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1.
《Socio》2020
By training and equipping human resources from other public service sectors than emergency response, to act as first responders, it is possible to reduce the first response times at a low cost. Before launching such an initiative, it is however important to evaluate the potential benefits. In this work, a method for doing this kind of evaluation is developed and applied to a potential initiative, utilizing fire service day personnel as new first responders. By developing a smartphone application and performing an experiment, sending alerts to potential first responders, and combining this with expert reviews of the possible value of their contribution, it is possible to estimate the response time reductions, as well as the monetary benefits of the initiative. The results show that there is a monetary benefit, even with a low number of new first responders, but that it is highly dependent on how quickly they can start travelling towards the emergency site. 相似文献
2.
This study considers how changes in wealth affect insurance demand when individuals suffer disutility from regret. Anticipated regret stems from a comparison between the ex-post maximum and actual wealth. We consider a situation wherein individuals maximize their expected utility incorporating anticipated regret. The wealth effect on insurance demand can be classified into the risk and the regret effects. These effects are determined by the properties of the utility function and the regret function. We show that insurance can be normal when individuals place weight on anticipated regret, even though the utility function exhibit decreasing absolute risk aversion. This result indicates that regret theory is a possible explanation to the wealth effect puzzle, in which insurance is normal from empirical observation, but it should be inferior by theoretical prediction under expected utility theory. 相似文献
3.
This study examines a symmetric private-value second-price auction model in which the seller solicits bidders at a cost, sets a reserve price, and receives a payoff which is a convex combination of revenue and welfare. The bidder’s valuations are drawn from a distribution with a decreasing hazard rate and non-decreasing virtual valuations. We find that at equilibrium the seller adopts an advertising policy which minimizes the uncertainty over the number of participants, and sets a reserve price which only depends on the distribution of valuations and the weight on revenue in the objective function. A welfare-maximizing seller is shown to advertise more than a revenue-maximizing seller, and a ceteris paribus increase in the advertising level is proved to increase the expected winner’s rent. 相似文献
4.
Yasuhiro Nakamoto 《Journal of Economics》2009,96(1):41-62
This paper shows that in a model with inelastic labor supply, consumption externalities have impacts on stationary consumption
and capital. The key element in observing the effects of consumption externalities on stationary consumption and capital is
the endogeneity of the time preference rate, which depends on future-oriented resources rather than on private consumption.
We conclude that when individuals experience jealousy, they become more impatient, leading to a lower level of capital stock
and a higher level of consumption relative to those of the social optimum, while when they experience admiration, these relationships
are reversed. We examine an optimal tax policy that replicates the socially optimal path in the centrally planned economy.
Finally, using numerical analysis we explore how this economy evolves through time.
相似文献
5.
In a model where many workers bargain with one firm and sign binding contracts, we show existence of a stationary subgame perfect equilibrium. If the production function satisfies decreasing returns, each worker receives a share of his marginal product (treating all other workers as employed) in equilibrium. Thus, wages are competitive. This is in contrast to Stole and Zweibel (1996, Rev. Econ. Stud. 63, 375–410), who assume that contracts are non-binding and find that the payoff of a worker is a weighted average of the inframarginal contributions. Hence, binding contracts imply lower wages than non-binding contracts. 相似文献
6.
Christian Gollier 《European Economic Review》1996,40(9):1799-1815
In this paper, we provide two basic properties of utility functions u which exhibit decreasing absolute prudence i.e. (− u/u″)′ ≤ 0. These properties are used to examine the allocation of risks in an economy when some agents bear non-transferable risks. We show that it is fair Pareto-efficient to let those with a non-transferable risk bear relatively less of the transferable risk in the economy if and only if absolute prudence is decreasing. In another model, there is a complete set of contingent markets, but some agents have no direct access to them. We examine the fair efficient allocation of risk in a pool gathering a trader and a non-trader. Decreasing absolute prudence provides an upper bound to the share of the pool's risk that should be borne by the trader. 相似文献
7.
This paper studies comparative risk aversion between risk averse agents in the presence of a background risk. Our contribution differs from most of the literature in two respects. First, background risk does not need to be additive or multiplicative. Second, the two risks are not necessarily mean independent, and may be conditional expectation increasing or decreasing. We show that our order of cross Ross risk aversion is equivalent to the order of partial risk premium, while our index of decreasing cross Ross risk aversion is equivalent to decreasing partial risk premium. These results generalize the comparative risk aversion model developed by Ross for mean independent risks. Our theoretical results are related to utility functions having the n-switch independence property. 相似文献
8.
Under expected utility, the uncertainty that affects the parameters of the random walk of consumption growth has no effect on the value of short-term claims and makes the term structure of risk-free rates decreasing. The term structure of aggregate risk premia is increasing when the uncertain cumulants of log consumption are independent. We apply these generic results to the case of an uncertain probability of catastrophes, and to the case of an uncertain trend or volatility of growth. Adding some persistence to unobservable shocks into our benchmark model, we show that the term structure of risk premia is hump-shaped. 相似文献
9.
Dirk Degel Lara WiescheAuthor VitaeSebastian RachubaAuthor Vitae Brigitte WernersAuthor Vitae 《Socio》2014
Volunteer fire departments have been founded to ensure public safety in case of fire and to provide support for professional firefighters. Most of the current stations date back to the beginning of the 19th century. Today, volunteer fire departments face numerous challenges, such as reduced number of following young volunteers or decreasing public budgets. We quantify these effects and identify different alternatives, such as relocating or closing of stations to minimize the impact on rescue service supply. Based on comprehensive case studies in Bochum, Germany it is apparent that these recommendations provide an excellent toolset for a prospective planning approach. 相似文献
10.
At first glance, there would appear to be no relationship between Bell’s (1988) concept of one-switch utility functions and that of a stronger measure of risk aversion due to Ross (1981). We show however that specific assumptions about the behavior of the stronger measure of risk aversion also give rise to the linex utility function which belongs to the class of one-switch utility functions. In particular, this utility class is the only one that satisfies a stronger version of Kimball’s (1993) standard risk aversion over all levels of wealth. We apply our results to consider nth-degree deteriorations in background risk and their effect on risk taking behavior. 相似文献