In the expected-utility theory of the monetary value of a statistical life, the so-called "dead-anyway" effect discovered by Pratt and Zeckhauser (1996) asserts that an individuals' willingness to pay (WTP) for small reductions in mortality risk increases with the initial level of risk. Their...

In the expected-utility theory of the monetary value of a statistical life, the so-called "dead-anyway" effect discovered by Pratt and Zeckhauser (1996) asserts that an individuals' willingness to pay (WTP) for small reductions in mortality risk increases with the initial level of risk. Their...

Environmental, health, and safety advocates, say Richard Revesz and Michael Livermore, have been wrongly hostile to cost-benefit analysis because of a false belief that it is biased against regulation. The bias against regulation, while real, has been the artifact of historical accident - the...

In the expected-utility theory of the monetary value of a statistical life, the so-called "dead-anyway" effect discovered by Pratt and Zeckhauser (1996) asserts that an individuals' willingness to pay (WTP) for small reductions in mortality risk increases with the initial level of risk. Their...

In the expected-utility theory of the monetary value of a statistical life, the so-called dead-anyway effect discovered by Pratt and Zeckhauser (1996) asserts that an individuals' willingness to pay (WTP) for small reductions in mortality risk increases with the initial level of risk. Their...

In the expected-utility theory of the monetary value of a statistical life, the so-called "dead-anyway" effect discovered by Pratt and Zeckhauser(1996) asserts that an individuals' willingness to pay (WTP) for small reductions in mortality risk increases with the initial level of risk. Their...

Diabetes is one of the most common, rapidly-growing life-threatening medical conditions in the United States today: Nearly 26 million Americans had diabetes in 2011, up from 24 million in 2007; and epidemiologists estimate that by 2020, nearly 12 percent of Americans or 39.2 million people will have...

Agencies are accustomed to considering questions of discounting — the process that makes monetary amounts comparable through time. But valuing the future is a distinctive enterprise for reasons that go beyond discounting. This Article explores two basic features of time that create challenges...

The value of a statistical life (VSL) is a very controversial topic, but one which is essential to the optimization of governmental decisions. Indeed, our society faces any number of risks (health, transportation, work, etc.) and, as resources are limited, their complete elimination is...