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The rare disaster hypothesis suggests that the extraordinarily high postwar U.S. equity premium resulted because investors ex ante demanded compensations for unlikely but calamitous risks that they happened not to incur. While convincing in theory, empirical tests of the rare disaster...
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Through the experiences of the Great 1994 Hanshin-Awaji earthquake and The Great 2011 (Higashi-Nihon) East Japan Earthquake, it has been important for Japanese local Government to build a comprehensive evacuation program on a large earthquake occurrence in near future. According to the experts'...
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