Abstract
Cigarette smoking is perhaps the largest single consumer risk that individuals incur on a mass scale. Scientific estimates of the hazards of smoking dwarf the risks associated with motor-vehicle travel, hazardous jobs, and other risky activities. A policy question of fundamental importance is whether people in fact understand these risks and act upon them in a reasonable manner. The point of view that I will take here is that in assessing any market failure, the appropriate reference point is the same as economists apply in other contexts, which is to assess whether people are making informed and rational choices. My primary focus will be on people’s assessment of the health risks of smoking1.
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Viscusi, W.K. (1999). Public Perception of Smoking Risks. In: Jeanrenaud, C., Soguel, N. (eds) Valuing the Cost of Smoking. Studies in Risk and Uncertainty, vol 13. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-4415-5_11
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DOI: https://doi.org/10.1007/978-94-011-4415-5_11
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-010-5898-8
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