Word: posner
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...Here, Posner turns to North Harvard Yard—and specifically, to Cogan Professor of Law and Economics W. Kip Viscusi...
...quite, Posner explains...
...Posner notes, it would take quite a large wad of cash—perhaps many billions of dollars—to convince most of us to engage in a round of Russian roulette, where the probability of death...
...some point, we are unwilling to pay any more money for a slightly better safety belt. That doesn’t mean we place zero value on our lives. But ultimately, Posner writes, “the difficulty…that people have in grasping miniscule probabilities would cause them to ignore the risk completely and thus demand zero compensation for bearing...
...example, Posner argues quite sensibly for bolstering efforts to reduce global warming. And he calls on ordinary citizens to beef up their math skills so that they can make educated choices in the face of catastrophic risks...