Peltzman's paper was intended as an evidence-based rejoinder to seatbelt laws - laws that auto manufacturers vehemently opposed. But there was just one problem: Peltzman's paper was "riddled with errors" and Peltzman did not perform "rudimentary checks on the validity of his model."
https://www.mdpi.com/2313-576X/2/3/16/htm
Peltzman was wrong, but he was also useful.
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As Tim Requarth writes in Slate, Peltzman's ideas failed to stop seatbelts, but the did lead to widespread motorcycle helmet law repeals - and a wave of fatalities and maimings.
https://slate.com/technology/2021/11/risk-compensation-debunked-masks-rapid-tests-vaccines-safety.html
Risk compensation does occur in very narrow and specific circumstances, but all the studies purporting to show that it is a widespread, predictable outcome of any safety regulation have failed to replicate.
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