r n d p c t i s P v e Asthma is a common and costly chronic illness affecting people of every economic level, demographic category, and age group. People with asthma can be disabled by their illness, especially during acute episodes, and unable to performbasic life tasks such as attend school or work. Properlymanaged, however, ndividuals with asthma can lead a normal life, including articipatin...

* We thank Jay Shambaugh and J. Bradford Jensen for helpful comments on an earlier draft of this paper. We also thank the National Association of Realtors for graciously supplying us the data with which we could perform calculation of secondary market for housing as shown in Figure 1.

benefits of grasses. Social benefits can be of a very wide scale, as they are basically related to the question “How useful are they for humans?”. The approaches of economists and grassland farmers are not contradictory; in fact, they complement each other well. To answer the three questions raised by economists, grassland farmers need to determine the details of major grassland uses and the in...

Chronic disease management has been a rapidly growing entity in the 21st century as a strategy for managing chronic illnesses in large populations. However, experience has shown that disease management programs have not been able to demonstrate their financial value. The objectives of disease management programs are to create quality benchmarks, such as principles and guidelines, and to establi...

Forest ecosystems are being degraded and lost because of rapid population change and economic incentives that make forest conversion appear more profitable than forest conservation. All ecological functions of forests are also economic functions. Many important forest functions have no markets, and hence, no apparent economic value, justifying the use of forest land for other purposes. Imputing...

We propose a new solution concept to address the problem of sharing a surplus among the agents generating it. The problem is formulated in the preferences-endowments space. The solution is defined recursively, incorporating notions of consistency and fairness and relying on properties satisfied by the Shapley value for Transferable Utility (TU) games. We show a solution exists, and call it an O...

Economic value calculations are increasingly used to compare the predictive performance of competing models of asset returns. However, they lack a rigorous way to validate their evidence. This paper proposes a new methodology to test whether utility gains accruing to investors using competing predictive models are equal to zero. Monte Carlo evidence indicates that our testing procedure, that ca...