Your house is worth $200,000. Your risk of a catastrophic flood is 0.5 percent. Such a flood
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Your house is worth $200,000. Your risk of a catastrophic flood is 0.5 percent. Such a flood would destroy your house and would not be covered by homeowner’s insurance. Although you grumble, you buy flood coverage for $1,200. Are you risk averse or risk seeking?
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You are risk averse Risk aversion is the preference for a certain outcome over a risky ou...View the full answer
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