2024-03-28T16:22:42Z
https://eprints.whiterose.ac.uk/cgi/oai2
oai:eprints.whiterose.ac.uk:125
2024-02-25T00:04:56Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
756E69743D596F726B:596F726B2E46414333:596F726B2E594F523239
696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/125/
Nurse telephone triage for same day appointments in general practice: multiple interrupted time series trial of effect on workload and costs
Richards, D.A.
Godfrey, L.
Richardson, G.
Russell, D.
Meakins, J.
Tawfik, J.
Dutton, E.
OBJECTIVE: To compare the workloads of general practitioners and nurses and costs of patient care for nurse telephone triage and standard management of requests for same day appointments in routine primary care. DESIGN: Multiple interrupted time series using sequential introduction of experimental triage system in different sites with repeated measures taken one week in every month for 12 months. SETTING: Three primary care sites in York. Participants: 4685 patients: 1233 in standard management, 3452 in the triage system. All patients requesting same day appointments during study weeks were included in the trial. MAIN OUTCOME MEASURES: Type of consultation (telephone, appointment, or visit), time taken for consultation, presenting complaints, use of services during the month after same day contact, and costs of drugs and same day, follow up, and emergency care. RESULTS: The triage system reduced appointments with general practitioner by 29-44%. Compared with standard management, the triage system had a relative risk (95% confidence interval) of 0.85 (0.72 to 1.00) for home visits, 2.41 (2.08 to 2.80) for telephone care, and 3.79 (3.21 to 4.48) for nurse care. Mean overall time in the triage system was 1.70 minutes longer, but mean general practitioner time was reduced by 2.45 minutes. Routine appointments and nursing time increased, as did out of hours and accident and emergency attendance. Costs did not differ significantly between standard management and triage: mean difference £1.48 more per patient for triage (95% confidence interval -0.19 to 3.15). CONCLUSIONS: Triage reduced the number of same day appointments with general practitioners but resulted in busier routine surgeries, increased nursing time, and a small but significant increase in out of hours and accident and emergency attendance. Consequently, triage does not reduce overall costs per patient for managing same day appointments.
2002-11-23
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/125/1/richardsong1.pdf
Richards, D.A., Godfrey, L., Richardson, G. orcid.org/0000-0002-2360-4566 <https://orcid.org/0000-0002-2360-4566> et al. (4 more authors) (2002) Nurse telephone triage for same day appointments in general practice: multiple interrupted time series trial of effect on workload and costs. British medical journal. pp. 1214-1217. ISSN 1756-1833
https://doi.org/10.1136/bmj.325.7374.1214
10.1136/bmj.325.7374.1214
oai:eprints.whiterose.ac.uk:134
2023-12-06T10:42:56Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/134/
National Institute for Clinical Excellence and its value judgments
Rawlins, M.D.
Culyer, A.J.
The National Institute for Clinical Excellence (NICE) offers health professionals in England and Wales advice on providing NHS patients with the highest attainable standards of care. NICE gives guidance on individual health technologies, the management of specific conditions, and the safety and efficacy of interventional diagnostic and therapeutic procedures. Guidance is based on the best available evidence. The evidence may not, however, be very good and is rarely complete. Those responsible for formulating the NICE’s advice therefore have to make judgments both about what is good and bad in the available science (scientific value judgments) and about what is good for society (social value judgments). In this article we focus on the scientific and social judgments forming the crux of the institute’s assessment of cost effectiveness. Scientific value judgments and those relating to clinical effectiveness are considered elsewhere.
2004-07-24
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/134/1/culyeraj1.pdf
Rawlins, M.D. and Culyer, A.J. (2004) National Institute for Clinical Excellence and its value judgments. BMJ. pp. 224-227. ISSN 1756-1833
https://doi.org/10.1136/bmj.329.7459.224
10.1136/bmj.329.7459.224
oai:eprints.whiterose.ac.uk:193
2023-12-06T10:46:17Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/193/
Equity - some theory and its policy implications
Culyer, A.J.
This essay seeks to characterise the essential features of an equitable health care system in terms of the classical Aristotelian concepts of horizontal and vertical equity, the common (but ill-defined) language of “need” and the economic notion of cost-effectiveness as a prelude to identifying some of the more important issues of value that policy-makers will have to decide for themselves; the characteristics of health (and what determines it) that can cause policy to be ineffective (or have undesired consequences); the information base that is required to support a policy directed at securing greater equity, and the kinds of research (theoretical and empirical) that are needed to underpin such a policy.
2001-08-01
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/193/1/culyeraj2.pdf
Culyer, A.J. (2001) Equity - some theory and its policy implications. Journal of Medical Ethics. pp. 275-283. ISSN 0306-6800
oai:eprints.whiterose.ac.uk:194
2023-12-10T00:06:24Z
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696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/194/
Economics and ethics in health care
Culyer, A.J.
This editorial provides a review of the current ways in which health economics is impacting on policy and reviews some of the key ethical and value-judgmental issues that commonly arise in and as a result of the work of economists. It also briefly highlights the contributions of the authors of this special issue of the journal, all of which illustrate how economists have approached ethical issues in health service policy (both in its financing and its delivery), and some of which explore the major methodological matters that arise and go on to discuss their potential as sources of conflict or harmony with other approaches to the same questions
2001-08-01
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/194/1/culyeraj3.pdf
Culyer, A.J. (2001) Economics and ethics in health care. Journal of Medical Ethics. pp. 217-222. ISSN 0306-6800
oai:eprints.whiterose.ac.uk:588
2023-12-25T00:09:07Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/588/
Density functionals, with an option-pricing application
Abadir, K.M.
Rockinger, M.
We present a method of estimating density-related functionals, without prior knowledge of the density’s functional form. The approach revolves around the specification of an explicit formula for a new class of distributions that encompasses many of the known cases in statistics, including the normal, gamma, inverse gamma, and mixtures thereof. The functionals are based on a couple of hypergeometric functions. Their parameters can be estimated, and the estimates then reveal both the functional form of the density and the parameters that determine centering, scaling, etc. The function to be estimated always leads to a valid density, by design, namely, one that is nonnegative everywhere and integrates to 1. Unlike fully nonparametric methods, our approach can be applied to small datasets. To illustrate our methodology, we apply it to finding risk-neutral densities associated with different types of financial options. We show how our approach fits the data uniformly very well. We also find that our estimated densities’ functional forms vary over the dataset, so that existing parametric methods will not do uniformly well.
