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The Cost Of Time: Haphazard Discounting And The Undervaluation Of Regulatory Benefits, Arden Rowell
The Cost Of Time: Haphazard Discounting And The Undervaluation Of Regulatory Benefits, Arden Rowell
Notre Dame Law Review
When performing cost-benefit analyses, regulators typically use willingness-to-pay studies to determine how much to spend to avert risks. Because money has a time-value, when a risk is valued is inextricable from how much it is valued. Unfortunately, the studies on which regulators rely are insensitive to this fact: they elicit people's willingness to pay for risk reductions without identifying the time at which the risk reduction will occur. Relying on these time-indeterminate studies has led to a systematic skew in regulatory cost-benefit analysis, toward the undervaluation of risks to human lives. Insofar as cost-benefit analyses inform regulation, this suggests that …
Fairness And The Willingness To Accept Plea Bargain Offers, Avishalom Tor
Fairness And The Willingness To Accept Plea Bargain Offers, Avishalom Tor
Journal Articles
In contrast with the common assumption in the plea bargaining literature, we show fairness-related concerns systematically impact defendants' preferences and judgments. In the domain of preference, innocents are less willing to accept plea offers (WTAP) than guilty defendants and all defendants reject otherwise attractive offers that appear comparatively unfair. We also show that defendants who are uncertain of their culpability exhibit egocentrically biased judgments and reject plea offers as if they were innocent. The article concludes by briefly discussing the normative implications of these findings.