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Is A Child's Life Twice As Valuable As An Adult's?, W. Kip Viscusi
Is A Child's Life Twice As Valuable As An Adult's?, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
The rise of interest in evidence-based policymaking has created incentives for regulatory agencies to demonstrate the overall benefit-cost merits of their policies. An agency can use evidence to choose more cost-beneficial policies, or it can create the appearance of desirable policies by changing the ground rules by which it assesses a policy's merits.
The Consumer Product Safety Commission (CPSC) recently chose the latter course when monetizing the benefit of mortality risk reductions for children from a proposed safety standard for operating cords on custom window coverings. The cords are currently estimated to be responsible for nine fatal injuries annually. Each …