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Essays in the theory of risk-bearing
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The article was published on 1958-01-01 and is currently open access. It has received 3688 citations till now. The article focuses on the topics: Bearing (mechanical).read more
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A Cost-Benefit Analysis of the New Orleans Flood Protection System
TL;DR: In this article, the authors stress the high sensitivity of the CBA recommendation to several uncertain assumptions, highlight the importance of second-order costs and damage heterogeneity in welfare losses, and show how climate change creates an additional layer of uncertainty in infrastructure design that increases the probability of either under-adaptation (and increased risk) or over-adapting (and sunk costs).
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Ventromedial Prefrontal Cortex Encodes a Latent Estimate of Cumulative Reward.
TL;DR: These findings can be understood if humans have evolved economic decision policies that fail to maximize overall expected value but reduce variance in cumulative outcomes, thereby ensuring that resources remain above a critical survival threshold.
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Flat-of-the-curve medicine: a new perspective on the production of health
Johannes Schoder,Peter Zweifel +1 more
TL;DR: Using the standard deviation of life expectancy in 24 OECD countries between 1960 and 2005, a 10 percent increase of health care expenditure is associated with a decrease of an estimated 0.42 percent, which implies that even in these two countries with very high health care spending per capita, flat-of-the-curve medicine need not be wasteful.
Book ChapterDOI
Chapter 39 Utility and subjective probability
TL;DR: In this paper, the formal development of utility and subjective probability is based on the notion of a binary relation, and special types of binary relations are identified by conjunctions of properties that are equivalence, linear order, weak order, and partial order.
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Stock payment and the effects of institutional and cultural differences: A study of shareholder value creation in cross-border M&As
Hye Jin Cho,He Soung Ahn +1 more
TL;DR: In this article, the role of stock payment in cross-border M&A deals was investigated and it was shown that stock payment can serve as an effective incentive mechanism that aligns the goals of the acquirer and target.