Rational Risk Policy: The 1996 Arne Ryde Memorial Lectures by W. Kip Viscusi

By W. Kip Viscusi

This ebook presents a entire and obtainable synthesis of Viscusi's 1996 Arne Ryde Memorial lectures on threat coverage. during this quantity, Viscusi explores a number of the types of irrationality exemplified in person chance habit and the function govt coverage has performed in institutionalizing those biases. He examines the consequences for presidency coverage of shoppers and staff' danger ideals and behavioral responses to chance. as well as a critique of present hazard research practices, he indicates suggestions for rational possibility administration, together with probability warnings efforts, direct law, and legal responsibility as substitute modes of intervention.

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10. The extent of underassessment of the risk seems to be particularly small. 31 for current smokers. 54 24 These results are from Gallup poll surveys for the respective years, where the complete results are reported in table 3-3 of Viscusi (1992b) . 5. 03) Sample size = 206. 47 for current smokers. Each of these values exceeds the upper bound of the scientific assessments of the total smoking mortality risk to smokers. The overassessment of smoking risks does not appear to be a size-related bias.

Somewhat surprisingly, respondents are willing to pay the greatest amount for a risk reduction for the last incremental risk decrement from 5/10,000 to zero. This amount dwarfs the previous willingness to pay from 10/10,000 to 5/10,000 in every case. Moreover, for both pairs of insecticide risks, respondents' willingness to pay for the last incremental risk reduction 5/10,000 exceeds their combined willingness to pay for the two previous risk reductions, which were twice as great in terms of the risk decrease.

Rationale for Hazard Warnings The 1970s was the era in which government policy focused on direct regulation of risk and the environment. The 1980s marked the emergence of hazard warnings as a prominent policy alternative. Recognition of the importance of personal risk protection and risk-taking decisions has led to increasing emphasis on right-to-know policies, efforts that promote an informed citizenry, and recognition of individuals' ability and right to make choices to protect their own lives.

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