Quality-Adjusted Life Years (QALYs) are the most widely-used measure of health in cost– effectiveness analysis and cost–benefit analysis. Within a welfarist framework QALYs are consistent with people’s preferences under stringent assumptions. Several authors have argued that QALYs are a valid measure of health within an extra-welfarist framework. This paper studies the applicability of QALYs wi...

Tradable permits are celebrated as a political instrument since they allow (i) firms to equalize marginal abatement costs through trade and (ii) the government to distribute the burden of the policy in a politically fair and feasible way. These two concerns, however, conflict in a dynamic setting. Anticipating that high-cost firms will receive more permits in the future, firms purchase excessiv...

This paper attempts to reconcile an apparent contradiction between short-run and long-run movements in the price of gold. A theoretical model is developed that suggests a set of the conditions that would have to be satisfied for the price of gold to rise over time at the general rate of inflation and hence be an effective long-run hedge against inflation. The model also demonstrates that short-...

This paper examines whether consumers necessarily benefit from tightening the price cap. We find that a tighter price cap always increases consumer welfare when demands are independent. Conversely, when demands are interdependent a tighter price cap may reduce consumer welfare.  2000 Elsevier Science S.A. All rights reserved.

The carbon market reform is controversial because the modalities of pricing foreseen risk reducing performance companies and negatively affecting economy. objective this paper to show that tax can be floating adapt economic situation while maintaining its ecological efficiency. Herein, Tobin’s Q model, which has become a standard in literature for explaining investment decision, applied green d...

Six diesel-degrading bacterial strains were isolated from oil-polluted sites located in central Taiwan. The floating activity of the isolates in an oil-supplemented liquid medium was monitored. Cell-surface hydrophobicity as well as cell-free and cell-residue emulsification activities were also investigated. Three isolates, identified as Gordonia alkanivorans CC-JG 39, Rhodococcus erythropolis ...

The floating photovoltaic system is a new concept in energy technology to meet the needs of our time. The system integrates existing land based photovoltaic technology with a newly developed floating photovoltaic technology. Because module temperature of floating PV system is lower than that of overland PV system, the floating PV system has 11% better generation efficiency than overland PV syst...

Previous studies on the price and time trade-off in real estate focused primarily on the real estate traded in the secondary market. This relation, however, depends rather critically on seller motivations. This study examines the price and time trade-off for new residential developments where developer motivations differ substantially from individual seller motivations. In addition, by using th...

This paper extends previous works that view transit systems as minimizing their after-subsidy costs. The paper uses the expense preference behavior model in economics and derives ®rst-order conditions for the manager. From the ®rst-order conditions, the paper formally shows that the decomposition of relative price ineciency between management behavior and subsidies found in the work of Sakano ...