We examine network effects as an impediment to optimal financial contracting. In devising the terms of their transaction, the parties may prefer to conform to a market standard rather than matching their own contracting needs. To study this possibility, we investigate choice of contract law provisions in European debt securities. In order to disentangle network effects from the effects of subst...

A new approach to mean-variance efficient portfolio selection is introduced. The method is based on realized regression theory and the regression based portfolio selection approach of Britten-Jones (1999), yielding a conditional version of the Britten-Jones (1999) method. Some of the noticeable results of the paper are as follows. Firstly, the monetary union may have had a much less important i...

This paper defends the Euro from point of view Austrian Economics. Folloming Mises and Hayek it demonstrates is acting as a proxy gold standard disciplining polititians putting limit to growth welfare state. Key words: Gold standard, fixed flexible exchange rates, state crisis, competition among monetary areas, keynesianism, monetarism, School. JEL Classification: N15, N45, O53, P11, X10. Resum...

Abstract NO X emissions from diesel light-duty-vehicles (LDV) largely exceed the Euro emission standards in real-world driving conditions. Recent studies have quantified their impact upon air quality and human health primarily based on models at mesoscale large-scale resolutions. Here, we show that these approaches can significantly underestimate of LDV excess 2 pollution cities, particularly m...

Some people believe that the impact of population ageing on future health care expenditures will be quite moderate due to the high costs of dying. If not age per se but proximity to death determines the bulk of expenditures, a shift in the mortality risk to higher ages will not affect lifetime health care expenditures as death occurs only once in every life. We attempt to take this effect into ...

Beijing, the capital of China, has experienced rapid motorization since 1990; a trend that is likely to continue. The growth in vehicles and the corresponding emissions create challenges to improving the urban air quality. In an effort to reduce the impact of vehicle emissions on urban air quality, Beijing has adopted a number of vehicle emission control strategies and policies since the mid 19...

AIM To evaluate the costs and effectiveness of on-demand maintenance therapy with oral esomeprazole, lansoprazole, omeprazole, pantoprazole or rabeprazole in patients with endoscopy-confirmed non-erosive reflux disease (NERD) in the UK. METHODS A probabilistic model was developed to compare the costs and effectiveness of five proton pump inhibitors (PPIs) in endoscopy-negative, symptomatic NE...

Differential unit non-response in household wealth surveys biases estimates of top tail wealth shares downward. Using Monte Carlo evidence, I show that adding only a few extreme observations to wealth surveys is sufficient to remove the downward bias. Combining extreme wealth observations from Forbes World’s billionaires with the Survey of Consumer Finances, the Wealth and Assets survey and the...

BACKGROUND Sublingual allergen immunotherapy (SLIT) is a commonly used alternative route of administration to standard subcutaneous immunotherapy (SCIT) in Europe. Despite its wide use, the cost-effectiveness of SLIT vs SCIT has not been well established. OBJECTIVE To evaluate the cost and effectiveness of SLIT compared with SCIT in patients with allergic rhinoconjunctivitis during a 3-year s...

This paper investigates business cycle relations among different economies in the Euro area. Cyclical dynamics are explicitly modelled as part of a time series model. We introduce mechanisms that allow for increasing or diminishing phase shifts and for time-varying association patterns in different cycles. Standard Kalman filter techniques are used to estimate the parameters simultaneously by m...