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Willingness to Pay, Death, Wealth, and Damages

Ariel Porat and Avraham Tabbach.

in American Law and Economics Review

January 2011; p ublished online April 2011 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Welfare Economics; Economics of Health; Law and Economics; Tort Law. 21676 words.

When people face risk of death, they overinvest in risk reduction: first, they discount their risk-reduction costs by the probability of death; second, they consider the consumption of...

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