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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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Government Guarantees: Allocating and Valuing Risk in Privately Financed Infrastructure Projects
TL;DR: In this article, the authors present a framework for judging when governments should bear risk in an infrastructure project (seeking to make precise the oft-invoked principle that risks should be allocated to those best placed to manage them), and discuss how aspects of public-sector management can be modified to improve the likely quality of government decisions about guarantees.
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The utility of gambling.
TL;DR: In this paper, a tiny utility of gambling is added to an expected utility model for a risk-averse individual to explain small payoff gambles, large prize lotteries, and patterns of risk-seeking in the experimental evidence that are puzzling from the viewpoint of standard theory.
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Survey of U.S. Multiple Peril Crop Insurance Literature Since 1980
TL;DR: In this article, the authors survey a substantial body of agricultural economics literature that has examined issues relating to the Multiple Peril Crop Insurance (MPCI) program and give an assessment of research findings along with suggested directions for future research.
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The redistributive roles of unemployment insurance and the dynamics of voting
TL;DR: In this article, public unemployment insurance is analyzed as the majority voting equilibrium policy of a dynamic stochastic economy and the effects of differences in the average frequency or duration of unemployment on equilibrium taxes and benefits are investigated.
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Mixed Risk Aversion
Jordi Caballé,Alexey Pomansky +1 more
TL;DR: In this paper, the authors analyzed the class of increasing utility functions exhibiting all derivatives of alternating sign and found conditions for both mutual aggravation and mutual amelioration of risks when agents are mixed risk averse.