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Economics of Regulation and Antitrust
A substantially revised and updated new edition of the leading text on business and government, with new material reflecting recent theoretical and methodological advances; includes further coverage of the Microsoft antitrust case, the deregulation of telecommunications and electric power, and new environmental regulations. This new edition of the leading text on business and government focuses on the insights economic reasoning can provide in analyzing regulatory and antitrust issues. Departing from the traditional emphasis on institutions, Economics of Regulation and Antitrust asks how economic theory and empirical analyses can illuminate the character of market operation and the role for ...
Pricing Lives
How society’s undervaluing of life puts all of us at risk—and the groundbreaking economic measure that can fix it Like it or not, sometimes we need to put a monetary value on people's lives. In the past, government agencies used the financial "cost of death" to monetize the mortality risks of regulatory policies, but this method vastly undervalued life. Pricing Lives tells the story of how the government came to adopt an altogether different approach--the value of a statistical life, or VSL—and persuasively shows how its more widespread use could create a safer and more equitable society for everyone. In the 1980s, W. Kip Viscusi used the method to demonstrate that the benefits of requ...
Smoke-Filled Rooms
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 smoking impose net financial costs on the states? With Smoke-Filled Rooms,W. Kip Viscusi provides unexpected answers to these questions, drawing on an impressive range of data on several topics central to the smoking policy debate. Based on surveys of smokers in the United States and Spain, for instance, he demonstrates that smokers actually overestimate the dangers of smoking, indicating that they ...
Reforming Products Liability
Drawing on liability insurance trends and litigation patterns, Viscusi shows that the products liability crisis is has been developing for decades. He argues that the principal causes have been the expansion of the doctrine of design defect, the emergence of mass toxic torts, and an increase in lawsuits involving hazard warnings.
Regulation through Litigation
Recent high-profile lawsuits involving cigarettes, guns, breast implants, and other products have created new frictions between litigation and regulation. Increasingly, litigation is being used as a financial lever to force companies to accept negotiated regulatory policies—policies that invariably involve less public input and accountability than those arising from government regulation. The process not only usurps the traditional governmental authority for regulation, but also shifts the locus of establishing tax policy from the legislature to the parties involved in the litigation. Citizen interests are not explicitly represented and there is no mechanism to ensure that these outcomes a...
Informational Approaches to Regulation
Their set of original studies of household chemicals, energy audits, and food risk labeling establishes guidelines for the design and evaluation of these informational regulations. How does risk labeling information on hazardous household chemicals and pesticides influence consumer behavior? While many studies speculate on the effects of risk information, Magat and Viscusi draw on a series of extensive surveys to assess the likely response. Their set of original studies of household chemicals, energy audits, and food risk labeling establishes guidelines for the design and evaluation of these informational regulations. Their findings also include new estimates of the valuation of nonfatal hea...
Regulation through Litigation
Recent high-profile lawsuits involving cigarettes, guns, breast implants, and other products have created new frictions between litigation and regulation. Increasingly, litigation is being used as a financial lever to force companies to accept negotiated regulatory policies—policies that invariably involve less public input and accountability than those arising from government regulation. The process not only usurps the traditional governmental authority for regulation, but also shifts the locus of establishing tax policy from the legislature to the parties involved in the litigation. Citizen interests are not explicitly represented and there is no mechanism to ensure that these outcomes a...
Risk by Choice
Commentary on labour legislation concerning occupational safety and occupational health in the USA - reviews the work of the Occupational Safety and Health Administration in standard setting; examines the value of human life in terms of hazard elimination costs; argues thet disclosure of information, more effective than labour policy in improving employees attitude and trade union attitude towards arduous working conditions. References, statistical tables.
Smoking
Are the risks of smoking exaggerated? Has there been an open and rational discussion about the risks of smoking? This book attempts to answer these and many other questions about smoking. It provides a detailed empirical presentation on smoking behavior as a risky consumer decision. Using new empirical data based on several national and regional surveys, Viscusi addresses several issues, including: the sources of information that people have about the risks of smoking, the accuracy of their perceptions of risks associated with smoking, and the consistency of smoking decisions with other risky behavior--scrutinizing issues such as whether smokers value risk differently than those who wear saf...
