منابع مشابه
Microscopic Irreversibility
First, I will recount the substance of several important conversations I had with Ilya Prigogine over the years. There is no doubt in my mind that Professor Prigogine firmly believed in the underlying stochasticity of the universe. Second, I will summarize my curiosity about the principle of detailed balance. In my opinion, so far it has always been put in by hand. Third, I will advance my own ...
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We examine whether and to what extent consolidation in the U.S. health insurance industry is leading to higher employer-sponsored insurance premiums. We make use of a proprietary, panel dataset of employer-sponsored healthplans enrolling over 10 million Americans annually between 1998 and 2006 to explore the relationship between premium growth and changes in market concentration. We exploit the...
متن کاملIrreversibility and the second law
The relation between the second law of thermodynamics and the notion of irreversibility is analysed by distinguishing three different meanings of the latter and studying how they figure in several versions of the second law. A more extensive discussion is given in [1]. 1. THREE CONCEPTS OF (IR)REVERSIBILITY Many physical theories employ a state space Γ containing all possible states s of a syst...
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Existing empirical research investigating the size of the equity premium has largely consisted of a series of innovations around a common theme: producing a better estimate of the equity premium by using better data or a better estimation technique. The equity premium estimate that emerges from most of this work matches one moment of the data alone: the mean difference between an estimate of th...
متن کاملThe ambiguous meaning of irreversibility
Irreversibility of spontaneous macroscopic dynamics and its asymmetry with respect to the sign reversal of the variable t is usually interpreted as a genuine property of complex isolated systems. Discussion of the kinetics involved in Joule's experiment concerning spontaneous expansion of a gas shows that the isolation hypothesis results from ambiguous definitions of a number of keywords. Where...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2009
ISSN: 0304-3932
DOI: 10.1016/j.jmoneco.2009.02.001