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Thus economists avoid using utility functions such as the quadratic, which exhibit increasing absolute risk aversion, because they have an unrealistic behavioral implication. Similarly, if the person experiences an increase in wealth, he/she will choose to increase (or keep unchanged, or decrease) the fraction of the portfolio held in the risky ...
Increased hot stove effect for losses – The hot stove effect is the finding that individuals avoid a risky alternative when the available information is limited to the obtained payoffs. A relevant example (proposed by Mark Twain ) is of a cat which jumped of a hot stove and will never do it again, even when the stove is cold and potentially ...
The key question in determining whether a risk is ALARP is the definition of reasonably practicable. This term has been enshrined in the UK case law since the case of Edwards v. National Coal Board in 1949. The ruling was that the risk must be significant in relation to the sacrifice (in terms of money, time or trouble) required to avert it ...
Conflict avoidance refers to a set of behaviors aimed at preventing or minimizing disagreement with another person. These behaviors can occur before the conflict emerges (e.g., avoiding certain topics, changing the subject) or after the conflict has been expressed (e.g., withholding disagreement, withdrawing from the conversation, giving in).
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With a government shutdown narrowly avoided late Friday into Saturday morning, the House and Senate sent a funding bill to President Joe Biden's desk. An initial bipartisan deal was tanked earlier ...
This stress is impossible to prevent in the normal use of the tool for its designed task, and any attempt to avert it impedes its functionality. At the same time, it is expected that the normal use of a hammer will not break it beyond repair during a reasonable life cycle. If an object's restoration is impossible, it is regarded as consumable.
A form of what is now called general average was included in the Lex Rhodia, the Rhodes Maritime Code of c. 800 BC. [4] Julius Paulus quoted from the law around the turn of the 3rd century, and these quotes are preserved, and an excerpt is included in Justinian's 6th-century Digest of Justinian (part of the Corpus Juris Civilis), although the Lex Rhodia is itself now lost.