Risk, Self-Protection, and Ex Ante Economic Value
AbstractWe develop three propositions about the ex ante value of reduced risk. If there is a continuous outcome distribution and if self-protection influences outcome probability and severity, then: (1) unobservable utility terms cannot be eliminated from the ex ante value expressions; (2) knowledge of the convexity or the nonconvexity of dose-response functions is insufficient to sign changes in these expressions; and (3) self-protection expenditures need not be a lower bound measure of these expressions. Therefore, many restrictions applied in recent empirical work on the economic value of risk changes are not immediately transferable to settings where endogenous risks prevail.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 334.
Date of creation: 01 Jan 1991
Date of revision:
Publication status: Published in Journal of Environmental Economics and Management 1991, vol. 20, pp. 1-15
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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Other versions of this item:
- Jason F. Shogren & Thomas D. Crocker, 1990. "Risk, Self-Protection, and Ex Ante Economic Value," Center for Agricultural and Rural Development (CARD) Publications 90-wp57, Center for Agricultural and Rural Development (CARD) at Iowa State University.
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