Abstract
The willingness to pay for Φ and/or θ reductions is one side of the coin. Yet, we know that the public good ‘physical safety’ will not be a free lunch; on the contrary, enhancing physical safety will draw on the limited pool of resources commanded by society. And even worse, we should not be surprised to learn that the amount of resources necessary for marginal safety improvements (or forgone consumption/saving opportunities) increases with the level of safety or care1.
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© 1993 Physica-Verlag Heidelberg
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Querner, I. (1993). Aggregate Risk-Reduction Cost. In: An Economic Analysis of Severe Industrial Hazards. Microeconomic Studies. Physica-Verlag HD. https://doi.org/10.1007/978-3-642-95898-4_9
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DOI: https://doi.org/10.1007/978-3-642-95898-4_9
Publisher Name: Physica-Verlag HD
Print ISBN: 978-3-7908-0678-6
Online ISBN: 978-3-642-95898-4
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