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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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Willingness-to-Pay as a Measure of Benefits Relevant Questions in the Context of Public Decisionmaking About Health Care Programs
TL;DR: The method of willingness-to-pay (WTP) is one approach to the valuation of health benefits which, if properly employed, is consistent with the principles of welfare economies and cost-benefit analysis.
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Chapter 20 Equilibrium under uncertainty
TL;DR: The Arrow-Debreu model provides a solid foundation of equilibrium analysis upon which to build as mentioned in this paper, which enables dealing more effectively with the issues raised by uncertainty and with the conceptual problems of describing an economy that is both stationary and subject to change.
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A new representation of preferences over "certain x uncertain" consumption pairs: the "ordinal certainty equivalent" hypothesis
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The Demand for Life Insurance: An Application of the Economics of Uncertainty
TL;DR: The authors analyzes households optimal reactions to labor income (human capital) uncertainty that is derived from the possibility of their wage earners' non-survival, by introducing a risk resolution mechanism and allowing for the possibility that future tastes may be state-dependent.
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Fear and the Response to Terrorism: An Economic Analysis ∗
Gary S. Becker,Yona Rubinstein +1 more
TL;DR: In this paper, the authors aim at explaining why small probability events such as being harmed by terrorism affect peoples' behavior so much, by generating fear, persons' utility and well-being.