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Price dispersion can be viewed as a measure of trading frictions (or, tautologically, as a violation of the law of one price). It is often attributed to consumer search costs or unmeasured attributes (such as the reputation) of the retailing outlets involved. There is a difference between price dispersion and price discrimination. The latter ...
However, when looking at risk/reward trade-offs that people make with regard to their health, economists often consider the value of a statistical life (VSL). The VSL is very different from the value of an actual life. It is the value placed on changes in the likelihood of death, not the price someone would pay to avoid certain death.
The U.S. Consumer Product Safety Commission found in a 1995 study that at least 37 deaths and 113 injuries had occurred due to falling vending machines from 1978 to 1995. [ 1 ] [ 3 ] This resulted in a voluntary campaign from vending machine manufacturers to warn that rocking or tilting the machines could cause serious injury or death ...
A micromort (from micro-and mortality) is a unit of risk defined as a one-in-a-million chance of death. [ 1 ] [ 2 ] Micromorts can be used to measure the riskiness of various day-to-day activities. A microprobability is a one-in-a million chance of some event; thus, a micromort is the microprobability of death.
In epidemiology, case fatality rate (CFR) – or sometimes more accurately case-fatality risk – is the proportion of people who have been diagnosed with a certain disease and end up dying of it. Unlike a disease's mortality rate , the CFR does not take into account the time period between disease onset and death.
The first study on the global burden of disease, conducted in 1990, quantified the health effects of more than 100 diseases and injuries for eight regions of the world, giving estimates of morbidity and mortality by age, sex, and region. It also introduced the DALY as a new metric to quantify the burden of diseases, injuries, and risk factors.
Risk compensation is a theory which suggests that people typically adjust their behavior in response to perceived levels of risk, becoming more careful where they sense greater risk and less careful if they feel more protected. [2]
The price of this security is the state price of this particular state of the world. The state price vector is the vector of state prices for all states. [1] See Financial economics § State prices. An Arrow security is an instrument with a fixed payout of one unit in a specified state and no payout in other states. [2]