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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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Risk–Risk Analysis

Risk–Risk Analysis

(p.69) 5 Risk–Risk Analysis
Rational Risk Policy

W. Kip Viscusi (Contributor Webpage)

Oxford University Press

Regulatory policies create a variety of risk–risk trade‐offs. People may engage in more risk‐taking behaviour in response to regulations that reduce the risks of their behaviour, as seatbelt use may encourage drivers to go faster and safety caps may create a ‘lulling effect’ whereby people are lulled into a fall sense of security regarding product risks. Regulations also entail resource expenditures that in effect make society poorer, which will increase risk levels, given the positive linkage between wealth and health. The resulting risk–risk trade‐offs can be linked theoretically to the value of life, implying that expenditures with a cost per life saved of more than ten times the value of life may in fact decrease individual health.

Keywords:   health, lulling, regulation, risk‐risk analysis, safety caps, seatbelts, trade‐offs, value of life

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