Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Law
Using Warnings To Extend The Boundaries Of Consumer Sovereignty, W. Kip Viscusi
Using Warnings To Extend The Boundaries Of Consumer Sovereignty, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
We make decisions every day for which we may not have full information. Not all such decisions lead to negative consequences, however. For example, scientists still know very little about why aspirin has its beneficial effects. However, the lack of our knowledge does not necessarily imply that our decisions are in error or that our freedom to make these decisions should be constrained. Almost invariably, we must make decisions with uncertain implications when we fail to have complete information, whether it be with respect to today's weather forecast or the chemical composition of the foods we eat, but this does …
Informational Regulation Of Consumer Health Risks: An Empirical Evaluation Of Hazard Warnings, W. Kip Viscusi, Wesley A. Magat, Joel Huber
Informational Regulation Of Consumer Health Risks: An Empirical Evaluation Of Hazard Warnings, W. Kip Viscusi, Wesley A. Magat, Joel Huber
Vanderbilt Law School Faculty Publications
On the basis of data from a survey of almost 400 consumers, this article assesses whether consumer behavior is responsive to information about product hazards that is provided in response to regulation. We find that the extent to which consumers take precautions is consistent with the level of risk indicated, the amount of risk information, the specific risk and precaution indicated, and the economic benefits of safety precautions. We also use the patterns of precautionary behavior to analyze the implicit value of the morbidity effects and to assess the consistency of consumer choices. Our findings support the use of product-hazard …