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Suppose a middle-class consumer chooses to buy a new small car instead of a new big car, even though the annual risk of fatality in the small car is larger (3 in 10,000 instead of 2 in 10,000). Suppose the annual car payments for the small car are $400 less than the annual payments for the big car.
On the basis of revealed preference, can we safely conclude that the consumer is willing to pay no more than $400 for a 1 in 10,000 reduction in the risk of fatality? Explain your answer.
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