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Utility Functions for Equity and Public Risk

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Author Info

  • Ralph L. Keeney

    (Woodward-Clyde Consultants, San Francisco)

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    Abstract

    With many large-scale projects, such as power plants, some members of the public will necessarily incur a risk. Public fatalities may result from either normal operations (e.g., via pollution) or accidents. Often in such cases, a small group of the public incur the risks, whereas a different group of the public receives the benefits from the project. In these circumstances, a major issue concerns the equity or fairness afforded members of the public. This paper develops the concept of an equitable distribution of risk to address this issue. Utility functions are found which are consistent with various basic value attitudes involving risk equity.

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    File URL: http://dx.doi.org/10.1287/mnsc.26.4.345
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    Bibliographic Info

    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 26 (1980)
    Issue (Month): 4 (April)
    Pages: 345-353

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    Handle: RePEc:inm:ormnsc:v:26:y:1980:i:4:p:345-353

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    Related research

    Keywords: utility theory: preference;

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    Cited by:
    1. Adler, Matthew & Hammitt, James & Treich, Nicolas, 2012. "The Social Value of Mortality Risk Reduction: VSL vs. the Social Welfare Function Approach," IDEI Working Papers 709, Institut d'Économie Industrielle (IDEI), Toulouse.
    2. Cooper, W. W. & Hemphill, H. & Huang, Z. & Li, S. & Lelas, V. & Sullivan, D. W., 1997. "Survey of mathematical programming models in air pollution management," European Journal of Operational Research, Elsevier, vol. 96(1), pages 1-35, January.
    3. Rausser, Gordon C. & Zilberman, David, 1981. "Public research in agriculture: an alternative institutional framework," CUDARE Working Paper Series 136, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
    4. FLEURBAEY, Marc & ZUBER, Stéphane, 2011. "Inequality aversion and separability in social risk evaluation," CORE Discussion Papers 2011023, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    5. Antoine Bommier & Bruno Lanz & Stéphane Zuber, 2014. "Fair management of social risk," Documents de travail du Centre d'Economie de la Sorbonne 14017, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    6. Thibault Gajdos & John A. Weymark & Claudio Zoli, 2008. "Shared Destinies and the Measurement and of Social Risk Equity," Vanderbilt University Department of Economics Working Papers 0821, Vanderbilt University Department of Economics.
    7. Bleichrodt, Han, 1997. "Health utility indices and equity considerations," Journal of Health Economics, Elsevier, vol. 16(1), pages 65-91, February.
    8. FLEURBAEY, Marc, . "Assessing risky social situations," CORE Discussion Papers RP -2289, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    9. Antoine Bommier & Bruno Lanz & Stéphane Zuber, 2014. "Models-as-Usual for Unusual Risks? On the Value of Catastrophic Climate Change," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00973491, HAL.
    10. Zanakis, Stelios H. & Mandakovic, Tomislav & Gupta, Sushil K. & Sahay, Sundeep & Hong, Sungwan, 1995. "A review of program evaluation and fund allocation methods within the service and government sectors," Socio-Economic Planning Sciences, Elsevier, vol. 29(1), pages 59-79, March.
    11. Cesar Calvo & Stefan Dercon, 2013. "Vulnerability to individual and aggregate poverty," Social Choice and Welfare, Springer, vol. 41(4), pages 721-740, October.
    12. Ingrid Rohde & Kirsten Rohde, 2011. "Risk attitudes in a social context," Journal of Risk and Uncertainty, Springer, vol. 43(3), pages 205-225, December.
    13. repec:hal:journl:halshs-00344468 is not listed on IDEAS

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