Diversification is a fundamental concept in economics and finance. This paper argues that decision makers have an intrinsic preference for diversification responsive to cost this willingness pay driven by risk aversion loss aversion. In experiment replicating portfolio choice problem, the value of estimated be at 5% initial endowment approximately $100. Moreover, risk-averse loss-averse individ...

This study explores the effects of Interferon-β characteristics such as country of origin, injection frequency and method, monthly cost, efficacy, and side effects on multiple-sclerosis patients’ willingness to pay. For this purpose, MS patients with a history of using Interferon-β were studied from the three major Isfahan MS centers. Choice sets were designed with a combination of attributes a...

Waste is a byproduct of human life. Nowadays, municipal solid waste is being produced in excessive amounts and in this way, both developing and developed countries are facing challenges regarding generation of waste. Economic development, urbanization and improved living standards in cities have contributed to increase in the amount and complexity of solid waste produced. The present stud...