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Introducing minimal assumptions on the individual preferences, I show that the Willingness To Pay for both a FSD and SSD reduction of risk may always be described as the sum of a mean effect, a pure risk effect and a wealth effect. As a result, the WTP of a risk-averse decision maker may be...
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Introducing minimal assumptions on the individual preferences, I show that the Willingness To Pay for both a FSD and SSD reduction of risk may always be described as the sum of a mean effect, a pure risk effect and a wealth effect. As a result, the WTP of a risk-averse decision maker may be...
Persistent link: https://www.econbiz.de/10014067655