Rational Risk Policy: The 1996 Arne Ryde Memorial Lectures

Hardcover | March 1, 1998

byW. Kip Viscusi

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Rational Risk Policy is based on Viscusi's Arne Ryde Memorial Lectures, delivered at Lund University in 1996. The organizing principle of these lectures is that the irrationality of individual decisions is often embodied in government regulations. Rather than overcoming the inadequacies inindividual risk beliefs and behaviour, governmental regulations often institutionalize them. Viscusi examines how consumers and workers perceive risk and the implications of these risk beliefs and behavioural responses to risk for government policy. Hazard warnings efforts, direct regulation, and liability are among the alternative modes of intervention. The role of risk tradeoffs withrespect to the value of life as well as the consequences of wasteful regulatory expenditures are considered in a discussion of riskrisk analysis. Rational Risk Policy also includes a critique of the risk analysis practices used by government agencies as well as a consideration of how liability andsocial insurance should be integrated into a rational risk management strategy.

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From the Publisher

Rational Risk Policy is based on Viscusi's Arne Ryde Memorial Lectures, delivered at Lund University in 1996. The organizing principle of these lectures is that the irrationality of individual decisions is often embodied in government regulations. Rather than overcoming the inadequacies inindividual risk beliefs and behaviour, governme...

W. Kip Viscusi is at Harvard Law School.

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Format:HardcoverDimensions:152 pages, 8.5 × 5.43 × 0.51 inPublished:March 1, 1998Publisher:Oxford University Press

The following ISBNs are associated with this title:

ISBN - 10:0198293631

ISBN - 13:9780198293637

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Table of Contents

Preface1. Introduction2. Risk Beliefs and Individual Rationality3. Hazard Warnings and Risk Information4. The Value of Life5. Risk-Risk Analysis6. Risk Analysis and Regulatory Policy7. Liability and Social Insurance8. Toward a Rational Basis for RegulationReferencesIndex

Editorial Reviews

`A particularly interesting part of this book is the chapter on risk analysis and regulatory policy ... This book is an important contribution to the literature dealing with risk policy. The author clearly lays out the various failures that occur in individual risk assessment and riskdecisions ... The observations in this book add greatly to the goal of achieving a rational risk policy.'William Feldhaus, The Journal of Risk and Insurance