2003-10
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/588/1/abadirkm1.pdf
Abadir, K.M. and Rockinger, M. (2003) Density functionals, with an option-pricing application. Econometric Theory. pp. 778-811. ISSN 0266-4666
https://doi.org/10.1017/S0266466603195047
10.1017/S0266466603195047
oai:eprints.whiterose.ac.uk:589
2023-12-25T00:09:13Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/589/
The joint moment generating function of quadratic forms in multivariate autoregressive series - The case with deterministic components
Larsson, R.
Abadir, K.M.
Let {X-t} follow a discrete Gaussian vector autoregression with deterministic components. We derive the exact finite-sample joint moment generating function (MGF) of the quadratic forms that form the basis for the sufficient statistic. The formula is then specialized to the limiting MGF of functionals involving multivariate and univariate Ornstein–Uhlenbeck processes, drifts, and time trends. Such processes arise asymptotically from more general non-Gaussian processes and also from the Gaussian {X-t} and have also been used in areas other than time series,such as the “goodness of fit” literature.
2001-02
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/589/1/abadirkm2.pdf
Larsson, R. and Abadir, K.M. (2001) The joint moment generating function of quadratic forms in multivariate autoregressive series - The case with deterministic components. Econometric Theory. pp. 222-246. ISSN 0266-4666
https://doi.org/10.1017/S0266466601171070
10.1017/S0266466601171070
oai:eprints.whiterose.ac.uk:594
2023-12-16T00:07:32Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/594/
Saddlepoint approximations for noncentral quadratic forms
Marsh, P.W.N.
Many estimators and tests are of the form of a ratio of quadratic forms in normal variables. Excepting a few very special cases little is known about the density or distribution of these ratios, particularly if we allow for noncentrality in the quadratic forms. This paper assumes this generality and derives saddlepoint approximations for this class of statistics. We first derive and prove the existence of an exact inversion based on the joint characteristic function. Then the saddlepoint algorithm is applied and the leading term found, and analytic justification of the asymptotic nature of the approximation is given. As an illustration we consider the calculation of sizes and powers of F-tests, where a new exact result is found.
1998-10
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/594/1/marshpwn1.pdf
Marsh, P.W.N. (1998) Saddlepoint approximations for noncentral quadratic forms. Econometric Theory. pp. 539-559. ISSN 0266-4666
https://doi.org/10.1017/S0266466698145012
10.1017/S0266466698145012
oai:eprints.whiterose.ac.uk:595
2024-02-17T00:12:15Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/595/
Transformations for multivariate statistics
Marsh, P
This paper derives transformations for multivariate statistics that eliminate asymptotic skewness, extending the results of Niki and Konishi (1986, Annals of the Institute of Statistical Mathematics 38, 371-383). Within the context of valid Edgeworth expansions for such statistics we first derive the set of equations that such a transformation must satisfy and second propose a local solution that is sufficient up to the desired order. Application of these results yields two useful corollaries. First, it is possible to eliminate the first correction term in an Edgeworth expansion, thereby accelerating convergence to the leading term normal approximation. Second, bootstrapping the transformed statistic can yield the same rate of convergence of the double, or prepivoted, bootstrap of Beran (1988, Journal of the American Statistical Association 83, 687-697), applied to the original statistic, implying a significant computational saving. The analytic results are illustrated by application to the family of exponential models, in which the transformation is seen to depend only upon the properties of the likelihood. The numerical properties are examined within a class of nonlinear regression models (logit, probit, Poisson, and exponential regressions), where the adequacy of the limiting normal and of the bootstrap (utilizing the k-step procedure of Andrews, 2002, Econometrica 70, 119-162) as distributional approximations is assessed.
2004-10
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/595/1/marshpwn2.pdf
Marsh, P (2004) Transformations for multivariate statistics. Econometric Theory. pp. 963-987. ISSN 0266-4666
https://doi.org/10.1017/S0266466604205084
10.1017/S0266466604205084
oai:eprints.whiterose.ac.uk:946
2023-12-06T10:46:52Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/946/
Bayesian value-of-infomation analysis: an application to a policy model of Alzheimer's disease
Claxton, K.
Neumann, P.J.
Araki, S.
Weinstein, M.C.
A framework is presented that distinguishes the conceptually separate decisions of which treatment strategy is optimal from the question of whether more information is required to inform this choice in the future. The authors argue that the choice of treatment strategy should be based on expected utility, and the only valid reason to characterize the uncertainty surrounding outcomes of interest is to establish the value of acquiring additional information. A Bayesian decision theoretic approach is demonstrated through a probabilistic analysis of a published policy model of Alzheimer’s disease. The expected value of perfect information is estimated for the decision to adopt a new pharmaceutical for the population of patients with Alzheimer’s disease in the United States. This provides an upper bound on the value of additional research. The value of information is also estimated for each of the model inputs. This analysis can focus future research by identifying those parameters where more precise estimates would be most valuable and indicating whether an experimental design would be required. We also discuss how this type of analysis can also be used to design experimental research efficiently (identifying optimal sample size and optimal sample allocation) based on the marginal cost and marginal benefit of sample information. Value-of-information analysis can provide a measure of the expected payoff from proposed research, which can be used to set priorities in research and development. It can also inform an efficient regulatory framework for new healthcare technologies: an analysis of the value of information would define when a claim for a new technology should be deemed substantiated and when evidence should be considered competent and reliable when it is not cost-effective to gather any more information.
