 (2), April, 369-89 (1985) 350
19 'The Value of Safety: Results of a National Sample Survey', Economic Journal, 95, March, 49-72 (1985) 371
20 'The Value of Avoiding a LULU: Hazardous Waste Disposal Sites', Review of Economics and Statistics, 68 (2), 293-9 (1986) 395
21 'The Valuation of Risks to Life: Evidence from the Market for Automobiles', Review of Economics and Statistics, 72 (1), 133-6 (1990) 402
22 'The Effect of Risk Beliefs on Property Values: A Case Study of a Hazardous Waste Site', Risk Analysis, 10 (4), December, 485-97 (1990) 406
23 'Rates of Time Preference and Consumer Valuations of Automobile Safety and Fuel Efficiency', Journal of Law and Economics, XXXVIII (1), April, 79-105 (1995) 419
24 'Private Values of Risk Tradeoffs at Superfund Sites: Housing Market Evidence on Learning about Risk', Review of Economics and Statistics, 82 (3), August, 439-51 (2000) 446
Part IV Discounting and the Quantity of Life
25 'The Quantity-Adjusted Value of Life', Economic Inquiry, XXVI, July, 369-88 (1988) 461
26 'The Value of Changes in Life Expectancy', Journal of Risk and Uncertainty, 1 (3), September, 285-304 (1988) 481
27 'Rates of Time Preference and Valuations of the Duration of Life', Journal of Public Economics, 38 (3), April, 297-317 (1989) 501
28 'Discounting and the Evaluation of Lifesaving Programs', Journal of Risk and Uncertainty, 3 (4), December, 369-79 (1990) 522
29 'Discounting Statistical Lives', Journal of Risk and Uncertainty, 3 (4), December, 403-13 (1990) 533
Name Index 545
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