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Classics in Risk Management
This two-volume collection of key papers by leading scholars provides a comprehensive perspective on the evaluation and performance of risk regulation policies.
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Critical Acclaim
Contributors
Contents
More Information
This two-volume collection of key papers by leading scholars provides a comprehensive perspective on the evaluation and performance of risk regulation policies.
An analysis of the statistical life provides the basis for an examination of the risk money tradeoffs reflected in individual decisions in the labour, product and housing markets and an investigation of how these concepts can be used to evaluate government regulatory policies, including the newly developed risk-risk analysis approach. The volumes also offer an assessment of the performance of government risk regulations and a comprehensive analysis of the formation of risk beliefs and the role of hazard warnings policies in fostering improved risk decisions.
The editors have written an authoritative introduction which presents a review of the selected papers and identifies interesting topics for future research.
An analysis of the statistical life provides the basis for an examination of the risk money tradeoffs reflected in individual decisions in the labour, product and housing markets and an investigation of how these concepts can be used to evaluate government regulatory policies, including the newly developed risk-risk analysis approach. The volumes also offer an assessment of the performance of government risk regulations and a comprehensive analysis of the formation of risk beliefs and the role of hazard warnings policies in fostering improved risk decisions.
The editors have written an authoritative introduction which presents a review of the selected papers and identifies interesting topics for future research.
Critical Acclaim
‘Major government entities, banking and finance, insurance in particular and manufacturing and distribution entities would get clear value from these two fine reference works. They obviously have a major place in universities and institutions devoted to primary analysis but proffer such a broad field that to discount them may be taking a risk in itself.’
– Geoffrey N. De Lacy, Australian Institute of Company Directors
‘Kip Viscusi’s research has defined the rational economic approach to risk policy for nearly 25 years since his first book on the subject appeared in 1979. The Viscusi–Gayer two-volume set assembles a significant subset of the risk literature relying on the rational economic perspective.’
– V. Kerry Smith, Arizona State University, US
– Geoffrey N. De Lacy, Australian Institute of Company Directors
‘Kip Viscusi’s research has defined the rational economic approach to risk policy for nearly 25 years since his first book on the subject appeared in 1979. The Viscusi–Gayer two-volume set assembles a significant subset of the risk literature relying on the rational economic perspective.’
– V. Kerry Smith, Arizona State University, US
Contributors
60 articles, dating from 1961 to 2002
Contributors include: B.N. Ames, C.F. Camerer, M.W. Jones-Lee, H. Kunreuther, S. Peltzman, S. Rosen, R.S. Smith, V.K. Smith, R. Zeckhauser
Contributors include: B.N. Ames, C.F. Camerer, M.W. Jones-Lee, H. Kunreuther, S. Peltzman, S. Rosen, R.S. Smith, V.K. Smith, R. Zeckhauser
Contents
Contents:
Volume I
Acknowledgements
Introduction W. Kip Viscusi and Ted Gayer
PART I THE VALUE OF LIFE: OVERVIEW AND SURVEYS
1. T.C. Schelling (1968), ‘The Life You Save May Be Your Own’
2. E.J. Mishan (1971), ‘Evaluation of Life and Limb: A Theoretical Approach’