2001-01
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/946/1/claxtonk1.pdf
Claxton, K. orcid.org/0000-0003-2002-4694 <https://orcid.org/0000-0003-2002-4694>, Neumann, P.J., Araki, S. et al. (1 more author) (2001) Bayesian value-of-infomation analysis: an application to a policy model of Alzheimer's disease. International Journal of Technology Assessment in Health Care. pp. 38-55. ISSN 0266-4623
https://doi.org/10.1017/S0266462301104058
10.1017/S0266462301104058
oai:eprints.whiterose.ac.uk:947
2023-12-13T00:06:53Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/947/
Bayesian approaches to technology assessment and decision making
Luce, B.R.
Shih, Y.T.
Claxton, K.
Until the mid-1980s, most economic analyses of healthcare technologies were based on decision theory and used decision-analytic models. The goal was to synthesize all relevant clinical and economic evidence for the purpose of assisting decision makers to efficiently allocate society's scarce resources. This was true of virtually all the early cost-effectiveness evaluations sponsored and/or published by the U.S. Congressional Office of Technology Assessment (OTA) (15), Centers of Disease Control and Prevention (CDC), the National Cancer Institute, other elements of the U.S. Public Health Service, and of healthcare technology assessors in Europe and elsewhere around the world. Methodologists routinely espoused, or at minimum assumed, that these economic analyses were based on decision theory (8;24;25). Since decision theory is rooted in—in fact, an informal application of—Bayesian statistical theory, these analysts were conducting studies to assist healthcare decision making by appealing to a Bayesian rather than a classical, or frequentist, inference approach. But their efforts were not so labeled. Oddly, the statistical training of these decision analysts was invariably classical, not Bayesian. Many were not—and still are not—conversant with Bayesian statistical approaches.
2001-01
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/947/1/claxtonk2.pdf
Luce, B.R., Shih, Y.T. and Claxton, K. orcid.org/0000-0003-2002-4694 <https://orcid.org/0000-0003-2002-4694> (2001) Bayesian approaches to technology assessment and decision making. International Journal of Technology Assessment in Health Care. pp. 1-5. ISSN 0266-4623
https://doi.org/10.1017/S0266462301104010
10.1017/S0266462301104010
oai:eprints.whiterose.ac.uk:948
2023-12-06T10:41:40Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/948/
Orphan drugs and the NHS: Should we value rarity
Claxton, K.
McCabe, C.
Tsuchiya, A.
Cost effectiveness plays an important part in current decisions about the funding of health technologies. Drugs for rare disease (orphan drugs) are often expensive to produce and, by definition, will benefit only small numbers of patients. Several countries have put measures in place to safeguard research and development of orphan drugs, but few get close to meeting the cost effectiveness criteria for funding by healthcare providers. We examine the justifications for special status for rare diseases and ask whether the cost effectiveness of drugs for rare or very rare diseases should be treated differently from that of other drugs and interventions.
2005-10-29
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/948/1/claxtonk3.pdf
Claxton, K. orcid.org/0000-0003-2002-4694 <https://orcid.org/0000-0003-2002-4694>, McCabe, C. and Tsuchiya, A. (2005) Orphan drugs and the NHS: Should we value rarity. BMJ. pp. 1016-1019. ISSN 1756-1833
https://doi.org/10.1136/bmj.331.7523.1016
10.1136/bmj.331.7523.1016
oai:eprints.whiterose.ac.uk:949
2023-12-06T10:44:47Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/949/
Modelling the cost effectiveness of interferon beta and glatiramer acetate in the management of multiple sclerosis
Cooper, N.J.
Claxton, K.
Chilcott, J.
McCabe, C.
Tappenden, P.
O'Hagan, A.
Abrams, K.
OBJECTIVE: To evaluate the cost effectiveness of four disease modifying treatments (interferon betas and glatiramer acetate) for relapsing remitting and secondary progressive multiple sclerosis in the United Kingdom. DESIGN: Modelling cost effectiveness. SETTING: UK NHS. PARTICIPANTS: Patients with relapsing remitting multiple sclerosis and secondary progressive multiple sclerosis. MAIN OUTCOME MEASURES: Cost per quality adjusted life year gained. RESULTS: The base case cost per quality adjusted life year gained by using any of the four treatments ranged from £42 000 ($66 469; 61 630) to £98 000 based on efficacy information in the public domain. Uncertainty analysis suggests that the probability of any of these treatments having a cost effectiveness better than £20 000 at 20 years is below 20%. The key determinants of cost effectiveness were the time horizon, the progression of patients after stopping treatment, differential discount rates, and the price of the treatments. CONCLUSIONS: Cost effectiveness varied markedly between the interventions. Uncertainty around point estimates was substantial. This uncertainty could be reduced by conducting research on the true magnitude of the effect of these drugs, the progression of patients after stopping treatment, the costs of care, and the quality of life of the patients. Price was the key modifiable determinant of the cost effectiveness of these treatments.
2003-03-08
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/949/1/claxtonk4.pdf
Cooper, N.J., Claxton, K. orcid.org/0000-0003-2002-4694 <https://orcid.org/0000-0003-2002-4694>, Chilcott, J. et al. (4 more authors) (2003) Modelling the cost effectiveness of interferon beta and glatiramer acetate in the management of multiple sclerosis. BMJ. pp. 522-525. ISSN 1756-1833
https://doi.org/10.1136/bmj.326.7388.522
10.1136/bmj.326.7388.522
oai:eprints.whiterose.ac.uk:1178
2018-08-03T14:16:11Z
7374617475733D707562
74797065733D6D6F6E6F6772617068
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
756E69743D596F726B:596F726B2E46414333:596F726B2E594F523239
756E69743D596F726B:596F726B2E46414333:596F726B2E594F523239:596F726B2E594F5232395F5250
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/1178/
The value of implementation and the value of information: combined and uneven development
Fenwick, E.
Claxton, K.
Sculpher, M.
Aim:
In a budget constrained healthcare system the decision to invest in strategies to
improve the implementation of cost-effective technologies must be made alongside decisions
regarding investment in the technologies themselves and investment in further research. This
paper presents a single, unified framework that simultaneously addresses the problem of
allocating funds between these separate but linked activities.
