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  • Articles  (19)
  • risk  (19)
  • Springer  (19)
  • Emerald
  • 2015-2019
  • 1990-1994  (19)
  • 1915-1919
  • Economics  (18)
  • Philosophy  (1)
  • Sociology
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  • Articles  (19)
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  • Springer  (19)
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  • 1
    Electronic Resource
    Electronic Resource
    Product diversification and attitudes toward risk in agricultural production (1994)
    Springer
    Journal of productivity analysis 5 (1994), S. 271-286 
    Details
    ISSN: 1573-0441
    Keywords: risk ; economies of diversification ; agricultural production ; flexible functional forms
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In this article we analyze the relationship between risk-avoidance behavior and economic jointness in a multi-output agricultural technology. We focus on farmer specific heterogeneity in attitudes towards risk-taking, while treating production uncertainty as unobserved stochastic error that is common to all region specific farms. We furthermore utilize a new flexible functional form, the Constant Elasticity of Transformation, Constant Elasticity of Substitution, Generalized Leontief (Behrman, Lovell, Pollak, and Sickles, [1992]) which has the appealing property of relative flexibility while ensuring proper curvature properties of the estimated multi-output technology over a larger sample region of the price/quantity space than a flexible form such as the Generalized Leontief [Diewert, 1971]. Our empirical study deals with small-scale agriculture in the Indian Semi-Arid Tropics (SAT), partly because of the importance of yield-related risk in this region, but also because we have measures of farmer specific risk attitudes in the SAT data. Our modeling approach allows for the calculation of the shadow cost of farmer specific risk attitudes in terms of foregone profits, while at the same time controlliing for the technical factors that give rise to multi-output production in the absence of risk. We are thus able to estimate these opportunity costs while modeling a multiple output technology in which cost complementarities can lead to diversified production and in which joint production is not always undertaken.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01073911
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  • 2
    Electronic Resource
    Electronic Resource
    Making social trade-offs among lives, disabilities, and cost (1994)
    Springer
    Journal of risk and uncertainty 9 (1994), S. 135-150 
    Details
    ISSN: 1573-0476
    Keywords: quality-adjusted life-years index ; life expectancy ; social welfare ; discounting ; risk ; utility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Applying cost/benefit techniques to issues of life and death generally requires a single index, comparable to gross domestic product, describing the welfare of any community in terms of the health, quality of life, wealth, and longevity of its population. While such indices, based on economic and multiattribute utility theory, do exist, they generally require detailed information on the preferences of the affected individuals. Since gathering such detailed information is often prohibitively expensive and time-consuming, this article derives a simpler index of community welfare. Our index evaluates any proposed government project using a weighted geometric average of the project's anticipated impact on •per capita wealth less the weighted proportion of individuals with various disabilities, and •per capita life expectancy adjusted to discount future years of life. Since the criterion measures the overall utility of society, it can also be used to compare quality of life in various countries.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01064182
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  • 3
    Electronic Resource
    Electronic Resource
    Understanding Hollywood's organization and continuing success (1994)
    Springer
    Journal of cultural economics 18 (1994), S. 271-300 
    Details
    ISSN: 1573-6997
    Keywords: Film ; Hollywood ; risk ; management ; organization ; policy ; persistences
    Source: Springer Online Journal Archives 1860-2000
    Topics: Art History , Economics
    Notes: Abstract Integrated international marketing of films and related merchandise and close financial ties between distributors and roducers have evolved to cope with the risks of piracy, cost containment, opportunism, and revenue uncertainty. Our reading of the evidence is that this system has dominated because of its efficiency. In search of an explanation of why America remains the centre of this institutional and contractual web, we examine the impact of two world wars, the rapid commercialization of new technologies in the United States by aggressive managers, an open financial system and the ethnic diversity, language homogeneity, and size of the domestic market.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01079760
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  • 4
    Electronic Resource
    Electronic Resource
    Equity and nuclear waste disposal (1994)
    Springer
    Journal of agricultural and environmental ethics 7 (1994), S. 133-156 
    Details
    ISSN: 1573-322X
    Keywords: compensation ; equity ; future generations ; nuclear waste ; policy ; risk ; Yucca Mountain
    Source: Springer Online Journal Archives 1860-2000
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Philosophy
