Abstract
This article is a brief outline of the implications of state-contingent production for the self-insurance problem. A general state-contingent approach to choice and production under uncertainty is presented. Upper and lower bounds for willingness-to-pay for reductions in ambient risk are derived.
Original language | English |
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Article number | 5099698 |
Pages (from-to) | 133-145 |
Number of pages | 13 |
Journal | Journal of Risk and Uncertainty |
Volume | 25 |
Issue number | 2 |
DOIs | |
Publication status | Published - 2002 |