The economic consequences of biases in risk beliefs and the potential for over-
coming such biases are manifested by consumer responses to risks posed by hazardous
wastes. Public opinion polls consistently place hazardous waste exposures among the
most salient environmental risks. Similarly, there is evidence that the public tends to
overestimate these risks (McClelland et al., 1990). This overestimation in turn leads
to inordinately large housing price effects whereby the implicit value per expected
case of cancer exceeds the usual range of estimates of the value of a statistical life.
However, after the ...
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