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Handbook of the Economics of Risk and Uncertainty
book

Handbook of the Economics of Risk and Uncertainty

by Mark Machina, W. Kip Viscusi
November 2013
Beginner content levelBeginner
896 pages
35h 10m
English
North Holland
Content preview from Handbook of the Economics of Risk and Uncertainty
Thomas J. Kniesner and John D. Leeth
494
9.1 INTRODUCTION TO REGULATORY ISSUES
Consumers and workers value safety and health. Knowledgeable people will not buy
hazardous products or accept employment in hazardous work sites unless the product
prices they pay or the wages they receive compensate for dangers. The positive relation-
ship between wages and risk and the negative relationship between product price and
risk means that markets reward firms for improving workplace safety via lower labor
costs and for improving product (both goods and services) safety via higher revenues.
Eliminating hazards may be expensive, but the wage reduction or the ...
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Publisher Resources

ISBN: 9780444536853