The decision of whether to release transgenic crops in the EU is one subject to flexibility, uncertainty, and irreversibility. We analyse the case of herbicide tolerant sugar beet and reassess whether the 1998 de facto moratorium of the EU on transgenic crops for sugar beet was correct from a...

In this paper, we consider how the retirement age as well as a tax financed pension system ought to respond to a change in the standard deviation of the length of life. In a first best framework, where a benevolent government exercises perfect control over the individuals' labor supply and...

In this paper, we consider how the retirement age as well as a tax financed pension system ought to respond to a change in the standard deviation of the length of life. In a first best framework, where a benevolent government exercises perfect control over the individuals' labor supply and...

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...

The standard model of intertemporal choice assumes risk neutrality toward the length of life: due to additivity, agents are not sensitive to a mean preserving spread in the length of life. Using a survey fielded in the RAND American Life Panel (ALP), this paper provides empirical evidence on...

The criterion of cost-effectiveness in health management may be given a welfaretheoretical justification if people are risk neutral with respect to life years. With risk aversion, the optimal allocation of health expenditures change: Compared to the costeffective allocation, more resources...

The United States has long suffered from a schizophrenia about energy policy. The importance of one of the factors in energy policy, the environment, has never been formally defined. Climate change adds another distinct layer to this complexity, as neither energy policies nor environmental...

Private firms often withhold information or contest scientific knowledge when public revelation could lead to costly regulations or liability. This concealment leads to negative externalities and public harm. But what if private firms' superior knowledge and self-interest could be harnessed to...

This article explores how deeply held philosophies and environmental risk allocation are "real" values in terms of enivronmental impacts, and as such should be considered under NEPA. If this were the case, this would make the operation of NEPA more transparent and efficient