Chapter

Toward a Rational Basis for Regulation

W. Kip Viscusi

in Rational Risk Policy

Published in print March 1998 | ISBN: 9780198293637
Published online November 2003 | e-ISBN: 9780191596995 | DOI: http://dx.doi.org/10.1093/0198293631.003.0008
 Toward a Rational Basis for Regulation

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Various forms of irrationality often provide the rationale for intervention to address market failures. However, in a democratic society, these forms of irrationality often provide the impetus for government policy. The policy task is to develop risk regulation policies that would emerge if the public responded rationally to risk.

Keywords: democracy; intervention; irrationality; market failure; policy; risk regulation

Chapter.  1147 words. 

Subjects: Microeconomics

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