This paper contains a critique of solvency regulation such as imposed on banks by Basel I and II. It argues that banks seeking to maximize rate of return on risk-adjusted capital (RORAC) aim at an optimal level of solvency because on the one hand, solvency S lowers the cost of refinancing; on...

The sustainability of the welfare state ultimately depends on citizens’ preferences for income redistribution. They are elicited through a Discrete Choice Experiment performed in 2008 in Switzerland. Attributes are redistribution as GDP share, its uses (the unemployed, old-age pensioners,...

Studies on the effect of ageing on health care expenditure (HCE) have revealed the importance of controlling for time-to-death (TTD). These studies, however, are subject to possible endogeneity if HCE influences the remaining life expectancy. This paper introduces a 10-year observation period on...

The search for economically effcient policy instruments designed to promote the diffusion of renewable energy technologies in liberalized markets has led to the introduction of quota-based tradable `green' certifcate (TGC) schemes for renewable power. However, there is a debate about the pros...

None

None

This study starts from the observation that today's Western trading nations are exposed to multiple risks of energy supplies, e.g. simultaneous shortage of oil and electricity supplies. To cope with these risks, oil can be stockpiled as well as domestic capacity for power production built up....

Cogeneration-a technology which uses waste heat for electricity generation-has been known for over one hundred years. To be economically viable, it requires that excess electricity be fed into a grid for distribution. In the U.S., utilities have been legally obliged by PURPA legislation (Public...

Background: Discrete-choice experiments (DCEs), while becoming increasingly popular, have rarely been tested for validity and reliability. Abstract: Objective: To address the issues of validity and reliability of willingness-to-accept (WTA) values obtained from DCEs. In particular, to examine...