We investigate the effect of opium price shocks on the per capita dispensation of prescription opioids in the US. Using quarterly county-level data for 2003-2016, three main results emerge. First, reductions in opium prices significantly increase the quantity of opioids prescribed, and the more...

The awarding of the Olympic Games to a certain city or the announcement of a city's Olympic bid may be considered as a news shock that affects agents' market expectations. A news shock implies potential impacts on the dynamic adjustment process that change not only the volatility but also the...

Motivated by recent disasters, this paper analyzes the risk sharing aspect in a federation. The regions can be hit by a shock leading to losses that occur with an exogenous probability and in a stochastically independent way. The regions can spend effort on self-insurance to reduce the size of...

Motivated by recent disasters, this paper analyzes the risk sharing aspect in a federation. The regions can be hit by a shock leading to losses that occur with an exogenous probability and in a stochastically independent way. The regions can spend effort on selfinsurance to reduce the size of...