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RISK AVERSION IN THE SMALL AND IN THE LARGE
This paper concerns utility functions for money. A measure of risk aversion in the small, the risk premium or insurance premium for an arbitrary risk, and a natural concept of decreasing riskExpand
Principals and Agents: The Structure of Business
Eight essays address the inherent problems of the agency relationship, such as monitoring performance and the careful design of incentives. By applying agency theory to actual practices in areas asExpand
Unbiased Estimation of Certain Correlation Coefficients
1. Summary and introduction. This paper deals with the unbiased estimation of the correlation of two variates having a bivariate normal distribution (Sec. 2), and of the intraclass correlation, i.e.,Expand
Introduction to Statistical Decision Theory
The Bayesian revolution in statistics--where statistics is integrated with decision making in areas such as management, public policy, engineering, and clinical medicine--is here to stay.Expand
Willingness to Pay and the Distribution of Risk and Wealth
Willingness to pay (WTP), most economists believe, is an appropriate benefits metric for government expenditure and regulatory policies that reduce risks to human life. It depends, however, on theExpand
On the interpretation and observation of laws
A law with factors x and concomitants z specifies a distribution given z of a potential value Yx that is defined for each x whether or not it is observed. An observed distribution of Y given x and zExpand
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