    Notes: Abstract Following the recommendations of the US National Academy of Sciences and the mandates of the 1987 Nuclear Waste Policy Amendments Act, the US Department of Energy has proposed Yucca Mountain, Nevada as the site of the world's first permanent repository for high-level nuclear waste. The main justification for permanent disposal (as opposed to above-ground storage) is that it guarantees safety by means of waste isolation. This essay argues, however, that considerations of equity (safer for whom?) undercut the safety rationale. The article surveys some prima facie arguments for equity in the distribution of radwaste risks and then evaluates four objections that are based, respectively, on practicality, compensation for risks, scepticism about duties to future generations, and the uranium criterion. The conclusion is that, at least under existing regulations and policies, permanent waste disposal is highly questionable, in part, because it fails to distribute risk equitably or to compensate, in full, for this inequity.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02349034
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  • 5
    Electronic Resource
    Electronic Resource
    The risky business of insurance pricing (1993)
    Springer
    Journal of risk and uncertainty 7 (1993), S. 117-139 
    Details
    ISSN: 1573-0476
    Keywords: insurance pricing ; decision making ; risk ; ambiguity
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The factors influencing insurance pricing decisions are assessed using the ISO product liability ratemaking files for 1980–1984. The mean loss level has a strong positive effect on manual rates and premium rates/exposure. Evidence on a variety of ambiguity measures is more mixed. As a broad generalization, risk ambiguity lowers manual rates, which may reflect exclusion of large loss outliers as being unrepresentative. Risk ambiguity tends to have a positive effect on actual pricing decisions for particular policies, especially bodily injury lines and the interactive risk-ambiguity model.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01065318
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  • 6
    Electronic Resource
    Electronic Resource
    The utility of gambling (1993)
    Springer
    Journal of risk and uncertainty 6 (1993), S. 255-275 
    Details
    ISSN: 1573-0476
    Keywords: gambling ; risk ; uncertainty
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A tiny utility of gambling is appended to an expected utility model for a risk-averse individual. It is shown that the model can explain small payoff gambles, large prize lotteries, and patterns of risk-seeking in the experimental evidence that are puzzling from the viewpoint of standard theory. At the same time, the model maintains expected utility theory's ability to explain insurance purchase, portfolio diversification, and other risk-averting behavior. The tiny utility of gambling could equally well be appended to models of risky choice other than the expected utility model.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01072614
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  • 7
    Electronic Resource
    Electronic Resource
    An empirical investigation into the effect of psychological perceptions on the willingness-to-pay to reduce risk (1993)
    Springer
    Journal of risk and uncertainty 6 (1993), S. 75-90 
    Details
    ISSN: 1573-0476
    Keywords: risk ; value of life ; psychometric characteristics
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A large sample of the residents of metropolitan Chicago were interviewed to investigate whether psychometric attributes by which people view hazards are related to their willingness-to-pay to reduce the hazard. One of the hazards, stomach cancer, is found to engender fear and a high willingness-to-pay. Among the other hazards, willingness-to-pay increases with the dread of the hazard but declines with degree of knowledge people have about the risk they are exposed to. When adjustment is made for perceived probability of occurrence, one can conclude that the implied valuation of life varies across hazards according to psychometric risk perceptions. This result has practical implication for policy makers when making decisions regarding spending to reduce hazards.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01065351
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  • 8
    Electronic Resource
    Electronic Resource
    A risk-adjusted approach for assessing factors that determine utilities' allowed returns on equity (1993)
    Springer
    Review of industrial organization 8 (1993), S. 113-123 
    Details
    ISSN: 1573-7160
    Keywords: Regulation ; returns ; risk ; utilities
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper demonstrates that, even after adjustment for risk, state utility commissions are sensitive to the return on equity requests of electric utilities. This supports the hypothesis that commissions and utilities implicitly compensate for other ratemaking factors, so as to arrive at a reasonable rate of return. Publicized differences in allowed returns have superficial informational content with regard to regulatory treatment. An implication is that commissions are more efficient in both the performance of their duties and in the allocation of resources than is usually assumed.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01029773
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  • 9
    Electronic Resource
    Electronic Resource
    The single family home in the investment portfolio (1993)
    Springer
    The journal of real estate finance and economics 6 (1993), S. 201-222 
    Details
    ISSN: 1573-045X
    Keywords: Housing ; risk ; return ; repeat-sales
