The Ellsberg Paradox documented the aversion to ambiguity in the probability of winning a prize. Using an original sample of 266 business owners and managers facing risks from climate change, this paper documents the presence of departures from rationality in both directions. Both ambiguity-seeking behavior and ambiguity-averse behavior are evident. People exhibit ‘fear’ effects of ambiguity for small probabilities of suffering a loss and ‘hope’ effects for large probabilities. Estimates of the crossover point from ambiguity aversion (fear) to ambiguity seeking (...) (hope) place this value between 0.3 and 0.7 for the risk per decade lotteries considered, with empirical estimates indicating a crossover mean risk of about 0.5. Attitudes toward the degree of ambiguity also reverse at the crossover point. (shrink)

This book is the culmination and synthesis of Viscusi's distinguished work in the social regulation of risk.

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 in individual 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 with respect 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 and social insurance should be integrated into a rational risk management strategy. (shrink)

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 safety belts. Viscusi also looks at the differences in age groups and how they assess these risks based on public information. He provides new insight into the degree to which individuals understand smoking risks and take these risks into account in their smoking behavior. With its detailed empirical data and its examination of individual decision-making processes, this work will interest researchers in public health, public policy analysis, psychology, and economics, as well as anyone concerned with this important issue. (shrink)

Optimal protective responses to long-term risks depend on rational perceptions of ambiguous risks and uncertain time horizons. Our study examined the joint influence of uncertain delay and risk in an original sample of business owners and managers. We found that many subjects disliked uncertainty in the timing of an outcome, a reaction we term ``lottery timing risk aversion.'' Such aversion to uncertain timing was positively related to aversion to ambiguous probabilities for lotteries involving storm damage risks. This association suggests that (...) uncertainty may be processed similarly in both the risk and time dimensions. (shrink)

Cost-benefit analysis is a widely used governmental evaluation tool, though academics remain skeptical. This volume gathers prominent contributors from law, economics, and philosophy for discussion of cost-benefit analysis, specifically its moral foundations, applications and limitations. This new scholarly debate includes not only economists, but also contributors from philosophy, cognitive psychology, legal studies, and public policy who can further illuminate the justification and moral implications of this method and specify alternative measures. These articles originally appeared in the Journal of Legal Studies. (...) Contributors: - Matthew D. Adler - Gary S. Becker - John Broome - Robert H. Frank - Robert W. Hahn - Lewis A. Kornhauser - Martha C. Nussbaum - Eric A. Posner - Richard A. Posner - Henry S. Richardson - Amartya Sen - Cass R. Sunstein - W. Kip Viscusi. (shrink)

In his dissection of the 1998 tobacco settlements, W. Kip Viscusi provides a window on how the ostensibly liberal public philosophy behind the modern American regulatory state betrays its foundational commitments. Animated by a moralizing concern with preventing harm to self, and a leftist antagonism towards corporate capitalism, “progressive liberalism” at first foundered in its war against the tobacco industry in the face of traditional liberal counterarguments about individual autonomy, knowledge of risk, and choice. Only when progressive liberals translated (...) their paternalist impulses into science‐centered arguments about ignorance and addiction, which involve barriers to autonomous choice and harm to others, did they succeed in turning the legal and regulatory tide against smoking. This dynamic raises questions about the future of individual autonomy in a science‐centered, progressive‐liberal modern polity. (shrink)

This scarce antiquarian book is a facsimile reprint of the original. Due to its age, it may contain imperfections such as marks, notations, marginalia and flawed pages. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions that are true to the original work.

The Language of Atoms argues that Epicurean writing, specifically Lucretius', offers a theory of performative language, of how language acts rather than describes.

The rhetoric of 'needs' has been used to legitimate all major turns in UK health policy since 1936. This study identifies the ethical, policy and technical issues arising from the concept of needs. In the first part a theory of needs is developed, which takes into account both the philosophical traditions and the practical problems arising in daily health care. In a second part, health systems throughout the world are described and compared, addressing ethical as well as economical questions. Its (...) interdisciplinary approach will make The Need for Healthcare important reading not only for those interested in or employed in the health care sector but also for students of philosophy. (shrink)

The rhetoric of 'needs' has been used to legitimate all major turns in UK health policy since 1936. This study identifies the ethical, policy and technical issues arising from the concept of needs. In the first part a theory of needs is developed, which takes into account both the philosophical traditions and the practical problems arising in daily health care. In a second part, health systems throughout the world are described and compared, addressing ethical as well as economical questions. Its (...) interdisciplinary approach will make _The Need for Healthcare_ important reading not only for those interested in or employed in the health care sector but also for students of philosophy. (shrink)