3. Richard Zeckhauser (1975), ‘Procedures for Valuing Lives’
4. Robert S. Smith (1979), ‘Compensating Wage Differentials and Public Policy: A Review’
5. W. Kip Viscusi and Michael J. Moore (1987), ‘Workers’ Compensation: Wage Effects, Benefit Inadequacies, and the Value of Health Losses’
6. M.W. Jones-Lee (1991), ‘Altruism and the Value of Other People’s Safety’
7. W. Kip Viscusi (1993), ‘The Value of Risks to Life and Health’
8. Magnus Johannesson, Per-Olov Johansson and Richard M. O’Conor (1996), ‘The Value of Private Safety Versus the Value of Public Safety’
9. Karen E. Jenni and George Loewenstein (1997), ‘Explaining the “Identifiable Victim Effect”’
PART II THE VALUE OF LIFE: LABOR MARKET STUDIES
10. Richard Thaler and Sherwin Rosen (1976), ‘The Value of Saving a Life: Evidence from the Labor Market’
11. W. Kip Viscusi (1978), ‘Wealth Effects and Earnings Premiums for Job Hazards’
12. Thomas J. Kniesner and John D. Leeth (1991), ‘Compensating Wage Differentials for Fatal Injury Risk in Australia, Japan, and the United States’
13. Joni Hersch (1998), ‘Compensating Differentials for Gender-Specific Job Injury Risks’
14. W. Kip Viscusi and Joni Hersch (2001), ‘Cigarette Smokers as Job Risk Takers’
PART III THE VALUE OF LIFE: PRODUCT AND HOUSING MARKET STUDIES
15. Glenn Blomquist (1979), ‘Value of Life Saving: Implications of Consumption Activity’
16. Paul R. Portney (1981), ‘Housing Prices, Health Effects, and Valuing Reductions in Risk of Death’
17. Pauline M. Ippolito and Richard A. Ippolito (1984), ‘Measuring the Value of Life Saving from Consumer Reactions to New Information’
18. David S. Brookshire, Mark A. Thayer, John Tschirhart and William D. Schulze (1985), ‘A Test of the Expected Utility Model: Evidence from Earthquake Risks’
19. M.W. Jones-Lee, M. Hammerton and P.R. Philips (1985), ‘The Value of Safety: Results of a National Sample Survey’
20. V. Kerry Smith and William H. Desvousges (1986), ‘The Value of Avoiding a LULU: Hazardous Waste Disposal Sites’
21. Scott E. Atkinson and Robert Halvorsen (1990), ‘The Valuation of Risks to Life: Evidence from the Market for Automobiles’
22. Gary H. McClelland, William D. Schulze and Brian Hurd (1990), ‘The Effect of Risk Beliefs on Property Values: A Case Study of a Hazardous Waste Site’
23. Mark K. Dreyfus and W. Kip Viscusi (1995), ‘Rates of Time Preference and Consumer Valuations of Automobile Safety and Fuel Efficiency’
24. Ted Gayer, James T. Hamilton and W. Kip Viscusi (2000), ‘Private Values of Risk Tradeoffs at Superfund Sites: Housing Market Evidence on Learning about Risk’
PART IV DISCOUNTING AND THE QUANTITY OF LIFE
25. Michael J. Moore and W. Kip Viscusi (1988), ‘The Quantity-Adjusted Value of Life’
26. Sherwin Rosen (1988), ‘The Value of Changes in Life Expectancy’
27. W. Kip Viscusi and Michael J. Moore (1989), ‘Rates of Time Preference and Valuations of the Duration of Life’
28. Maureen L. Cropper and Paul R. Portney (1990), ‘Discounting and the Evaluation of Lifesaving Programs’
29. John K. Horowitz and Richard T. Carson (1990), ‘Discounting Statistical Lives’
Name Index
Volume II
Acknowledgements
An introduction by the editors to both volumes appears in Volume I
PART I RISK-RISK ANALYSIS
1. Ralph L. Keeney (1990), ‘Mortality Risks Induced by Economic Expenditures’
2. Kenneth S. Chapman and Govind Hariharan (1994), ‘Controlling for Causality in the Link from Income to Mortality’
3. Randall Lutter and John F. Morrall III (1994), ‘Health-Health Analysis: A New Way to Evaluate Health and Safety Regulation’
4. W. Kip Viscusi (1994), ‘Mortality Effects of Regulatory Costs and Policy Evaluation Criteria’
5. Randall Lutter, John F. Morrall III and W. Kip Viscusi (1999), ‘The Cost-Per-Life-Saved Cutoff for Safety-Enhancing Regulations’
