Fatal Tradeoffs: Public and Private Responsibilities for Risk / Edition 1

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Ideally, it would be desirable if we could all adopt a high-minded commitment to a risk-free existence. Unfortunately, such an objective is beyond our reach—politicians who advocate higher taxes rarely get elected and economists who indicate that our resources are limited are often portrayed as purveyors of pessimism. Fatal Tradeoffs culminates and synthesizes the research of the government's expert on the value of life and risk regulation. This volume presents Viscusi's work in the social regulation of risk, this volume covers topics relating to the value and empirical estimates of life, the rationality of individual responses to risk, and the role of government policy. In addition to a careful selection of his writings, Fatal Tradeoffs includes a new survey of the value-of-life literature, a review of the 1980s regulatory reforms, and guidelines for risk policy. Balanced with case studies, the more technical articles have been opened to include policy ramifications, making the text accessible to professionals and academics alike.

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Editorial Reviews

From the Publisher
"Essential reading for anyone who wants the most current information and assessment of this important subject."—Sherwin Rosen, University of Chicago

"Viscusi's Fatal Tradeoffs will be the classic of modern risk analysis."—William A. Niskanen, Chairman, Cato Institute

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Product Details

  • ISBN-13: 9780195102932
  • Publisher: Oxford University Press, USA
  • Publication date: 9/28/1995
  • Edition description: REPRINT
  • Edition number: 1
  • Pages: 320
  • Product dimensions: 6.13 (w) x 9.25 (h) x 0.83 (d)

Table of Contents

1 The Fundamental Role of Risk Tradeoffs 3
Pt. I Risk Valuation: Concepts and Estimates
2 Strategic and Ethical Issues in the Valuation of Life 17
3 Evidence on the Value of Life: Case Studies from the Labor Market 34
4 A Survey of Values of Risks to Life and Health 51
5 Social Insurance for Work and Product Injuries 75
Pt. II Rationality and Individual Responses to Risk
6 Rational Models of Biases in Risk Perception 101
7 Behavioral Anomalies and Paradoxes in Choices under Uncertainty 111
8 Sources of Inconsistency in Societal Responses to Health Risks 138
Pt. III Risk Regulation
9 Risk within Reason 149
10 Cotton Dust Regulation: An OSHA Success Story? 161
11 The Impact of Occupational Safety and Health Regulation, 1972-1975 181
12 The Impact of Occupational Safety and Health Regulation, 1973-1983 206
13 Consumer Behavior and the Safety Effects of Consumer Product Safety Regulation 223
14 The Mis-Specified Agenda: The 1980s Reforms of Health, Safety, and Environmental Regulation 248
References 293
Index 303
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