Week in Review
Congress passes coronavirus relief law, White House issues guidance on the outbreak, and more…
Will FDA Guidance Hasten Testing for COVID-19?
In the face of a massive viral outbreak, a federal regulator issues unprecedented guidance on validating COVID-19 testing.
The Regulatory Race Against a Public Health Crisis
The federal government responds to the coronavirus pandemic by amending its foreign quarantine rules.
The Value of a Statistical Life is Not Efficient
Over-reliance on the VSL measure often leads to excessive consideration and regulation of risk.
Efficient Risk Regulations Do Not Increase Risks
As a practical matter, the VSL is successful in balancing the benefits and costs of regulation.
Putting the Horse Before the Cart in Cost-Benefit Analysis
Regulators must measure welfare using transparent methods before determining the policies themselves.
The Long-Term Value of the Value of a Statistical Life
The VSL is necessarily based on market preferences that accurately reflect society’s valuation of risks and benefits.
The Myopic Short-Termism of the Value of a Statistical Life
The primary drawback of the VSL is that it fails to account for future generations’ valuation of benefits and costs.
Failing to Think Properly About the Value of a Statistical Life
Using the VSL to measure benefits promotes the interests of individuals who are affected by regulation.
The Value of the Value of a Statistical Life
Analysts debate how agencies should measure the benefits of reducing mortality.