The Preferred Valuation Methodology Again: Option Values and ‘PIP’Goods

  • Gavin H. Mooney


As chapter 7 has already indicated there appear to be two elements involved in reducing risk and in the values to be placed on such reductions. Let us call these two elements R i and R ii• R i is concerned solely with risk reduction per se. It is that element associated with a reduction in risk of death which is not related to fear or anxiety but solely to the loss associated with death.


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    Schelling, T. C., The life you save may be your own. In Problems in Public Expenditure Analysis, ed. S. B. Chase, Brookings Institute, Washington, 127–162 (1968)Google Scholar
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    Weisbrod, B. A., Collective-consumption services of individual consumption goods, Q. Jl. Econ., August (1964)Google Scholar
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    Zeckhauser, R., Uncertainty andeie need for collective action. In Public Expenditures and Policy Analysis, eds. R. H. Haveman and J. Margolis, Markham Publishing Company, Chicago (1970)Google Scholar
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    Jones-Lee, M. W., The Value of Life, an Economic Analysis, Martin Robertson, London (1976)Google Scholar

Copyright information

© Gavin H. Mooney 1977

Authors and Affiliations

  • Gavin H. Mooney
    • 1
  1. 1.Department of Community MedicineUniversity of AberdeenScotland

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