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In the expected-utility theory of the monetary value of a statistical life, the so-called "dead-anyway" effect …
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In this paper we analyze a large sample of individual responses to six lottery questions. We derive a simultaneous estimate of risk aversion and the time preference discount rate per individual. This can be done because the consumption of a large prize is smoothed over a larger time period. It...
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behavioural models suggested by psychology (i.e., weighted probabilities applied to regret and rejoice theory), and by updating …
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