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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 …
Developing Rational Standards For An Advertising Subsitution Policy, Charles Shafer
Developing Rational Standards For An Advertising Subsitution Policy, Charles Shafer
All Faculty Scholarship
American annual consumer expenditures of nearly two trillion dollars involve approximately sixty-four percent of the country's Gross National Product. A substantial portion of those consumer purchases result in some sort of dissatisfaction. The term 'consumer dissatisfaction’ represents a large continuum of feelings ranging from mild disappointment to all consuming rage. Consumer dissatisfaction is a serious societal problem for a variety of reasons. It indicates a misallocation of scarce resources. It can be a significant factor in producing the perception that the economic and political institutions are unfair, ineffective, or unresponsive. That perception can have wide ranging political ramifications. Finally, it …