If a risk averse person has an initialn wealth of tk 1000, faced with a risk of running into an accident where the proba

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answerhappygod
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If a risk averse person has an initialn wealth of tk 1000, faced with a risk of running into an accident where the proba

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If a risk averse person has an initialn wealth of tk 1000, facedwith a risk of running into an accident where the probability ofhaving the accident is 0.5 and losing tk 200 in the accident.explain how availability of insurance affects his contigentconsumption plan when the insurance industry is competitive.
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