Because of the difficulty of conveying and processing information on hazards the gov-
ernment frequently augments market incentives to produce the appropriate level of
safety with regulations specifying product or workplace characteristics. To create the
efficient level of safety, regulations should be imposed only if the benefits of improved
safety outweigh the costs. Cost estimates of proposed safety and health standards are usu-
ally generated through accounting or engineering studies. Determining the benefits of
improved safety requires estimating a monetary value of injur ...
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