Over the last decade, evidence has accumulated in the mainstream economics literature indicating that, contrary to economic theory, indifference curves are irreversible. The methods in question - willingness to pay versus willingness to accept and standard gamble versus certainty equivalence -...

This paper demonstrates that the HYE procedure yields health status values, not utilities as its creators claim. The difference between results from HYEs and the TTO technique is merely a product of the Standard Gamble/Certainty Equivalence disparity noted elsewhere in the literature. If utility...

Prescriptions account for around 10% of UK National Health Service (NHS) expenditures. In an effort to control costs and to recoup expenditures government imposed prescription charges in 1951. Before their temporary abolition in 1965, charge income covered about 20% of costs. But both the charge...

This paper demonstrates that the results recently presented by Shogren et al (1994) are insufficient to reject the endowment effect as a significant cause of the divergence between willingness to pay (WTP) and willingness to accept (WPA) values. A more transparent means of testing for the...

The endowment effect, which is well documented in the contingent valuation literature, alters people's preferences according to a reference point established in an elicitation question. In particular, the utility that people place on a bundle is both a positive function of the quantities of the...

This work concerns the development of new methods of accounting for risk in high-technology ventures. The paper enquires into attitudes to risk and skills at risk management, in the relationship between high-technology firms and their venture capital backers. The basic prescription behind the...

This paper extends the existing estimation methods to allow empirical estimation and hypothesis testing under simultaneous price and output uncertainty.

It is widely acknowledged in the financial literature that trading in asset markets is mainly induced by the arrival of new information. However, the contemporaneous and dynamic empirical relationship beween volume and returns in futures data, with attendant implications for futures market...

This paper examines the announcement period and the post acquisition gains of UK acquirers of unlisted targets that are subject to value-ambiguity. The evidence shows that target’s age, size, intangibility of assets, and investments can explain the variations in bidding firm’s abnormal...