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article uses recent measures of the risk and return to investment in housing to estimate the effects of including a single family home in the investor portolio. We estimate the expected return and standard deviation of that return, as well as its correlation with other major investment classes.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01096958
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  • 10
    Electronic Resource
    Electronic Resource
    An intransitive expectations-based bayesian variant of prospect theory (1992)
    Springer
    Journal of risk and uncertainty 5 (1992), S. 127-144 
    Details
    ISSN: 1573-0476
    Keywords: expected utility ; risk ; behavioral decision theory ; forecast-combination ; expectations
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Psychological experiments have established that the classical expected utility model appears descriptively inadequate. Viscusi's prospective reference theory attempts to reconcile the expected utility model with many of these experiments by supposing that individuals have prior expectations about the utility they can expect to get from lottery payoffs. Bayesian theory then implies that individuals revise lottery probabilities in light of these prior expectations before choosing among lotteries so as to maximize expected utility. But Viscusi's theory cannot account for nonmonotonic or intransitive behavior. This article develops an extension of Viscusi's model with correlated prior beliefs that does account for nonmonotonic and intransitive behavior.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00057567
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  • 11
    Electronic Resource
    Electronic Resource
    Propitious selection in insurance (1992)
    Springer
    Journal of risk and uncertainty 5 (1992), S. 247-251 
    Details
    ISSN: 1573-0476
    Keywords: insurance ; automobile insurance ; risk ; moral hazard ; adverse selection
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The theory of propitious selection suggests that there are risk-avoiding personalities who both take physical precautions and buy financial security (insurance). Conversely, there are risk seekers who tend to do neither. Survey evidence is presented that is consistent with the theory. Individuals who obtain motor vehicle liability coverage are less likely than others to drink-and-drive, and are more likely to engage in health-beneficial (risk-avoiding) behaviors. Propitious selection may be a general phenomenon promoting favorable selection in many real world insurance markets.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00057881
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  • 12
    Electronic Resource
    Electronic Resource
    Indirect methods for valuing changes in environmental risks with nonexpected utility preferences (1991)
    Springer
    Journal of risk and uncertainty 4 (1991), S. 153-165 
    Details
    ISSN: 1573-0476
    Keywords: risk ; benefit ; expected utility
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Theoretical models for estimating individuals' values for sure improvements in environmental quality are well developed. These models can be classified as being based on averting behavior, hedonic prices, or weak complementarity. Some of these models have also been applied to the task of valuing changes in risk based on expected utility theory. This article provides a systematic development of these models for changes in either the probability or the magnitude of an uncertain event and shows that the derived expressions for individual marginal willingness to pay can be generalized to nonexpected utility preferences as long as the index of preferences is continuous, convex, and twice differentiable.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00056123
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  • 13
    Electronic Resource
    Electronic Resource
    Incentives and government relief for risk (1991)
    Springer
    Journal of risk and uncertainty 4 (1991), S. 167-175 
    Details
    ISSN: 1573-0476
    Keywords: insurance ; moral hazard ; relief ; risk
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Government relief is offered for a wide range of risks-natural disaster, economic dislocation, sickness, and injury. This article explores the effect of such relief on incentives and the allocation of risk in a model with private insurance. It is shown that government relief is inefficient, even when its level is less than the private insurance coverage that individuals would otherwise have purchased and even when private insurance coverage is incomplete due to problems of moral hazard.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00056124
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  • 14
    Electronic Resource
    Electronic Resource
    Paying to improve your chances: Gambling or insurance? (1991)
    Springer
    Journal of risk and uncertainty 4 (1991), S. 329-338 
    Details
    ISSN: 1573-0476
    Keywords: gambling ; insurance ; risk ; risk aversion ; probability shifting ; utility theory
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Will a more risk-averse individual spend more or less to improve probabilities, say on marketing efforts that enhance the chance of a sale? For any two payoffs and starting probabilities, the answer is unfortunately indeterminate. However, interpreting gambling as increasing small chances of good outcomes and insurance as reducing small chances of bad outcomes, the more risk-averse individual will pay less (more) to gamble (insure). We find a critical switching probability that depends on the individuals and outcomes involved. If the good outcome is less (more) likely than this critical value, the expenditures represent gambling (insurance).
