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Full-Text Articles in Law
Risk, Courts, And Agencies, Clayton P. Gillette, James E. Krier
Risk, Courts, And Agencies, Clayton P. Gillette, James E. Krier
Articles
Public risks are precisely the risks that have recently captured the attention of the legal community and the world at large, in no small part because they give rise to such novel problems for lawyers and such grave apprehensions among lay people. Public risks have moved the legal system to relax doctrines--regarding, for example, standards of causation and culpability, burdens of proof, sharing of liability--that were designed to deal with the private risks that once dominated the landscape. And public risks have moved lay people to intensify their demands for risk control measures. These developments suggest that public risks are …
Risk And Design, James E. Krier
Risk And Design, James E. Krier
Articles
Risk springs from uncertainty,' uncertainty invites error, and, since error can be costly, we would prefer to avoid it (provided, of course, that avoidance is not more costly yet). While there is much in the Noll and Krier article2 about judgmental error under conditions of risk and uncertainty, there is little about ways to avoid it. So avoidance-more accurately, minimization-of error costs is the topic I want to address very briefly and partially here.
Some Implications Of Cognitive Psychology For Risk Regulation, Roger G. Noll, James E. Krier
Some Implications Of Cognitive Psychology For Risk Regulation, Roger G. Noll, James E. Krier
Articles
Beginning with a set of books and articles published in the 1950s, cognitive psychologists have developed a new descriptive theory of how people make decisions under conditions of risk and uncertainty. A dominant theme in the theory is that most people do not evaluate risky circumstances in the manner assumed by conventional decision theory-they do not, that is, seek to maximize the expected value of some function when selecting among actions with uncertain outcomes. The purpose of this article is to consider some implications of the cognitive theory for regulatory policies designed to control risks to life, health, and the …
Sources Of Inconsistency In Societal Responses To Health Risks, W. Kip Viscusi
Sources Of Inconsistency In Societal Responses To Health Risks, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
Society has until recently devoted insufficient attention to the long-run environmental problems that we face, including acid rain and the greenhouse effect. Our inaction with respect to these risks can hardly be characterized as a rational response or an overreaction to risk. There are three possible explanations of such diverse phenomena. First, one could simply dismiss this behavior as being the result of inconsistent and irrational behavior. Second, one could devise ad hoc explanations of why individuals underreact in some instances and overreact in others. A third possibility is to reconcile this seemingly inconsistent behavior with a consistent theoretical framework. …