Detailed surveys examine risk and uncertainty, from classical and foundational work through current developments. Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance

This paper updates the mortality cost of expenditures. Because changes in income lead to changes in mortality risk, regulatory expenditures costing more per life saved than a threshold cost-per-life saved cutoff level are expected to increase mortality risk. This article discusses the mechanisms...

The tradeoff between money and small risks of death is the value of statistical life (VSL), which has become the standard for assessing the benefits of risk and environmental regulations. Labor market estimates of the VSL average about $7 million. This valuation amount rises with age and then...