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Risk, wellbeing and public policy

  • Subho Banerjee

    (Treasury, Government of Australia)

  • Robert Ewing

    (Treasury, Government of Australia)

Registered author(s):

    This article explores the relationship between risk and wellbeing, and the implications for public policy. Risk is an important dimension of wellbeing in its own right. People have different risk preferences, so policies to improve the match between preferences and risk actually borne have the potential to improve wellbeing. However, policies that affect risk often have significant trade-offs in other dimensions of wellbeing. Overall, a more sophisticated understanding of risk can make an important contribution to deliberations across almost the full range of government policy areas.

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    File URL: http://archive.treasury.gov.au/documents/876/PDF/Risk_wellbeing_public_policy.pdf
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    Article provided by The Treasury, Australian Government in its journal Economic Roundup.

    Volume (Year): (2004)
    Issue (Month): 2 (August)
    Pages: 21-44

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    Handle: RePEc:tsy:journl:journl_tsy_er_2004_2_2
    Contact details of provider: Postal: Langton Crescent, PARKES ACT 2600
    Phone: +61 2 6263 2111
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    Web page: http://www.treasury.gov.au
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    1. Stiglitz, Joseph E., 2001. "Information and the Change in the Paradigm in Economics," Nobel Prize in Economics documents 2001-8, Nobel Prize Committee.
    2. Arrow, Kenneth J & Lind, Robert C, 1970. "Uncertainty and the Evaluation of Public Investment Decisions," American Economic Review, American Economic Association, vol. 60(3), pages 364-78, June.
    3. Fox, Craig R & Tversky, Amos, 1995. "Ambiguity Aversion and Comparative Ignorance," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 585-603, August.
    4. P. A. Diamond & J. A. Mirrlees, 1977. "A Model of Social Insurance With Variable Retirement," Working papers 210, Massachusetts Institute of Technology (MIT), Department of Economics.
    5. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
    6. Rothschild, Michael & Stiglitz, Joseph E., 1970. "Increasing risk: I. A definition," Journal of Economic Theory, Elsevier, vol. 2(3), pages 225-243, September.
    7. Rothschild, Michael & Stiglitz, Joseph E., 1971. "Increasing risk II: Its economic consequences," Journal of Economic Theory, Elsevier, vol. 3(1), pages 66-84, March.
    8. Kaplow, Louis, 1991. " Incentives and Government Relief for Risk," Journal of Risk and Uncertainty, Springer, vol. 4(2), pages 167-75, April.
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