The aim of the study reported in this paper is to test the hypothesis that individual utility of wealth functions may violate the assumption of smoothness that underpins the standard analysis of the Value of Statistical Life (VSL) and safety. In order to do so we examine the way in which the...

How should a developed country quantify the costs and benefits of the safety externalities that its energy and environmental policies generate for a developing country and vice versa? This paper addresses this question within a conventional utilitarian welfare-economics framework on the...

It is a well-established fact that many people view the prospect of premature death by some causes with considerably more disquiet or “dread” than death by other causes. It is equally clear that for most people their personal risk of death by a given cause is also a matter of serious...