Table of Contents

Contents:

I SETTING THE STAGE
1 ‘Introducing The Economics of Environmental Risk’, December 2022 2

II VALUING ENVIRONMENTAL RISK REDUCTIONS
2 ‘The Valuation of Environmental Risks and Hazardous Waste Policy’, with
William H. Desvousges, Land Economics, 64 (3), August, 1988, 211–219 30
3 ‘An Empirical Analysis of the Economic Value of Risk Changes’, with William
H. Desvousges, Journal of Political Economy, 95 (1), February, 1987, 89–114 39
4 ‘The Welfare Cost of Uncertainty in Policy Outcomes’, with Edward E. Schlee,
Journal of Environmental Economics and Management, 98, September, 2019,
1–12 65
5 ‘Complementarity and the Measurement of Individual Risk Tradeoffs:
Accounting for Quantity and Quality of Life Effects’, with Mary F. Evans,
Environmental and Resource Economics, 41, November, 2008, 381–400 77
6 ‘VSL Reconsidered: What do Labor Supply Estimates Reveal about Risk
Preferences?’ with Subhrendu K. Pattanayak and George L. Van Houtven,
Economics Letters, 80 (2), 2003, 147–153 97

III RISK PERCEPTION AND CONTEXT
7 ‘How Do Risk Perceptions Respond to Information? The Case of Radon’, with
F. Reed Johnson, Review of Economics and Statistics, 70 (1), February, 1988, 1–8 105
8 ‘Subjective Versus Technical Risk Estimates: Do Risk Communication Policies
Increase Consistency?’, with William H. Desvousges, Economics Letters, 31,
December, 1989, 287–291 113
9 ‘Risk Communication and Attitude Change: Taiwan’s National Debate over
Nuclear Power’, with Jin Tan Liu, Journal of Risk and Uncertainty, 3, December,
1990, 331–349 118
10 ‘Information, Addiction, and “Bad Choices”: Lessons from a Century of
Cigarettes’, with Frank A. Sloan and Donald H. Taylor, Jr., Economics Letters,
77, September, 2002, 147–155 137
11 ‘Longevity Expectations and Death: Can People Predict Their Own Demise?’
with Donald H. Taylor, Jr. and Frank A. Sloan, American Economic Review, 91
(4), September, 2001, 1126–1134 146

IV DO RISK INFORMATION PROGRAMS ‘WORK’?
12 ‘Learning About Radon’s Risk’, with William H. Desvousges, Ann Fisher and
F. Reed Johnson, Journal of Risk and Uncertainty, 1, June, 1988, 233–258 156
13 ‘Can Public Information Programs Affect Risk Perceptions?’ with William H.
Desvousges, F. Reed Johnson and Ann Fisher, Journal of Policy Analysis and
Management, 9 (1), Fall, 1990, 41–59 182
14 ‘Do Risk Information Programs Promote Mitigating Behavior?’, with William H.
Desvousges and John W. Payne, Journal of Risk and Uncertainty, 10, May, 1995
203–221 201
15 ‘Communicating Radon Risks Effectively: The Maryland Experience’, with
William H. Desvousges and Hiller H. Rink III, Journal of Public Policy and
Marketing, 11 (1) Fall, 1992, 68–78 220
16 ‘Terrorist Threats, Information Disclosures, and Consumer Sovereignty’, with
Carol Mansfield and H. Allen Klaiber, Information Economics and Policy, 25,
December, 2013, 225–234 231

V BEHAVIORAL RESPONSES TO RISK
17 ‘The Value of Avoiding a LULU: Hazardous Waste Disposal Sites’, with William
H. Desvousges, Review of Economics and Statistics, 68 (2), May, 1986, 293–299 242
18 ‘Risk Communication and the Value of Information: Radon as a Case Study’,
with William H. Desvousges, Review of Economics and Statistics, 72 (1),
February, 1990, 137–142 249
19 ‘Do Smokers Respond to Health Shocks?’, with Donald H. Taylor, Jr., Frank A.
Sloan, F. Reed Johnson and William H. Desvousges, Review of Economics and
Statistics, 83 (4), November, 2001, 675–687 255
20 ‘Valuing a Homeland Security Policy: Countermeasures for the Threats from
Shoulder Mounted Missiles’, with Carol Mansfield and Laurel Clayton, Journal
of Risk and Uncertainty, 38, June, 2009, 215–243 268
21 ‘Adjusting to Natural Disasters’, with Jared C. Carbone, Jaren C. Pope, Daniel
G. Hallstrom, and Michael E. Darden, Journal of Risk and Uncertainty, 33, 2006,
37–54 297
22 ‘Who Lives in Flood Prone Areas?’, with Ben Whitmore, 2022 315

VI POLICY DESIGN FOR RISKS
23 ‘Can Environmental Bonds Manage Policy-Induced Risks?’ Prepared for the
Environment Canada Research Network through the University of Ottawa,
October 2014 332
24 ‘Pre-positioned Policy as Public Adaptation to Climate Change’, June 2010 366

About the Author

V. Kerry Smith, Emeritus Regents Professor, Department of Economics, W. P. Carey School Of Business, Arizona State University, US

Reviews

‘Kerry Smith is a Renaissance Man of Economics. This book represents the master at work, drawing implications from research that traverses four decades of scholarship, the economics of environmental risk comes alive in ideas that scale, policies that are cost-effective, and insights that generalize to situations beyond risk. Anyone who wants to learn, or is just curious about pathbreaking economic work, should pick up this insightful and encyclopedic collection of articles.’
*John List, University of Chicago, US*

‘Much of what I know about risk I learned from reading Kerry Smith’s papers in this volume. He is the master of understanding how microeconomic theory and real world behavior meld together to provide insights into how to communicate risk, value risk, and improve policies designed to help manage risk.’
*Richard T. Carson, University of California, San Diego, US*

‘How much is it worth to decrease pollution? Kerry Smith, a pioneer in using surveys to understand the public’s perception and valuation of environmental health risks, brings together the insights he and his colleagues gleaned as they developed the methods that have become fundamental to evaluating environmental policy.’
*James K. Hammitt, Harvard University, US*