A central question in the analysis of fuel economy policy is whether consumers are myopic with regards to future costs. We provide first evidence on consumer valuation from a natural experiment that provides exogenous variation ratings. examine short-run equilibrium effects restatement ratings affected 1.6 million vehicles. Using implied changes willingness pay, we find act myopically: indiffer...

AIM To descriptively analyze the policy environment surrounding the Polish generic medicines retail market. METHOD The policy analysis was based on an international literature review. Also, a simulation exercise was carried out to compute potential savings from substituting generic for originator medicines in Poland using IMS Health pharmaceutical intelligence data. RESULTS Poland has a mat...

This paper studies the causal e¤ect of individuals’overcon…dence and bounded rationality on asset markets. To do that, we combine a new market mechanism with an experimental design, where (1) players’interaction is centered on the inferences they make about each others’information, (2) overcon…dence in private information is controlled by the experimenter (i.e., used as a treatment), and (3) na...

BACKGROUND Managed care weighs advances and associated costs to determine whether the combination of longer life at sometimes significantly increased cost represents value. The price of treatment is only 1 factor. OBJECTIVE To review treatment decision processes for oncologic agents in managed care environments. SUMMARY Price can be exceptionally high for individuals. But if the population ...

This methodology paper sets out a mathematical description of the Sheffield Alcohol Policy Model version 2.0, a model to evaluate public health strategies for alcohol harm reduction in the UK. Policies that can be appraised include a minimum price per unit of alcohol, restrictions on price discounting, and broader public health measures. The model estimates the impact on consumers, health servi...

The single-period problem (SPP), also known as the newsboy or newsvendor problem, is to "nd the order quantity which maximizes the expected pro"t in a single-period probabilistic demand framework. Previous extensions to the SPP include, in separate models, the simultaneous determination of the optimal price and quantity when demand is price-dependent, and the determination of the optimal order ...

This paper studies the existence of single-price price equilibrium from a given initial distribution of money holdings in a search-theoretic model of money where agents have no time preference. The model is similar to recent models (Green and Zhou [2] and Zhou [5]) of search economies with no constraints on money inventories, except that here money is modeled as indivisible and traders are assu...

Discounting is traditionally conceptualized as the comparison of the value of gains or losses that occur at different times. It endeavors to incorporate how humans trade off values to be received in the future versus value received immediately into economic analysis. Discounting has emerged as a key factor in assessments of climate change and other long-term environmental issues. However, the t...

Lower delay discounting (better self-control) is linked to higher intelligence, but the basis of this relation is uncertain. To investigate the potential role of working memory processes (WM), we assessed delay discounting, intelligence (g), WM (span tasks, 3-back task), and WM-related neural activity (using fMRI) in 103 healthy adults. Delay discounting was negatively correlated with g and WM....