Policy applications of the value of a statistical life (VSL) often make a benefits transfer assumption that the VSL from one market context is broadly applicable to other contexts as in the U.S. Dept. of Transportation’s estimate of $9.1 million based on labor market estimates of VSL. This...

This paper provides a systematic review of the economic analysis of health, safety, and environmental regulations. Although the market failures that give rise to a rationale for intervention are well known, not all market failures imply that market risk levels are too great. Hazard warnings...