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Rational Risk PolicyThe 1996 Arne Ryde Memorial Lectures$
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W. Kip Viscusi

Print publication date: 1998

Print ISBN-13: 9780198293637

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198293631.001.0001

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Hazard Warnings and Risk Information

Hazard Warnings and Risk Information

(p.26) 3 Hazard Warnings and Risk Information
Rational Risk Policy

W. Kip Viscusi (Contributor Webpage)

Oxford University Press

Hazard warnings can potentially play a constructive policy role by providing risk information when people are not informed of the risk. Cigarette warnings are a principal example of how the public can be informed adequately of the risk and can form risk beliefs comparable to the actual product risk. Warnings can potentially alter discrete decisions, such as whether or not to use a product or take a job, as well as precautionary behaviour with respect to a product or a job. In Bayesian learning contexts, effective warnings are those that provide accurate new information in an effective manner.

Keywords:   Bayesian learning, hazard warnings, risk beliefs, risk information, smoking

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