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Handbook of the Economics of Risk and Uncertainty
book

Handbook of the Economics of Risk and Uncertainty

by Mark Machina, W. Kip Viscusi
November 2013
Beginner content levelBeginner
896 pages
35h 10m
English
North Holland
Content preview from Handbook of the Economics of Risk and Uncertainty
Regulating Occupational and Product Risks
503
and services, meaning that they would only purchase a riskier product if it were cheaper.
Indifference curves must also be downward sloping. Similar to labor markets, the inter-
action of firms and consumers generates a price function where consumers sort along
the function based on their valuations of safety and firms sort along the function based
on their abilities to produce safe products. In equilibrium, the hedonic price function
represents an upper envelope of isoprofit curves and a lower envelope of indifference
curves (profit expands and utility falls as price rises), meaning the slope of the ...
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Publisher Resources

ISBN: 9780444536853