Methods:
The framework presents a simple 4 state world where both information and
implementation can be either at the current level or ‘perfect’. Through this framework it is
possible to determine the maximum return to further research and an upper bound on the
value of adopting implementation strategies. The framework is illustrated through case
studies of health care technologies selected from those previously considered by the UK
National Institute for Health and Clinical Excellence (NICE).
Results:
Through the case studies, several key factors that influence the expected values of
perfect information and perfect implementation are identified. These factors include the
maximum acceptable cost-effectiveness ratio, the level of uncertainty surrounding the
adoption decision, the expected net benefits associated with the technologies, the current
level of implementation and the size of the eligible population.
Conclusions:
Previous methods for valuing implementation strategies have confused the
value of research and the value of implementation. This framework demonstrates that the
value of information and the value of implementation can be examined separately but
simultaneously in a single framework. This can usefully inform policy decisions about
investment in healthcare services, further research and adopting implementation strategies
which are likely to differ between technologies.
Centre for Health Economics
2005-09
Monograph
NonPeerReviewed
Fenwick, E., Claxton, K. and Sculpher, M. (2005) The value of implementation and the value of information: combined and uneven development. Research Report. CHE Research Paper (5). Centre for Health Economics , York, UK.
http://www.york.ac.uk/inst/che/pdf/rp5.pdf
oai:eprints.whiterose.ac.uk:1179
2018-08-03T14:16:11Z
7374617475733D707562
74797065733D6D6F6E6F6772617068
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
756E69743D596F726B:596F726B2E46414333:596F726B2E594F523239
756E69743D596F726B:596F726B2E46414333:596F726B2E594F523239:596F726B2E594F5232395F5250
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/1179/
Developing new approaches to measuring NHS outputs and productivity
Dawson, D.
Gravelle, H.
O'Mahony, M.
Street, A.
Weale, M.
Castelli, A.
Jacobs, R.
Kind, P.
Loveridge, P.
Martin, S.
Stevens, P.
Stokes, L.
[FIRST PARAGRAPHS]
In March 2004 the Department of Health commissioned a research team from the
Centre for Health Economics at the University of York and the National Institute for
Economic and Social Research to develop new approaches to measuring NHS outputs
and productivity. The research objectives were development of:
• A comprehensive measure of NHS outputs and productivity
• Methods to facilitate regular in-year analysis of NHS productivity
• Output measures capable of measuring efficiency and productivity at sub-national
levels.
The research team was also asked to co-operate with The Atkinson Review on
measurement of government output and productivity for the national accounts.
Three interim reports on this research were produced (July 2004, November 2004 and
June 2005) as well as memoranda on data requirements (September 2004) and
methodology (January 2005, August 2005). The work was presented for scrutiny at
two workshops (7 July 2004 and 17 June 2005). The research team presented work in
progress to four meetings of the NHS Outputs Steering Group (7 July 2004, 2
February 2005, 10 May 2005, 20 July 2005). This is the Final Report on the research
project.
(Continues..)
Centre for Health Economics
2005-09
Monograph
NonPeerReviewed
Dawson, D., Gravelle, H., O'Mahony, M. et al. (9 more authors) (2005) Developing new approaches to measuring NHS outputs and productivity. Research Report. CHE Research Paper (6). Centre for Health Economics , York, UK.
http://www.york.ac.uk/inst/che/pdf/rp6.pdf
oai:eprints.whiterose.ac.uk:1727
2024-01-31T00:13:00Z
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756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
756E69743D596F726B:596F726B2E46414333:596F726B2E594F523239
696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/1727/
Priority setting for research in health care: An application of value of information analysis to glycoprotein IIb/IIIa antagonists in non-ST elevation acute coronary syndrome
Claxton, K.
Palmer, S.
Bojke, L.
Sculpher, M.
Philips, Z.
The purpose of this study is to explain the rationale for the value of information approach to priority setting for research and to describe the methods intuitively for those familiar with basic decision analytical modeling. A policy-relevant case study is used to show the feasibility of the method and to illustrate the type of output that is generated and how these might be used to frame research recommendations. The case study relates to the use of glycoprotein IIb/IIIa antagonists for the treatment of patients with non-ST elevation acute coronary syndrome. This is an area that recently has been appraised by the National Institute for Health and Clinical Excellence.
2006-07
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/1727/1/claxtonk4.pdf
Claxton, K. orcid.org/0000-0003-2002-4694 <https://orcid.org/0000-0003-2002-4694>, Palmer, S. orcid.org/0000-0002-7268-2560 <https://orcid.org/0000-0002-7268-2560>, Bojke, L. orcid.org/0000-0001-7921-9109 <https://orcid.org/0000-0001-7921-9109> et al. (2 more authors) (2006) Priority setting for research in health care: An application of value of information analysis to glycoprotein IIb/IIIa antagonists in non-ST elevation acute coronary syndrome. International Journal of Technology Assessment in Health Care. pp. 379-387. ISSN 0266-4623
https://doi.org/10.1017/S0266462306051282
10.1017/S0266462306051282
oai:eprints.whiterose.ac.uk:1979
2018-08-03T14:18:10Z
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7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/1979/
Value for money in the English NHS: summary of the evidence
Martin, S.
Smith, P.C.
Leatherman, S.
The extent to which the English National Health Service secures value for money for taxpayers has
become a central issue of political and public debate. Questions include: how much expenditure growth
has been made available to the NHS? on what has that money been spent? what improvements in the
volume and quality of health care have been secured? and what are the implications for productivity?
There has been a flurry of research activity designed to address these and similar questions. This report
seeks to bring together this research in a concise format and draws some tentative conclusions about
recent productivity changes in the NHS.
It finds that there is considerable evidence of growth in both the volume and quality of NHS activity.
However, this has not in general kept pace with the growth in expenditure. On most measures, therefore,
NHS productivity is either static or declining. However, the report highlights a large number of
unresolved methodological issues that make it hard to draw any definitive conclusions. We conclude
that the measurement of NHS productivity change makes an important contribution to national debate.
However, there remains considerable scope for improving both the data and the methods underlying
current estimates.
