Validating Benefit and Cost Estimates: The Case of Airbag Regulation

  title={Validating Benefit and Cost Estimates: The Case of Airbag Regulation},
  author={Kimberly M. Thompson and Mar{\'i}a Segu{\'i}-G{\'o}mez and John D. Graham},
  journal={Risk Analysis},
Preregulation estimates of benefits and costs are rarely validated after regulations are implemented. This article performs such a validation for the mandatory automobile airbag requirement. We found that the original 1984 model used to estimate benefits became invalid when 1997 values were input into that 1984 model. However, using a published 1997 cost‐effectiveness model, we demonstrate, by replacing the model inputs with the values from 1984, that the 1997 cost‐effectiveness ratios, based… 

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