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00056159
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  • 15
    Electronic Resource
    Electronic Resource
    Risk and return in real estate (1991)
    Springer
    The journal of real estate finance and economics 4 (1991), S. 175-190 
    Details
    ISSN: 1573-045X
    Keywords: Returns ; risk ; appraisal ; commercial property ; smoothing ; REIT
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Basic information is provided on the returns and risks from 1978 through 1985 for unleveraged equity real estate compared with stocks and bonds. Data sources include the Russell-NCREIF index, the Evaluation Associates index, and the Goldman Sachs equity real estate investment trust index. Findings reveal that the aggregate return for the publicly traded equity real estate investment trust index in nearly twice that of the other real estate series, and more than twice that of the Standard & Poor index. The equity real estate investment trust is far more volatile than the other two real estate series. Neither the Goldman Sachs nor the other two indexes exactly measure the returns or risks on equity real estate. The volatility of the equity real estate investment trust leads it to overstate the risk of this investment category, while the other two indexes are not return indexes. Estimates from this study indicate that real estate risk lies plausibly midway between that of stocks and bonds, in the 9 percent to 13 percent range.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00173123
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  • 16
    Electronic Resource
    Electronic Resource
    Smoothing in appraisal-based returns (1991)
    Springer
    The journal of real estate finance and economics 4 (1991), S. 327-345 
    Details
    ISSN: 1573-045X
    Keywords: Returns ; risk ; appraisal ; smoothing ; commerical properties
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This article presents a conceptual analysis of smoothing in the second moments of appraisal-based returns series in commercial real estate. The intent of the article is to lay the groundwork necessary for the more scientific use of appraisal-based returns time series for the purpose of inferring the true second moments. Formal smoothing models are presented together with their theoretical implications for smoothing in various second moments of interest to investment analysts. Empirical estimators for inferring true moments from appraisal-based data are described. Limited empirical findings from previous literature are also briefly discussed in the light of the theoretical findings of this study. The overall conclusion is that appraisal-based returns can be very useful in studying the risk characteristics of commercial real estate assets, provided that this type of data is corrected for smoothing as discussed in the article.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00161933
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  • 17
    Electronic Resource
    Electronic Resource
    Asset diversification, firm risk, and risk-based capital requirements in banking (1991)
    Springer
    Review of industrial organization 6 (1991), S. 49-59 
    Details
    ISSN: 1573-7160
    Keywords: mergers ; risk ; diversification
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The implications of diversification by firms for risk has been raised particularly in connection with conglomerate mergers. This issue is of special interest in banking now because of a recently implemented policy — risk-based capital guidelines. This study presents results of an empirical investigation into the relationship between diversification of a bank's financial assets and indicators of the risk of insolvency. Results indicate that financial asset diversification, as well as geographic diversification, are related to lower risk.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00428000
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  • 18
    Electronic Resource
    Electronic Resource
    The impact of self-protection and self-insurance on individual response to risk (1990)
    Springer
    Journal of risk and uncertainty 3 (1990), S. 191-204 
    Details
    ISSN: 1573-0476
    Keywords: risk ; self-protection ; self-insurance
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We develop four experimental markets to examine how individuals respond to risk: self-protection and self-insurance in both private and collective auctions. First, we find evidence that the mechanism used to reduce risk is important. Results indicate that the upper and lower bounds on value were elicited by the private self-protection and the collective self-insurance markets, respectively. Second, the robustness of these results declined with low-probability lotteries. We find further evidence that individuals overestimate the impact of low-probability events. Overestimation decreased, however, with repeated market exposure. Third, the four markets induced rapid value formation. Usually only one or two additional market trials were necessary before an individual's perception and valuation of reduced risk stabilized.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00056372
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  • 19
    Electronic Resource
    Electronic Resource
    A tale of two tails: An alternative characterization of comparative risk (1990)
    Springer
    Journal of risk and uncertainty 3 (1990), S. 65-82 
    Details
    ISSN: 1573-0476
    Keywords: risk ; uncertainty ; mean-preserving spreads ; star-shape
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A characterization of comparative risk, parallel to but more restrictive than the Rothschild-Stiglitz (1970) characterization, is developed. As in Rothschild and Stiglitz, we develop a four-way characterization that consists of generating processes (a noise condition and generation by a sequence of special mean-preserving spreads), integral conditions, and preferences. The building blocks of this new order, Mean-preserving increases in risk about ν, where ν is any constant, are mean-preserving spreads whose centers have a nonempty intersection. If this intersection contains the mean of the distribution, the induced order, or mean-preserving increase in risk about the mean, conveys a particularly meaningful notion of an increase in risk as a buildup of the tails of the distribution.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00213261
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