Abstract
Deciding how to allocate the resources to be spent on promoting health and safety through governmental regulation is a challenging task of immense significance. The Environmental Protection Agency estimates that roughly $250 billion (2.6% of Gross National Product) will be spent on pollution abatement alone in the year 2000.1 Billions more are spent on a wide array of other health and safety measures. Tens of thousands of lives will be lost or saved depending on whether these allocations are made foolishly or wisely.2 In 1986, Office of Management and Budget (OMB) economist John Morrall devised a now-famous table designed to assess the desirability of an array of federal health and safety regulations.3 Morrall concluded that roughly half of the forty-four regulations he reviewed were unsound because the cost per life saved exceeded $26.8 million in 1998 dollars-a
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