Chilton, Susan; Jones-Lee, Michael; McDonald, Rebecca; … - In: Journal of Risk and Uncertainty 45 (2012) 1, pp. 1-24
The aim of the study reported in this paper is to test the hypothesis that individual utility of wealth functions may violate the assumption of smoothness that underpins the standard analysis of the Value of Statistical Life (VSL) and safety. In order to do so we examine the way in which the...