Economic analyses struggle to assign a monetary value to a small chance of a truly terrible outcome.
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Economic analyses struggle to assign a monetary value to a small chance of a truly terrible outcome. To see this, imagine that some otherwise unavoidable activity carries with it a one-in-a-thousand chance of killing you. How much money would you spend to avoid that activity? What if the risk of death were 1 percent or 10 percent?
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Assigning a monetary value to a small chance of a truly terrible outcome such as death is a challeng...View the full answer
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