Table of Contents

Handbook on the Politics of Regulation

Handbook on the Politics of Regulation

Elgar original reference

Edited by David Levi-Faur

This unique Handbook offers the most up-to-date and comprehensive, state-of-the-art reviews of the politics of regulation. It presents and discusses the core theories and concepts of regulation in response to the rise of the regulatory state and regulatory capitalism, and in the context of the ‘golden age of regulation’. Its eleven sections include forty-eight chapters covering issues as diverse and varied as: theories of regulation; historical perspectives on regulation; regulation of old and new media; risk regulation, enforcement and compliance; better regulation; civil regulation; European regulatory governance; and global regulation. As a whole, it provides an essential point of reference for all those working on the political, social, and economic aspects of regulation.

Chapter 30: Valuing Health and Longevity in Regulatory Analysis: Current Issues and Challenges

Lisa A. Robinson and James K. Hammitt

Subjects: economics and finance, political economy, politics and public policy, political economy, public policy, regulation and governance


Lisa A. Robinson and James K. Hammitt Economic valuation of health risks plays a major role in informing decisions about environmental and health and safety regulations, especially as governments around the world increasingly require assessment of regulatory impacts. Regulatory analysis in some form has been mandated in the United States for over 30 years (OMB 1997) and is gradually being implemented in the OECD member countries (OECD 2009). For regulations designed to reduce the risk of illness, injury, or premature mortality, counting the number of cases averted is an important initial step in understanding the impacts of alternative policies. Such counts do not convey the relative severity of each outcome, however, nor can they be meaningfully aggregated across different types of effects. Taking the next step of valuing health outcomes in monetary terms provides additional useful insights. Valuation is particularly informative when it addresses trade-offs that are similar to those involved in regulatory decisions. Such decisions require choosing whether to devote resources to achieving health risk reductions or whether to allow individuals, firms, or government agencies to use these resources to provide other desirable goods and services. When based on the affected individuals’ willingness to pay (WTP) for risk reductions, monetary valuation indicates their preferences for trading income (or wealth) for health improvements. These values can be used to determine whether the benefits of alternative regulatory actions are likely to be commensurate with their costs, and also to identify which action, if any, is most likely to maximize the net...

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