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Gains and losses: the same or different choices? A “non-ideal” economics approach.
Harin, Alexander - EconWPA - 2005
Ideal economics? A “non-ideal” economics approach has been proposed, which considers the possibility of arrangement infringements. It gives promises for both solving fundamental problems of economic theory and creation of new directions and fields of research. The approach application in...
Persistent link: https://www.econbiz.de/10005124942
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Learning versus Diversification in Project Choice
Subramanian, Narayanan; Menon, Nidhiya - EconWPA - 2004
We study the issue of project choice when a risk-averse agent must choose whether to invest in two projects of the same type (focus) or of different types (diversification). Projects of the same type are subject to common type-specific shocks. Hence focusing is more risky within each period, but...
Persistent link: https://www.econbiz.de/10005407512
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Economic Costs of Diabetes in the U.S. in 2002
Dall, Tim; Nikolov, Plamen; Hogan, Paul - EconWPA - 2003
The study highlights the large and rising cost of the disease: an estimated $132 billion, or approximately $92 billion in direct healthcare expenditures and $40 billion in lost productivity attributed to missed workdays, disability, and early mortality. After adjusting for differences in...
Persistent link: https://www.econbiz.de/10005076931
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The Economics of Crime: Investigating the Drugs-Crime Channel
Entorf, Horst; Winker, Peter - EconWPA - 2001
The rising trends both in drug addiction and crime rates are of major public concern in Germany. Surprisingly, the economic theory of crime seems to ignore the drugs-crime nexus, whereas the criminological literature considers illicit drug use a main reason of criminal activities. This paper...
Persistent link: https://www.econbiz.de/10005561015
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Benchmarking the Health Sector in Germany – An Application of Data Envelopment Analysis
Staat, Matthias; Hammerschmidt, Maik - EconWPA - 2003
At present, a first round of hospital benchmarking as required by German law on health care reform takes place. After … extensive discussions between hospitals and insurance companies, which are jointly responsible to deliver benchmarking results … within the context of relative performance evaluation in the health care sector are discussed. In order to illustrate the …
Persistent link: https://www.econbiz.de/10005561536
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Is Investing College Education Risky?
Chen, Stacey H. - EconWPA - 2002
Attending college seems to be a profitable and affordable investment in the US. Nevertheless, a number of academically talented young people still hesitate to attend college. This puzzle motivates this paper to test for whether college education is a risky investment. To measure the riskiness of...
Persistent link: https://www.econbiz.de/10005076547
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Risk Aversion and Expected-Utility Theory: A Calibration Theorem
Rabin, Matthew - EconWPA - 2001
Within the expected-utility framework, the only explanation for risk aversion is that the utility function for wealth … is concave: A person has lower marginal utility for additional wealth when she is wealthy than when she is poor. This … paper provides a theorem showing that expected-utility theory is an utterly implausible explanation for appreciable risk …
Persistent link: https://www.econbiz.de/10005076662
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General option exercise rules, with applications to embedded options and monopolistic expansion
Boyarchenko, Svetlana; Levendorskii, Sergei - EconWPA - 2005
This paper provides a general framework for pricing of real options in continuous time for wide classes of payoff streams that are functions of Levy processes. As applications, we calculate the option values of multi-stage investment/disinvestment problems (sequences of embedded options, which...
Persistent link: https://www.econbiz.de/10005076973
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Happiness Maintenance and Asset Prices
Falato, Antonio - EconWPA - 2003
This paper explores the implications of investors’ everyday mild feelings for aggregate asset returns. To this end, it introduces a novel class of state dependent preferences - happiness maintenance preferences - into the standard Mehra and Prescott (1985) economy by allowing investors’...
Persistent link: https://www.econbiz.de/10005077033
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A Model of Primary and Secondary Waves in Investment Cycles
Fioretti, Guido - EconWPA - 2002
Schumpeter maintained that oscillations of macroeconomic variables are only the "secondary wave" of business cycles, a reflex of more fundamental "primary waves" at the microeconomic level caused by the innovative activity of entrepreneurs. Uniting Schumpeter's concern for innovation with...
Persistent link: https://www.econbiz.de/10005077089