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AbstractSince its introduction to the field of environmental and natural resource economics in the late 1960s, existence value has faced several critiques from economists, psychologists, and philosophers. Critics have taken aim at the notion's conceptual ambiguity and lack of connection to observable behavior, its incompatibility with cognitive processes and its sensitivity to cognitive biases, and ethical shortcomings in applying existence values to environmental decisionmaking. Unlike some critiques of existence value that draw on cognitive and ethical frameworks for decisionmaking fundamentally at odds with stated preference methods and benefit–cost analysis (BCA), this paper takes as given the use and adequacy of both. It focuses on challenges to existence value per se, with respect to the ability of existence value estimates to contribute to benefit–cost analyses in a way that is consistent with qualities of BCA that its proponents value: the objectivity, commensurability, and moral salience of the values analyzed. In light of the challenges, inclusion of existence value in benefit–cost analyses is found to inevitably compromise the quality of the BCA with respect to each criterion.

According to self-regulation theories, affect plays a crucial role in driving goal-directed behaviors throughout employees' work lives. Yet past work presents inconsistent results regarding the effects of positive and negative affect with theory heavily relying on understanding the separate, unique effects of each affective experience. In the current research, we integrate tenets of emotional ambivalence with self-regulation theories to examine how the conjoint experience of positive and negative affect yields benefits for behavioral regulation. We test these ideas within a self-regulatory context that has frequently studied the benefits of affect and has implications for all employees at one point in their careers: the job search. Adopting a person-centered (i.e., profile-based) perspective across two within-person investigations, we explore how emotional ambivalence relates to job search success (i.e., interview invitations, job offers) via job search self-regulatory processes (i.e., metacognitive strategies, effort). Results illustrate that the subsequent week (i.e., at time t + 1; Study 1) and month (Study 2) after job seekers experience emotional ambivalence (i.e., positive and negative affect experienced jointly at similar levels at time t), they receive more job offers via increased job search effort and interview invitations. Theoretical and practical implications for studying emotional ambivalence in organizational scholarship are discussed. Supplemental Material: The online appendix is available at https://doi.org/10.1287/orsc.2021.1553 .

This article presents a framework for using probabilistic terrorism risk modeling in regulatory analysis. We demonstrate the framework with an example application involving a regulation under consideration, the Western Hemisphere Travel Initiative for the Land Environment, (WHTI‐L). First, we estimate annualized loss from terrorist attacks with the Risk Management Solutions (RMS) Probabilistic Terrorism Model. We then estimate the critical risk reduction, which is the risk‐reducing effectiveness of WHTI‐L needed for its benefit, in terms of reduced terrorism loss in the United States, to exceed its cost. Our analysis indicates that the critical risk reduction depends strongly not only on uncertainties in the terrorism risk level, but also on uncertainty in the cost of regulation and how casualties are monetized. For a terrorism risk level based on the RMS standard risk estimate, the baseline regulatory cost estimate for WHTI‐L, and a range of casualty cost estimates based on the willingness‐to‐pay approach, our estimate for the expected annualized loss from terrorism ranges from $2.7 billion to $5.2 billion. For this range in annualized loss, the critical risk reduction for WHTI‐L ranges from 7% to 13%. Basing results on a lower risk level that results in halving the annualized terrorism loss would double the critical risk reduction (14–26%), and basing the results on a higher risk level that results in a doubling of the annualized terrorism loss would cut the critical risk reduction in half (3.5–6.6%). Ideally, decisions about terrorism security regulations and policies would be informed by true benefit‐cost analyses in which the estimated benefits are compared to costs. Such analyses for terrorism security efforts face substantial impediments stemming from the great uncertainty in the terrorist threat and the very low recurrence interval for large attacks. Several approaches can be used to estimate how a terrorism security program or regulation reduces the distribution of risks it is intended to manage. But, continued research to develop additional tools and data is necessary to support application of these approaches. These include refinement of models and simulations, engagement of subject matter experts, implementation of program evaluation, and estimating the costs of casualties from terrorism events.

Underlying several theories of European integration is the idea that countries' willingness to sign up to supranational rules is dependent on the expectation and/or realization of various benefits. In this paper, we explore whether such benefits also affect member states' implementation of these rules. Using econometric techniques, we estimate the influence of several measures of membership benefits on the annual number of legal infringements received by 15 member states over the period from 1978 to 1999. Our results provide qualified support for the idea that benefits positively influence compliance. We find that greater intra-EU trade dependence and voting power in European institutions relative to population size are negatively associated with legal infringements. Yet, contrary to a priori expectations, net fiscal transfers are positively correlated with infringements.

This book explores the manner in which a variety of public benefits such as environmental protection and consumer safety have been accommodated through the authorisation process within competition law and policy in Australia. While the regulator's use of its discretion can be explained as a triumph of practice over theory, this book explores the potential for competition principles to be imbued by the wider discourses of democratic participation and human rights. In doing so it makes a significant contribution to the Australian competition policy as well as reconceptualising the way in which discretion is used by regulators. … a very important and creative contribution to the literatures on both business regulation in general and Australian competition and consumer protection law in particular. It pays special attention to an everyday regulatory function that is often ignored in scholarship. And it is very important in challenging—on both empirical and normative policy oriented grounds—a narrowly economic approach to competition law, and proposing an alternative understanding and practice for the public benefit test in ACCC authorisations.

Professor Christine Parker

The data Vij Nagarajan has analysed is quite unique in its focus. It is a kind of data and analysis that has not been completed before in the international literature. It is well written, theoretically sophisticated and incisive in its policy analysis.

John Braithwaite