This study utilizes reference lotteries on life and death to establish a death-equivalent metric for valuing long-term health effects. We use a computer-based survey approach to elicit choices among residential locations that pose different risks of chronic disease and dying in an automobile...

On the basis of data from a survey of almost 400 consumers, this article assesses whether consumer behavior is responsive to information about product hazards that is provided in response to regulation. We find that the extent to which consumers take precautions is consistent with the level of...

After developing a conceptual analysis of consumer valuation of multiple risks, we explore both economic and cognitive hypotheses regarding individual risk-taking. Using a sample of over 1,500 consumers, our study ascertains risk-dollar tradeoffs for the risks associated with using an...

Situations in which individuals receive information seldom involve scientific consensus over the level of the risk. When scientific experts disagree, people may process the information in an unpredictable manner. The original data presented here for environmental risk judgments indicate a...

This article examines the effect of three forms of regulation (rate of return, ceiling-price, and markup) upon the rate and direction of technical advance selected by a myopic profit maximizing firms. With a homothetic production function ceiling-price regulation induces a faster rate of...

This study analyzes the effect of bicycle safety regulation in the United States and the United Kingdom using data on monthly injury rates. Unlike many previous studies of product safety regulation, a specific product regulation is analyzed, and long data series are available. In both countries,...

A paper by Bultez and Naert in the May 1979 issue of Management Science tentatively concludes that profits are relatively insensitive to misspecification of the lag structure of advertising. We examine the conditions under which a firm's profits are most likely to be sensitive to the...