Centre for Health Economics
2006-07
Monograph
NonPeerReviewed
Martin, S., Smith, P.C. and Leatherman, S. (2006) Value for money in the English NHS: summary of the evidence. Research Report. CHE Research Paper (18). Centre for Health Economics , York, UK.
http://www.york.ac.uk/inst/che/pdf/rp18.pdf
oai:eprints.whiterose.ac.uk:2528
2024-02-04T00:25:55Z
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696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/2528/
Alternative approaches to implementing Lagrange multiplier tests for serial correlation in dynamic regression models
Godfrey, L.G.
An approximate F-form of the Lagrange multiplier test for serial correlation in dynamic regression models is compared with three bootstrap tests. In one bootstrap procedure, residuals from restricted estimation under the null hypothesis are resampled. The other two bootstrap tests use residuals from unrestricted estimation under an alternative hypothesis. A fixed autocorrelation alternative is assumed in one of the two unrestricted bootstrap tests and the other is based upon a Pitman-type sequence of local alternatives. Monte Carlo experiments are used to estimate rejection probabilities under the null hypothesis and in the presence of serial correlation.
2007-04-01
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/2528/1/LGGodfrey_CSDA_final.pdf
Godfrey, L.G. (2007) Alternative approaches to implementing Lagrange multiplier tests for serial correlation in dynamic regression models. Computation Statistics & Data Analysis. pp. 3282-3295.
https://doi.org/10.1016/j.csda.2006.05.020
10.1016/j.csda.2006.05.020
oai:eprints.whiterose.ac.uk:3412
2023-12-06T10:39:42Z
7374617475733D707562
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756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/3412/
Rights, responsibilities and NICE: a rejoinder to Harris
Claxton, Karl
Culyer, Anthony J.
Harris' reply to our defence of the National Institute for Clinical Excellence's (NICE) current cost-effectiveness procedures contains two further errors. First, he wrongly draws a conclusion from the fact that NICE does not and cannot evaluate all possible uses of healthcare resources at any one time and generally cannot know which National Health Service (NHS) activities would be displaced or which groups of patients would have to forgo health benefits: the inference is that no estimate is or can be made by NICE of the benefits to be forgone. This is a non-sequitur. Second, he asserts that it is a flaw at the heart of the use of quality-adjusted life years (QALYs) as an outcome measure that comparisons between people need to be made. Such comparisons do indeed have to be made, but this is not a consequence of the choice of any particular outcome measure, be it the QALY or anything else.
2007-08-01
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/3412/1/Culyer_2007_Rights.pdf
Claxton, Karl orcid.org/0000-0003-2002-4694 <https://orcid.org/0000-0003-2002-4694> and Culyer, Anthony J. (2007) Rights, responsibilities and NICE: a rejoinder to Harris. Journal of Medical Ethics. 462. -. ISSN 0306-6800
https://doi.org/10.1136/jme.2006.018903
10.1136/jme.2006.018903
oai:eprints.whiterose.ac.uk:3532
2023-12-06T10:41:17Z
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696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/3532/
Orphan drugs revisited : [comment]
Claxton, K.
Raftery, J.
McCabe, C.
Tsuchiya, A.
Hughes et al.1 recently discussed arguments for and against giving special funding status to orphan drugs in this journal. They concluded that there should be a uniform policy across Europe, that complete restriction was impractical, and that UK policy should aspire to the values of the EU directive. The aims of this paper are to correct some inaccuracies in the original paper, develop some of the key issues, and to draw some conclusions regarding the question ‘Do drugs for exceptionally rare disease deserve special status for funding?’ For ease, our paper adopts the same structure as the original.
2006-05
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/3532/1/McCabeetalQJM2006_open_access.pdf
Claxton, K. orcid.org/0000-0003-2002-4694 <https://orcid.org/0000-0003-2002-4694>, Raftery, J., McCabe, C. et al. (1 more author) (2006) Orphan drugs revisited : [comment]. QJM Monthly Journal of the Association of Physicians. discussion 350. pp. 341-5. ISSN 1460-2725
https://doi.org/10.1093/qjmed/hcl033
10.1093/qjmed/hcl033
oai:eprints.whiterose.ac.uk:3698
2024-02-01T00:09:56Z
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696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/3698/
Externalities and compensation: Primeval games and solutions
Ju, Yuan
Borm, Peter
The classical literature [Pigou, A.C., 1920. The Economics of Welfare. Macmillan, London; Coase, R.H., 1960. The problem of social cost. Journal of Law and Economics 3, 1-44; Arrow, K., 1970. The organization of economic activity: issues pertinent to the choice of market versus non-market allocation. In: Haveman, R.H., Margolis, J. (Eds.), Public Expenditures and Policy Analysis. Markham, Chicago, pp. 59-73] and the relatively recent studies [cf. Varian, H.R., 1994. A solution to the problem of externalities when agents are well-informed. American Economic Review 84, 1278-1293] associate the externality problem with efficiency. This paper focuses explicitly on the compensation problem in the context of externalities. To capture the features of inter-individual externalities, this paper constructs a new game-theoretic framework: primeval games. These games are used to design normative compensation rules for the underlying compensation problems: the marginalistic rule, the concession rule, and the primeval rule. Characterizations of the marginalistic rule and the concession rule are provided and specific properties of the primeval rule are studied. (C) 2007 Elsevier B.V. All rights reserved.
2008-02
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/3698/1/juy1.pdf
Ju, Yuan orcid.org/0000-0002-7541-9856 <https://orcid.org/0000-0002-7541-9856> and Borm, Peter (2008) Externalities and compensation: Primeval games and solutions. Journal of Mathematical Economics. pp. 367-382. ISSN 0304-4068
https://doi.org/10.1016/j.jmateco.2007.06.002
10.1016/j.jmateco.2007.06.002
oai:eprints.whiterose.ac.uk:3755
2024-03-23T00:08:09Z
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756E69743D596F726B:596F726B2E46414333:596F726B2E594F523239
696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/3755/
Searching for a threshold, not setting one: The role of the National Institute for Health and Clinical Excellence
Culyer, A.