6. Ulf-G. Gerdtham and Magnus Johannesson (2002), ‘Do Life-Saving Regulations Save Lives?’
PART II RISK REGULATION: GENERAL ISSUES AND PERFORMANCE
7. John F. Morrall III (1986), ‘A Review of the Record’
8. Bruce N. Ames, Renae Magaw and Lois Swirsky Gold (1987), ‘Ranking Possible Carcinogenic Hazards’
9. Tammy O. Tengs, Miriam E. Adams, Joseph S. Pliskin, Dana Gelb Safran, Joanna E. Siegel, Milton C. Weinstein and John D. Graham (1995), ‘Five-Hundred Life-Saving Interventions and Their Cost-Effectiveness’
PART III RISK REGULATION: JOB SAFETY
10. Robert Stewart Smith (1979), ‘The Impact of OSHA Inspections on Manufacturing Injury Rates’
11. W. Kip Viscusi (1979), ‘The Impact of Occupational Safety and Health Regulation’
12. John W. Ruser and Robert S. Smith (1988), ‘The Effect of OSHA Records-Check Inspections on Reported Occupational Injuries in Manufacturing Establishments’
13. John T. Scholz and Wayne B. Gray (1990), ‘OSHA Enforcement and Workplace Injuries: A Behavioral Approach to Risk Assessment’
PART IV RISK REGULATION: PRODUCT SAFETY
14. Sam Peltzman (1975), ‘The Effects of Automobile Safety Regulation’
15. Richard J. Arnould and Henry Grabowski (1981), ‘Auto Safety Regulation: An Analysis of Market Failure’
16. W. Kip Viscusi (1985), ‘Consumer Behavior and the Safety Effects of Product Safety Regulation’
17. Theodore E. Keeler (1994), ‘Highway Safety, Economic Behavior, and Driving Environment’
18. Steven D. Levitt and Jack Porter (2001), ‘Sample Selection in the Estimation of Air Bag and Seat Belt Effectiveness’
PART V RISK REGULATION: ENVIRONMENT
19. Maureen L. Cropper, William N. Evans, Stephen J. Berardi, Maria M. Ducla-Soares and Paul R. Portney (1992), ‘The Determinants of Pesticide Regulation: A Statistical Analysis of EPA Decision Making’
20. James T. Hamilton (1995), ‘Testing for Environmental Racism: Prejudice, Profits, Political Power?’
PART VI RISK BELIEFS AND HAZARD WARNINGS
21. Sarah Lichtenstein, Paul Slovic, Baruch Fischhoff, Mark Layman and Barbara Combs (1978), ‘Judged Frequency of Lethal Events’
22. W. Kip Viscusi and Charles J. O’Connor (1984), ‘Adaptive Responses to Chemical Labeling: Are Workers Bayesian Decision Makers?
23. Colin F. Camerer and Howard Kunreuther (1989), ‘Decision Processes for Low Probability Events: Policy Implications’
24. W. Kip Viscusi (1990), ‘Do Smokers Underestimate Risks?’
25. Jin-Tan Liu and Chee-Ruey Hsieh (1995), ‘Risk Perception and Smoking Behavior: Empirical Evidence from Taiwan’
PART VII RISK AMBIGUITY
26. Daniel Ellsberg (1961), ‘Risk, Ambiguity, and the Savage Axioms’
27. Howard Raiffa (1961), ‘Risk, Ambiguity, and the Savage Axioms: Comment’
28. Albert L. Nichols and Richard J. Zeckhauser (1986), ‘The Perils of Prudence: How Conservative Risk Assessments Distort Regulation’
29. Colin Camerer and Martin Weber (1992), ‘Recent Developments in Modeling Preferences: Uncertainty and Ambiguity’
30. Howard Kunreuther, Robin Hogarth and Jacqueline Meszaros (1993), ‘Insurer Ambiguity and Market Failure’
31. W. Kip Viscusi (1997), ‘Alarmist Decisions with Divergent Risk Information’
Name Index
Volume I
Acknowledgements
Introduction W. Kip Viscusi and Ted Gayer
PART I THE VALUE OF LIFE: OVERVIEW AND SURVEYS
1. T.C. Schelling (1968), ‘The Life You Save May Be Your Own’
2. E.J. Mishan (1971), ‘Evaluation of Life and Limb: A Theoretical Approach’
3. Richard Zeckhauser (1975), ‘Procedures for Valuing Lives’
4. Robert S. Smith (1979), ‘Compensating Wage Differentials and Public Policy: A Review’
