Valuing Risk in Experimental Markets: Self-Protection, Self-Insurance, and Collective Action
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Summary
The purpose of this project was to examine the economic value formation process in experimental markets of private and collection self-protection and self-insurance. Three different experiments were designed which examine individual choice and behavioral outcomes under risk and uncertainty. The goal of the project was to determine if and how the value of risk differs under various reduction mechanisms. The lessons learned from these controlled laboratory experiments provide avenues for exploration by practitioners of the contingent valuation method.
The report is organized as follows:
Chapter 1. Valuing Risk in Experimental Markets
2. Experimental Markets with One Risk Reduction Mechanism
3. Experimental Markets with Two Risk Reduction Mechanisms
4. Coasian Bargaining over Ex Ante Lotteries and Ex Post Rewards
5. Conclusions and Future Extensions
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Date Linked: 05/28/2009