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The standard literature on the value of life relies on Yaari’s (1965) model, which includes an implicit assumption of risk neutrality with respect to life duration. To overpass this limitation, we extend the theory to a simple variety of preferences which are not necessarily additively...
Persistent link: https://www.econbiz.de/10008748321
This paper argues for an alternative methodology to estimate the value of risk to life. By relaxing the assumption of additive separability, we introduce risk aversion with respect to the length of life and show that the extended model better fits available data. This is crucial for the...
Persistent link: https://www.econbiz.de/10011450654
There are many reasons to suspect that benefit-cost analysis applied to environmental policies will result in policy decisions that will reject those environmental policies. The important question, of course, is whether those rejections are based on proper science. The present paper explores...
Persistent link: https://www.econbiz.de/10014193064
There are many reasons to suspect that benefit-cost analysis applied to environmental policies will result in policy decisions that will reject those environmental policies. The important question, of course, is whether those rejections are based on proper science. The present paper explores...
Persistent link: https://www.econbiz.de/10013105592
We consider optional TOU (time-of-use) pricing for residential consumers as an alternative to a single TOU or flat rate structure offered by a publicly regulated electricity supplier. A general equilibrium model is developed and used to explore and quantify the effects of optional pricing on...
Persistent link: https://www.econbiz.de/10012961646
There are many reasons to suspect that benefit-cost analysis applied to environmental policies will result in policy decisions that will reject those environmental policies. The important question, of course, is whether those rejections are based on proper science. The present paper explores...
Persistent link: https://www.econbiz.de/10013094430
The standard literature on the value of life relies on Yaari’s (1965) model, which includes an implicit assumption of risk neutrality with respect to life duration. To overpass this limitation, we extend the theory to a simple variety of preferences which are not necessarily additively...
Persistent link: https://www.econbiz.de/10011753197
This paper argues for an alternative methodology to estimate the value of risk to life. By relaxing the assumption of additive separability, we introduce risk aversion with respect to the length of life and show that the extended model better fits available data. This is crucial for the...
Persistent link: https://www.econbiz.de/10002225860
The standard literature on the value of life relies on Yaari's (1965) model, which includes an implicit assumption of risk neutrality with respect to life duration. To overpass this limitation, we extend the theory to a simple variety of preferences which are not necessarily additively...
Persistent link: https://www.econbiz.de/10013038592
Environmental, health, and safety advocates, say Richard Revesz and Michael Livermore, have been wrongly hostile to …. In fact, cost-benefit analysis, neutrally applied, can easily be proregulatory, especially in health, safety, and …
Persistent link: https://www.econbiz.de/10013114982