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The curvature properties of the indirect utility function imply a set of refutable implications in the form of comparative static results and symmetric relations for the competitive firm operating under uncertainty. These hypotheses, first derived and empirically tested under output price...
Persistent link: https://www.econbiz.de/10009442922
The effective design and implementation of interventions that reduce vulnerability and poverty require a solid understanding of underlying poverty dynamics and associated behavioral responses. Stochastic and dynamic benefit streams can make it difficult for the poor to learn the value of such...
Persistent link: https://www.econbiz.de/10008599552
This discussion paper will briefly examine the concepts of risk and uncertainty, and the relevance of risk to decision making about animal health programs. Various techniques for dealing with uncertain cash flows will then be discussed, with particular emphasis on three extensions to the...
Persistent link: https://www.econbiz.de/10010909424
‘Risk’ has become a central theme in 21st-century policy thinking. The fact that individuals and families are vulnerable to a wide range of social, economic and other risks, and that collective action is needed to help reduce and manage these risks, has long been important in social...
Persistent link: https://www.econbiz.de/10010910981
Questions relating to the allocation and management of risk have played a central role in the development of the National Water Initiative, particularly as it has applied to the Murray-Darling Basin. The central issues of efficiency and equity in allocations are best understood by considering...
Persistent link: https://www.econbiz.de/10010910990
Dual approaches have proved their value in many areas of economic analysis. Until recently, however, they have been virtually ignored in the analysis of choice under uncertainty.In this paper, we present a dual formulation of choice under uncertainty based on a few simple assumptions about...
Persistent link: https://www.econbiz.de/10010910992
The curvature properties of the indirect utility function imply a set of refutable implications in the form of comparative static results and symmetric relations for the competitive firm operating under uncertainty. These hypotheses, first derived and empirically tested under output price...
Persistent link: https://www.econbiz.de/10005477018
In an aging society, it becomes more and more important to understand how aging affects decision making. Older adults have to face many situations that require consequential financial decisions. In the present study, we examined the effects of aging on decisions in two domains of uncertainty:...
Persistent link: https://www.econbiz.de/10008757916
Persistent link: https://www.econbiz.de/10009316248
Persistent link: https://www.econbiz.de/10009675302