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We show that ambiguity aversion increases the value of a statistical life as soon as the marginal utility of wealth is higher if alive than dead. The intuition is that ambiguity aversion has a similar effect as an increase in the perceived baseline mortality risk, and thus operates as the...
Persistent link: https://www.econbiz.de/10005406403
full (marginal) costs of an action on the parties. However, institutional restrictions or bilateral activity choices can …
Persistent link: https://www.econbiz.de/10005181224