Question: According to Viscusi and Gayer 2005 regulations in the United
According to Viscusi and Gayer , regulations in the United States vary greatly in the cost per each life they save. For example, the regulation to install passive restraints in vehicles has a cost per life saved of $ 600,000, whereas the regulation to remove asbestos in workplaces has a cost per life saved of $ 180 million. What does this information imply about whether the regulations pass a cost- benefit test? How might resources be shifted between these regulations in order to reduce cost or save more lives?
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