5. W. Kip Viscusi and Michael J. Moore (1987), ‘Workers’ Compensation: Wage Effects, Benefit Inadequacies, and the Value of Health Losses’
6. M.W. Jones-Lee (1991), ‘Altruism and the Value of Other People’s Safety’
7. W. Kip Viscusi (1993), ‘The Value of Risks to Life and Health’
8. Magnus Johannesson, Per-Olov Johansson and Richard M. O’Conor (1996), ‘The Value of Private Safety Versus the Value of Public Safety’
9. Karen E. Jenni and George Loewenstein (1997), ‘Explaining the “Identifiable Victim Effect”’
PART II THE VALUE OF LIFE: LABOR MARKET STUDIES
10. Richard Thaler and Sherwin Rosen (1976), ‘The Value of Saving a Life: Evidence from the Labor Market’
11. W. Kip Viscusi (1978), ‘Wealth Effects and Earnings Premiums for Job Hazards’
12. Thomas J. Kniesner and John D. Leeth (1991), ‘Compensating Wage Differentials for Fatal Injury Risk in Australia, Japan, and the United States’
13. Joni Hersch (1998), ‘Compensating Differentials for Gender-Specific Job Injury Risks’
14. W. Kip Viscusi and Joni Hersch (2001), ‘Cigarette Smokers as Job Risk Takers’
PART III THE VALUE OF LIFE: PRODUCT AND HOUSING MARKET STUDIES
15. Glenn Blomquist (1979), ‘Value of Life Saving: Implications of Consumption Activity’
16. Paul R. Portney (1981), ‘Housing Prices, Health Effects, and Valuing Reductions in Risk of Death’
17. Pauline M. Ippolito and Richard A. Ippolito (1984), ‘Measuring the Value of Life Saving from Consumer Reactions to New Information’
18. David S. Brookshire, Mark A. Thayer, John Tschirhart and William D. Schulze (1985), ‘A Test of the Expected Utility Model: Evidence from Earthquake Risks’
19. M.W. Jones-Lee, M. Hammerton and P.R. Philips (1985), ‘The Value of Safety: Results of a National Sample Survey’
20. V. Kerry Smith and William H. Desvousges (1986), ‘The Value of Avoiding a LULU: Hazardous Waste Disposal Sites’
21. Scott E. Atkinson and Robert Halvorsen (1990), ‘The Valuation of Risks to Life: Evidence from the Market for Automobiles’
22. Gary H. McClelland, William D. Schulze and Brian Hurd (1990), ‘The Effect of Risk Beliefs on Property Values: A Case Study of a Hazardous Waste Site’
23. Mark K. Dreyfus and W. Kip Viscusi (1995), ‘Rates of Time Preference and Consumer Valuations of Automobile Safety and Fuel Efficiency’
24. Ted Gayer, James T. Hamilton and W. Kip Viscusi (2000), ‘Private Values of Risk Tradeoffs at Superfund Sites: Housing Market Evidence on Learning about Risk’
PART IV DISCOUNTING AND THE QUANTITY OF LIFE
25. Michael J. Moore and W. Kip Viscusi (1988), ‘The Quantity-Adjusted Value of Life’
26. Sherwin Rosen (1988), ‘The Value of Changes in Life Expectancy’
27. W. Kip Viscusi and Michael J. Moore (1989), ‘Rates of Time Preference and Valuations of the Duration of Life’
28. Maureen L. Cropper and Paul R. Portney (1990), ‘Discounting and the Evaluation of Lifesaving Programs’
29. John K. Horowitz and Richard T. Carson (1990), ‘Discounting Statistical Lives’
Name Index
Volume II
Acknowledgements
An introduction by the editors to both volumes appears in Volume I
PART I RISK-RISK ANALYSIS
1. Ralph L. Keeney (1990), ‘Mortality Risks Induced by Economic Expenditures’
2. Kenneth S. Chapman and Govind Hariharan (1994), ‘Controlling for Causality in the Link from Income to Mortality’
3. Randall Lutter and John F. Morrall III (1994), ‘Health-Health Analysis: A New Way to Evaluate Health and Safety Regulation’
4. W. Kip Viscusi (1994), ‘Mortality Effects of Regulatory Costs and Policy Evaluation Criteria’
5. Randall Lutter, John F. Morrall III and W. Kip Viscusi (1999), ‘The Cost-Per-Life-Saved Cutoff for Safety-Enhancing Regulations’
