W. Kip Viscusi

in Rational Risk Policy

Published in print March 1998 | ISBN: 9780198293637
Published online November 2003 | e-ISBN: 9780191596995 | DOI:

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This chapter introduces the linkage between economic behaviour and risk regulation policies. Analysis of individual behaviour often reveals the nature of private market failures and provides guidance with respect to the appropriate forms of intervention. However, irrationality in behaviour can also generate the impetus for misguided government policies to the extent that policies are responsive to citizen preferences even when they are irrational.

Keywords: economic behaviour; irrationality; market failure; policy; public preferences; risk regulation

Chapter.  1134 words.  Illustrated.

Subjects: Microeconomics

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