We examine differences in the value of statistical life (VSL) across potential wage levels in panel data using quantile regressions with intercept heterogeneity. Latent heterogeneity is econometrically important and affects the estimated VSL. Our findings indicate that a reasonable average cost...

Our survey results demonstrate that targeted screening of airline passengers raises conflicting concerns of efficiency and equity. Support for profiling increases if there is a substantial reduction in avoided delays to other passengers. The time cost and benefit components of targeting affect...

Survey respondents assessed the risks of terrorist attacks and their consequences and were asked how their assessments changed from before September 11 to the present. This paper analyzes those current and recollected risk assessments. More than half of the respondents exhibited what we label...

Examining issues related to the social regulation of risk, this volume contains essays on the value of life, empirical estimates of the value of life, the rationality of individual responses to risk, the effect of government risk regulation efforts, and the role of the courts and insurance

The 1998 out-of-court settlements of litigation by the states against the cigarette industry totaled 243 billion, making it the largest payoff ever in our civil justice system. Two key questions drove the lawsuits and the attendant settlement: Do smokers understand the risks of smoking? And does...

Although government agencies increasingly use behavioral irrationalities as a justification for government intervention, the paradox is that these same government policies are also subject to similar behavioral inadequacies across a broad range of policies. This article develops an analysis of...