McCabe, C.
Briggs, A.
Claxton, K.
Buxton, M.
Akehurst, R.
Sculpher, M.
Brazier, J.
There has been much speculation about whether the National Institute for Health and Clinical Excellence (NICE) has, or ought to have, a'threshold' figure for the cost of an additional quality-adjusted life-year above which a technology will not be recommended for use. We argue that it is not constitutionally appropriate for NICE to set such a threshold, which is properly the business of parliament. Instead, the task for NICE is as a 'threshold-searcher' - to seek to identify an optimal threshold incremental cost-effectiveness ratio, at the ruling rate of expenditure, that is consistent with the aim of the health service to maximize population health. This will involve the identification of technologies currently made available by the National Health Service that have incremental cost-effectiveness ratios above the threshold, and alternative uses for those resources in the shape of technologies not currently provided that fall below the threshold
2007-01
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/3755/1/wrightjmrs1.pdf
Culyer, A., McCabe, C., Briggs, A. et al. (5 more authors) (2007) Searching for a threshold, not setting one: The role of the National Institute for Health and Clinical Excellence. Journal of Health Services Research & Policy. pp. 56-58. ISSN 1758-1060
https://doi.org/10.1258/135581907779497567
10.1258/135581907779497567
oai:eprints.whiterose.ac.uk:3789
2023-12-06T10:39:12Z
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7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/3789/
Welfarism vs. extra-welfarism
Brouwer, Werner B. F.
Culyer, Anthony J.
van Exel, N. Job A.
Rutten, Frans F. H.
'Extra-welfarism' has received some attention in health economics, yet there is little consensus on what distinguishes it from more conventional 'welfarist economics'. In this paper, we seek to identify the characteristics of each in order to make a systematic comparison of the ways in which they evaluate alternative social states. The focus, though this is not intended to be exclusive, is on health. Specifically, we highlight four areas in which the two schools differ: (i) the outcomes considered relevant in an evaluation; (ii) the sources of valuation of the relevant outcomes; (iii) the basis of weighting of relevant outcomes and (iv) interpersonal comparisons. We conclude that these differences are substantive. (C) 2007 Elsevier B.V. All rights reserved.
2008-03
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/3789/1/culyeraj1.pdf
Brouwer, Werner B. F., Culyer, Anthony J., van Exel, N. Job A. et al. (1 more author) (2008) Welfarism vs. extra-welfarism. Journal of health economics. pp. 325-338. ISSN 0167-6296
https://doi.org/10.1016/j.jhealeco.2007.07.003
10.1016/j.jhealeco.2007.07.003
oai:eprints.whiterose.ac.uk:3956
2023-12-06T10:39:06Z
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696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/3956/
Why licensing authorities need to consider the net value of new drugs in assigning review priorities: Addressing the tension between licensing and reimbursement
McCabe, Christopher
Claxton, Karl
O'Hagan, Anthony
Pharmaceutical regulators and healthcare reimbursement authorities operate in different intellectual paradigms and adopt very different decision rules. As a result, drugs that have been licensed are often not available to all patients who could benefit because reimbursement authorities judge that the cost of therapies is greater than the health produced. This finding creates uncertainty for pharmaceutical companies planning their research and development investment, as licensing is no longer a guarantee of market access. In this study, we propose that it would be consistent with the objectives of pharmaceutical regulators to use the Net Benefit Framework of reimbursement authorities to identify those therapies that should be subject to priority review, that it is feasible to do so and that this would have several positive effects for patients, industry, and healthcare systems.
2008-04
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/3956/1/McCabe_2008_IJTAHC_140-5_final_draft.pdf
text
en
https://eprints.whiterose.ac.uk/3956/2/mccabecj_why_licensing.pdf
McCabe, Christopher, Claxton, Karl orcid.org/0000-0003-2002-4694 <https://orcid.org/0000-0003-2002-4694> and O'Hagan, Anthony (2008) Why licensing authorities need to consider the net value of new drugs in assigning review priorities: Addressing the tension between licensing and reimbursement. International Journal of Technology Assessment in Health Care. pp. 140-145. ISSN 0266-4623
https://doi.org/10.1017/S0266462308080197
10.1017/S0266462308080197
oai:eprints.whiterose.ac.uk:4849
2008-11-18T14:50:20Z
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696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/4849/
Comparing estimates of cost effectiveness submitted to the National Institute for Clinical Excellence (NICE) by different organisations: retrospective study
Miners, A.H.
Garau, M.
Fidan, D.
Fischer, A.J.
Objective: To assess the association between different types of organisation and the results front economic evaluations.
Design: Retrospective pairwise comparison of evidence submitted to the technology appraisal programme of the National Institute for Clinical Excellence (NICE) by manufacturers of the relevant healtltcare technologies and by contracted university based assessment groups.
Data sources: Data front the first 62 appraisals.
Main outcome measure: Incremental cost effectiveness ratios.
Results: Data from 27 of the 62 appraisals could be compared. The analysis of 54 pairwise comparisons showed that manufacturer's estimates of incremental cost effectiveness ratios were lower (suggesting a snore cost effective use of resources) than those produced by the assessment groups (25 were lower, 29 were the wine, none were higher, P < 0.01). Restriction of this dataset to include only one pairwise comparison per appraisal (27 pairs) produced a similar result (21 were lower, two were the same, four were higher, P < 0.001).
Conclusions: The estimated incremental cost effectiveness ratios submitted by manufacturers were on average significantly lower than those submitted by the assessment groups. These results show that an important role of NICE's appraisal committee, and of decision makers in general, is to determine which economic evaluations, or parts of evaluations, should be given more credence.
BMJ Publishing
2005-01-08
Article
PeerReviewed
Miners, A.H., Garau, M., Fidan, D. et al. (1 more author) (2005) Comparing estimates of cost effectiveness submitted to the National Institute for Clinical Excellence (NICE) by different organisations: retrospective study. BMJ, 330 (7482). pp. 65-68. ISSN 0959-535X
http://dx.doi.org/10.1136/bmj.38285.482350.82
doi:10.1136/bmj.38285.482350.82
oai:eprints.whiterose.ac.uk:5504
2023-12-06T10:38:59Z
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696E737469747574696F6E3D596F726B
7072696D6F3D6861735F7075626C6963
https://eprints.whiterose.ac.uk/5504/
Death, happiness, and the calculation of compensatory damages
Oswald, A.J.
