Previous work has identified a distributed network of neural systems involved in appraising the value of rewards, such as when winning $100 versus $1. These studies, however, confounded monetary value and the number used to represent it, which leads to the possibility that some elements in the network may be specialized for processing numeric rather than monetary value. To test this hypothesis,...

BACKGROUND Nearly 40 years of research provides an extensive body of evidence about human health, well-being, and improved function benefits associated with experiences of nearby nature in cities. OBJECTIVES We demonstrate the numerous opportunities for future research efforts that link metro nature, human health and well-being outcomes, and economic values. METHODS We reviewed the literatu...

In the past few years, a fairly substantial literature has emerged addressing the phenomenon of global value chains (GVCs). While one can find various definitions of GVCs, the simple concept proposed by Lunati (2007) seems to capture the spirit of most definitions. Namely, GVCs are international supply chains characterized by fragmentation of production activities across sites and borders. In e...

We compare statistical and economic measures of forecasting performance across a large set of stock return prediction models with time-varying mean and volatility. We find that it is very common for models to produce higher out-of-sample mean squared forecast errors than a model assuming a constant equity premium, yet simultaneously add economic value when their forecasts are used to guide port...

This Discussion Paper is issued under the auspices of the Centre's research programme in INDUSTRIAL ORGANIZATION. Any opinions expressed here are those of the author(s) and not those of the Centre for Economic Policy Research. Research disseminated by CEPR may include views on policy, but the Centre itself takes no institutional policy positions. The Centre for Economic Policy Research was esta...

With several candidate dengue vaccines under development, this is an important time to help stakeholders (e.g., policy makers, scientists, clinicians, and manufacturers) better understand the potential economic value (cost-effectiveness) of a dengue vaccine, especially while vaccine characteristics and strategies might be readily altered. We developed a decision analytic Markov simulation model...

Basic research is a public good, for which social returns may greatly exceed private ones. This paper develops an economic framework for evaluating the social benefits of medical research. We begin with a model of the economic value of health and life expectancy, which we apply to US data on overall and disease-specific mortality rates. We calculate (i) the social value of increased longevity t...