Abstract
Risk analysis studies the likelihood and potential severity of harm created by a hazard. Research suggests that public “paranoia” about environmental risks is a product of mistrust, and that perceptions should carry weight in public policy. Application of social economic's “dual self” framework suggests that the willingness-to-pay approach to deciding whether risk reduction efforts are economical is flawed in its presumption against public values, its bias against the poor and the unborn, and its neglect of risk prevention. If comparative risk analysis can minimize rent-seeking and view environmental protection as an investment good, it may improve environmental policy.
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