As we understand it, the D.C. Circuit did not allow the EPA to consider the costs of complying with ozone and PM NAAQS. As we further understand it, this legal ruling can be overturned only by this Court. As economists, we believe that the D.C. Circuit's ruling not allowing the EPA to consider...

Four years ago, Magat, Huber, Viscusi, and Bell (2000) reported pretest results that introduced an iterative choice approach to valuing water quality improvements. This paper applies this approach to a nationally representative sample of over 1,000 respondents. We find that the method provides...

Results using an original data set indicate women receive more promotions than men. The frequency of promotions is linked to whether the woman had previously quit a job because of her husband's job move. Promotions significantly increase wages for men but not for women. These findings are...

This paper reports the distribution of doctoral degrees in economics and in other fields among faculty at the 26 highest ranked law schools. Almost one-third of professors at the top 13 law schools have a Ph.D. degree, with nine percent having a Ph.D. in economics. Law school rank is highly...

The U.S. Environmental Protection Agency (EPA) has been the target of two recent controversies involving the devaluation of life - the 2003 use of a senior discount for the value of statistical life for those over age 65 and the 2008 downward reassessment of the value of statistical life by the...

The risks of natural disasters have received substantial attention because of the substantial stakes involved and the lessons disasters provide for assessing the rationality of risky decisions. While there are some reasonable aspects of disaster insurance purchases, there are notable...

Calabresi's theory of tort liability (1961) as a risk distribution mechanism established insurance as an objective of tort liability. Calabresi's risk-spreading concept of tort has provided the impetus for much of the subsequent development of tort liability doctrine, including risk-utility...

Estimates of the value of a statistical life (VSL) establish the price government agencies use to value fatality risks. Transferring these valuations to other populations often utilizes the income elasticity of the VSL, which typically draw on estimates from meta-analyses. Using a data set...

The 2014 GM ignition switch recall highlighted the inadequacies of the company's safety culture and the shortcomings of regulatory sanctions. The company's inattention to systematic thinking about product safety can be traced to the hostile treatment of corporate risk analyses by the courts....