One challenging task faced by US government agencies is determining whether the benefits of their proposed regulations justify the costs. For benefits associated with reducing the risks of premature mortality, they rely on an analytic construct—the value per statistical life (VSL)—which...

One challenging task faced by US government agencies is determining whether the benefits of their proposed regulations justify the costs. For benefits associated with reducing the risks of premature mortality, they rely on an analytic construct—the value per statistical life (VSL)—which...

Governments often require that products carry warnings to inform people about risks. The warnings approach, as opposed to the command and control approach to risk regulation, functions as a decentralized regulatory mechanism that empowers individuals to make decisions that take into account...