What does the demand for pharmaceuticals look like? How effectively does a price cut control pharmaceutical expenditure? To shed light on these questions, I estimate the demand for antihypertensive drugs in Korea (2003-2007) using NLM. The estimation results are following. 1) Physicians are not sensitive to price differences and the price elasticity of the original drugs is further reduced afte...

58. Sustainable development goes beyond a static framework of correcting environmental externalities , deficient markets and inadequate property rights. It is very much concerned with the availability of environmental and natural resources in the future. The problem may be particularly acute in developing countries that have high discount rates due to the scarcity of capital and prevalence of p...

This paper studies maximin paths in the context of a standard exhaustible resource model. Under the assumption that the resource is important in production, it establishes the efficiency and uniqueness of non-trivial maximin paths. It uses these results to study the nature of the maximin value and policy functions. The value function is shown to be differentiable with respect to the initial res...

The extensive adoption of uniform pricing for branded variants is a puzzling phenomenon considering that firms may improve profitability through price discrimination. In the paper, we incorporate consumers' concerns of price fairness into a model of price competition and show that uniform price for branded variants may emerge in equilibrium. Interestingly, we find that uniform pricing induced b...

Constant shadow prices indicate that gains in expected votes with respect to marginal shifts in transfers should be equal across jurisdictions. The ratio of the scalars (λ/μ) holds constant, while exhausting the budget, only if each party promises the same amount to any given jurisdiction (taj = tbj = Yj ∀ j). Voter consumption is thus identical under either party and implies tj = 0. By the tra...

In this paper I have reduced the US model to a smaller size. This version, called “US mini,” is a good approximation to the overall US model in a number of important respects, although a number of features have been left out. The income side has been substantially reduced; there is no labor sector; and there is no wage-price sector, just a price equation. US mini is thus not a replacement for t...

A marketplace is defined where the private data of suppliers (e.g., prosumers) are protected, so that neither their identity nor their level of stock is made known to end customers, while they can sell their products at a reduced price. A broker acts as an intermediary, which takes care of providing the items missing to meet the customers’ demand and allows end customers to take advantages of r...

OBJECTIVES To evaluate the quantitative effects of the drug price reduction on pharmaceutical expenditures and the new guidelines to restrict prescribing on drug utilisation for antihypertensive drugs. DESIGN We used an interrupted time series design with the National patient sample data of Health Insurance Review and Assessment Service in South Korea. METHODS 54,295 participants who were w...

Managers can decide to reduce a warrant’s exercise price. A reduction in exercise price can induce exercise (a conversion-forcing reduction) or not (a long-term reduction). Conversionforcing firms show an abnormal return of -1.53% on the announcement day but they perform well over the three years following the announcement. This finding suggests that the funds raised from warrant exercise are i...

The prospects for achieving price stability and full employment sooner with wage and price controls than with traditional monetary and fiscal actions alone depend on the ability of the wage and price controls to dampen expectations of inflation. Until expectations of inflation are substantially reduced, inflationary pressures \vill remain strong evcn though measured prices are constrained by go...