Powdthavee, N.
This paper presents a study of the mental distress caused by bereavement. The greatest emotional losses are from the death of a spouse, the second greatest from the death of a child, and the third from the death of a parent. The paper explores how happiness regression equations might be used in tort cases to calculate compensatory damages for emotional harm and pain and suffering. We examine alternative well-being variables, discuss adaptation, consider the possibility that bereavement affects someone's marginal utility of income, and suggest a procedure for correcting for the endogeneity of income. Although the paper's contribution is methodological and further research is needed, some illustrative compensation amounts are discussed.
2008-06
Article
PeerReviewed
text
en
https://eprints.whiterose.ac.uk/5504/1/WRRO_author_version_front_page2.pdf
Oswald, A.J. and Powdthavee, N. (2008) Death, happiness, and the calculation of compensatory damages. Journal of Legal Studies. S217-S251. ISSN 0047-2530
https://doi.org/10.1086/595674
10.1086/595674
oai:eprints.whiterose.ac.uk:5538
2009-08-13T13:28:05Z
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696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5538/
Cognition and Behavior in Two-Person Guessing Games: An Experimental Study
Costa-Gomes, M.A.
Crawford, V.P.
This paper reports an experiment that elicits subjects' initial responses to 16 dominance-solvable two-person guessing games. The structure is publicly announced except for varying payoff parameters, to which subjects are given free access. Varying the parameters allows very strong separation of the behavior implied by leading decision rules. Subjects' decisions and searches show that most subjects understood the games and sought to maximize payoffs, but many had simplified models of others' decisions that led to systematic deviations from equilibrium. The predictable component of their deviations is well explained by a structural nonequilibrium model of initial responses based on level-k thinking.
American Economic Association
2006-12
Article
NonPeerReviewed
Costa-Gomes, M.A. and Crawford, V.P. (2006) Cognition and Behavior in Two-Person Guessing Games: An Experimental Study. American Economic Review, 96 (5). pp. 1737-1768. ISSN 0002-8282
http://dx.doi.org/10.1257/aer.96.5.1737
10.1257/aer.96.5.1737
oai:eprints.whiterose.ac.uk:5553
2009-07-24T08:34:14Z
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696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5553/
Recovering the shadow value of nutrients
Beatty, T.K.M.
This article investigates the shadow values of twenty-eight different nutrients. It links the unit price of foods to the shadow values of nutrients by building on a utility theoretic model first proposed by Gorman. Maximum entropy principles are then used to reason consistently about the values of the parameters of interest. The resulting estimates are discussed and analyzed.
Blackwell Publishing Ltd
2007-02
Article
NonPeerReviewed
Beatty, T.K.M. (2007) Recovering the shadow value of nutrients. American Journal of Agricultural Economics, 89 (1). pp. 52-62. ISSN 0002-9092
http://dx.doi.org/10.1111/j.1467-8276.2007.00962.x
10.1111/j.1467-8276.2007.00962.x
oai:eprints.whiterose.ac.uk:5558
2009-08-13T13:20:39Z
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696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5558/
United States demand for food and nutrition in the Twentieth Century
Beatty, T.K.M.
LaFrance, J.T.
Blackwell Publishing Ltd
2005-11
Article
NonPeerReviewed
Beatty, T.K.M. and LaFrance, J.T. (2005) United States demand for food and nutrition in the Twentieth Century. American Journal of Agricultural Economics, 87 ( 5). pp. 1159-1166. ISSN 0002-9092
http://dx.doi.org/10.1111/j.1467-8276.2005.00802.x
10.1111/j.1467-8276.2005.00802.x
oai:eprints.whiterose.ac.uk:5569
2009-08-14T13:22:24Z
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696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5569/
Technological Change, Entry and Stock Market Dynamics: An Analysis of Transition in a Monopolistic Economy
Datta, B.
Dixon, H.
We consider the share-price dynamics induced
by changes in technological progress (perhaps due to the introduction of a new technology or institutional reforms) and the resultant entry of firms. The focus is not so much in comparing the steady states before or after the change, but rather on the transitional dynamics of the industry or economy as it adjusts. The model is one with efficient markets and perfect foresight where fundamentals drive the stockmarket value. Should we expect technological progress to lead only to increases in the level of the stockmarket (monotonic dynamics), or should we expect nonmonotonic behavior of boom followed by partial bust (a U-shaped or
overshooting dynamic)? Is it possible to have share values falling even when the underlying technology is improving?
We model a stylized monopolistic industry or economy in a continuous-time generalequilibrium setting with no uncertainty and perfect foresight. We adopt a model of entry found in Sanghamitra Das and Satya P. Das (1997), Datta and Dixon (2000), and Marta Aloi and Dixon (2001), in which the cost of entry is increasing in the flow of entry (due to some congestion effect or other externality). The flow of entry is determined by an intertemporal arbitrage
condition that equates the cost of entry with the present value of incumbency. This gives rise to a dynamic zero-profit condition: the present value of incumbents in each instant is equal to the cost of entry. We first consider the case of a step increase in the level of technology with no other underlying growth. When an unanticipated technological improvement occurs, it causes a stock-market boom: there is a jump in the share value, the current profitability of incumbents, and an increase in the flow of entry. However, eventually entry drives the profit
level back to zero, and shares decline back to the initial value. The initial boom is followed by a bust. We next consider the case of an economy with constant exponential technology growth. What happens when the pace of technological change unexpectedly increases? There is an
upward jump in the stock-market value of firms. This can overshoot the new balancedgrowth path, with the possibility that there will be a U-shaped dynamic: the initial boom is followed by a slump before tracking back to the higher growth rate. If the initial jump overshoots the new balanced-growth path, there is a downward pull of share prices toward the new balanced-growth path, which
may dominate. This stock-market behavior reflects the behavior of entry: after an initial rush, there is a
temporary slowdown before eventually getting back on track. A similar pattern can occur if the change is anticipated. We believe that this might be some part of the explanation of the behavior of the stock market in the late 1990’s(although real life is much more complicated [see Jeremy Greenwood and Boyan Jovanovic, 1999]). The initial technological change causes a bonanza of profitable investment opportunities, resulting in high profits for incumbents and many new firms being set up. The increase in
entry reduces profitability, and this may cause the flow of entry to reduce, if only in the short run. Finally, however, the long-run growth opportunities begin to come through, and the economy gets onto the new higher growth path.
