Risk Independence and Multiattributed Utility Functions

The concepts of conditional risk aversion, the conditional risk premium, and risk independence pertaining to multiattributed utility functions are defined. The latter notion is then generalized to what is called utility independence. A number of theorems useful for simplifying the assessment of multiattributed utility functions given certain risk independence and utility independence assumptions are stated.U. S. Army Research Office (Durham) under Contract No. DAHCO4-70-C-0058

The Effect of Removing Accidents Repeaters From the Road

In newspaper editorials, public commentaries and the like, licensing authorities are often advised to solve the "accident problem" by taking the "nut behind the wheel" off the road. This paper uses six-year driver records of some 8, 000 California drivers to estimate the reduction in accidents that would in fact occur if accident repeaters were removed from the road

Give yourself a nudge: helping smart people make smarter personal and business decisions

Enhancing your decision-making skills to make smarter decisions is the best way you can purposefully improve your life