6. Ulf-G. Gerdtham and Magnus Johannesson (2002), ‘Do Life-Saving Regulations Save Lives?’
PART II RISK REGULATION: GENERAL ISSUES AND PERFORMANCE
7. John F. Morrall III (1986), ‘A Review of the Record’
8. Bruce N. Ames, Renae Magaw and Lois Swirsky Gold (1987), ‘Ranking Possible Carcinogenic Hazards’
9. Tammy O. Tengs, Miriam E. Adams, Joseph S. Pliskin, Dana Gelb Safran, Joanna E. Siegel, Milton C. Weinstein and John D. Graham (1995), ‘Five-Hundred Life-Saving Interventions and Their Cost-Effectiveness’
PART III RISK REGULATION: JOB SAFETY
10. Robert Stewart Smith (1979), ‘The Impact of OSHA Inspections on Manufacturing Injury Rates’
11. W. Kip Viscusi (1979), ‘The Impact of Occupational Safety and Health Regulation’
12. John W. Ruser and Robert S. Smith (1988), ‘The Effect of OSHA Records-Check Inspections on Reported Occupational Injuries in Manufacturing Establishments’
13. John T. Scholz and Wayne B. Gray (1990), ‘OSHA Enforcement and Workplace Injuries: A Behavioral Approach to Risk Assessment’
PART IV RISK REGULATION: PRODUCT SAFETY
14. Sam Peltzman (1975), ‘The Effects of Automobile Safety Regulation’
15. Richard J. Arnould and Henry Grabowski (1981), ‘Auto Safety Regulation: An Analysis of Market Failure’
16. W. Kip Viscusi (1985), ‘Consumer Behavior and the Safety Effects of Product Safety Regulation’
17. Theodore E. Keeler (1994), ‘Highway Safety, Economic Behavior, and Driving Environment’
18. Steven D. Levitt and Jack Porter (2001), ‘Sample Selection in the Estimation of Air Bag and Seat Belt Effectiveness’
PART V RISK REGULATION: ENVIRONMENT
19. Maureen L. Cropper, William N. Evans, Stephen J. Berardi, Maria M. Ducla-Soares and Paul R. Portney (1992), ‘The Determinants of Pesticide Regulation: A Statistical Analysis of EPA Decision Making’
20. James T. Hamilton (1995), ‘Testing for Environmental Racism: Prejudice, Profits, Political Power?’
PART VI RISK BELIEFS AND HAZARD WARNINGS
21. Sarah Lichtenstein, Paul Slovic, Baruch Fischhoff, Mark Layman and Barbara Combs (1978), ‘Judged Frequency of Lethal Events’
22. W. Kip Viscusi and Charles J. O’Connor (1984), ‘Adaptive Responses to Chemical Labeling: Are Workers Bayesian Decision Makers?
23. Colin F. Camerer and Howard Kunreuther (1989), ‘Decision Processes for Low Probability Events: Policy Implications’
24. W. Kip Viscusi (1990), ‘Do Smokers Underestimate Risks?’
25. Jin-Tan Liu and Chee-Ruey Hsieh (1995), ‘Risk Perception and Smoking Behavior: Empirical Evidence from Taiwan’
PART VII RISK AMBIGUITY
26. Daniel Ellsberg (1961), ‘Risk, Ambiguity, and the Savage Axioms’
27. Howard Raiffa (1961), ‘Risk, Ambiguity, and the Savage Axioms: Comment’
28. Albert L. Nichols and Richard J. Zeckhauser (1986), ‘The Perils of Prudence: How Conservative Risk Assessments Distort Regulation’
29. Colin Camerer and Martin Weber (1992), ‘Recent Developments in Modeling Preferences: Uncertainty and Ambiguity’
30. Howard Kunreuther, Robin Hogarth and Jacqueline Meszaros (1993), ‘Insurer Ambiguity and Market Failure’
31. W. Kip Viscusi (1997), ‘Alarmist Decisions with Divergent Risk Information’
Name Index