Improving Institutions of Risk Management: Uncertain Causality and Judicial Review of Regulations

Louis Anthony Cox, Douglas A. Popken and Richard X. Sun
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Louis Anthony Cox: Cox Associates
Douglas A. Popken: Cox Associates
Richard X. Sun: Cox Associates

Chapter Chapter 14 in Causal Analytics for Applied Risk Analysis, 2018, pp 513-556 from Springer

Abstract: Abstract This chapter continues to consider questions of applied benefit-cost analysis and effective risk management, building on themes introduced in the previous two chapters. It expands the scope of the discussion to include a law-and-economics perspective on how different institutions—regulatory and judicial—involved in societal risk management can best work together to promote the public interest. In the interests of making the exposition relatively self-contained, we briefly recapitulate distinctions among types of causality and principles of causal inference that are discussed in more detail in Chap. 2 , as well as principles of benefit-cost analysis and risk psychology, including heuristics and biases, from Chap. 10 . In this chapter, however, the focus is less on individual, group, or organizational decision-making than on how rigorous judicial review of causal reasoning might improve regulatory risk assessment and policy.

Keywords: Judicial reviewJudicial Review; Manipulative Causation; Classification And Regression Tree (CART); liabilityLiability; Hill Considerations (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isochp:978-3-319-78242-3_14

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DOI: 10.1007/978-3-319-78242-3_14

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