In the model of insurance and uncertainty discussed in the chapter, an individual exhibits declining marginal utility

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In the model of insurance and uncertainty discussed in the chapter, an individual exhibits declining marginal utility of income if and only if she is risk-averse.


Indicate whether the statement is true or false, and justify your answer.

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Health Economics

ISBN: 9781137029966

1st Edition

Authors: Jay Bhattacharya, Timothy Hyde, Peter Tu

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