American Economic Association
2002-05
Article
NonPeerReviewed
Datta, B. and Dixon, H. (2002) Technological Change, Entry and Stock Market Dynamics: An Analysis of Transition in a Monopolistic Economy. American Economic Review, 92 (2). pp. 231-235. ISSN 0002-8282
http://dx.doi.org/10.1257/000282802320189311
10.1257/000282802320189311
oai:eprints.whiterose.ac.uk:5614
2009-08-28T10:43:28Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414332:596F726B2E594F523136
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5614/
Edgeworth expansions for semiparametric Whittle estimation of long memory
Giraitis, L.
Robinson, P.M.
The semiparametric local Whittle or Gaussian estimate of the long memory parameter is known to have especially nice limiting distributional properties, being asymptotically normal with a limiting variance that is completely known. However in moderate samples the normal approximation may not be very good, so we consider a refined, Edgeworth, approximation, for both a tapered estimate, and the original untapered one. For the tapered estimate, our higher-order correction involves two terms, one of order 1/√m (where m is the bandwidth number in the estimation), the other a bias term, which increases in m; depending on the relative magnitude of the terms, one or the other may dominate, or they may balance. For the untapered estimate we obtain an expansion in which, for m increasing fast enough, the correction consists only of a bias term. We discuss applications of our expansions to improved statistical inference and bandwidth choice. We assume Gaussianity, but in other respects our assumptions seem mild.
Institute of Mathematical Statistics
2003
Article
NonPeerReviewed
Giraitis, L. and Robinson, P.M. (2003) Edgeworth expansions for semiparametric Whittle estimation of long memory. Annals of Statistics, 31 (4). pp. 1325-1375. ISSN 0090-5364
http://dx.doi.org/10.1214/aos/1059655915
doi:10.1214/aos/1059655915
oai:eprints.whiterose.ac.uk:5622
2009-08-12T14:33:04Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5622/
Do People Plan Ahead?
Bone, J.D.
Hey, J.D.
Suckling, J.R.
A crucial basic assumption of economic theories of dynamic behaviour is that people plan ahead. This paper reports on an extremely simple experimental test of this fundamental principle. Indeed the experiment is so simple and so straightforward that it is difficult to believe that anyone would not plan ahead. However subjects are found who do not. What are they doing?
Taylor & Francis
2003-04
Article
NonPeerReviewed
Bone, J.D., Hey, J.D. and Suckling, J.R. (2003) Do People Plan Ahead? Applied Economics Letters, 10 (5). pp. 277-280. ISSN 1350-4851
http://dx.doi.org/10.1080/1350485032000056882
10.1080/1350485032000056882
oai:eprints.whiterose.ac.uk:5628
2009-08-12T13:45:41Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5628/
Using value of information analysis to inform publicly funded research priorities
Ginnelly, L.
Claxton, K.
Sculpher, M.J.
Golder, S.
Introduction: The purpose of this article is to demonstrate the application and feasibility of using value of information analysis to help set priorities for research as part of the UK National Health Service (NHS) Health Technology Assessment Programme. Probabilistic decision analysis and value of information methods were applied to a research topic under consideration by the National Coordinating Centre for Health Technology Assessment (NCCHTA), in the UK. The case study presented considers whether long-term, low-dose antibacterial treatment of recurrent urinary tract infections (UTIs) in children is effective and cost effective compared with short-term antibacterial therapy.
Methods: A probabilistic decision-analytic model was developed, within which evidence from published sources was synthesised. Eight subgroups were considered and defined in terms of sex and presence of vesico-ureteral reflux (VUR). Costs were assessed from an NHS perspective, and benefits were expressed as quality-adjusted life-years (QALYs). Simulation methods were used to determine the probability that alternative therapies would be cost effective at a range of threshold values that the NHS may attach to an additional QALY. Value of information analysis was used to quantify the cost of uncertainty associated with the decision about which therapy to adopt, which indicates the maximum value of future research. The feasibility and practicality of using value of information methods to help inform research prioritisation was evaluated.
Results: At a threshold value for an additional QALY of [pounds]30 000, long-term antibacterial treatment may be regarded as cost effective for all eight patient groups. There was, however, substantial uncertainty surrounding the choice of antibacterial.
Discussion/conclusion: The use of value of information methods was feasible and could inform research prioritisation for the NHS. In the context of this specific decision faced by the NHS, the results show that long-term low-dose antibacterials for preventing recurrent UTIs may be cost effective, based on current evidence. However, the analysis suggests that further primary research with longer follow-up may be worthwhile, particularly for girls with no VUR.
Open Minds Journal Ltd
2005
Article
NonPeerReviewed
Ginnelly, L., Claxton, K., Sculpher, M.J. et al. (1 more author) (2005) Using value of information analysis to inform publicly funded research priorities. Applied Health Economics and Health Policy, 4 (1). pp. 37-46. ISSN 1175-5652
http://dx.doi.org/10.2165/00148365-200504010-00006
10.2165/00148365-200504010-00006
oai:eprints.whiterose.ac.uk:5707
2009-08-14T12:57:07Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5707/
Second-Order Power Comparisons for a Class of Nonparametric Likelihood-Based Tests
Bravo, F.
This paper compares the second-order power properties of a broad class of nonparametric likelihood tests recently introduced by Baggerly (1998) as a generalisation of Owen's (1988) empirical likelihood.It is shown that in a multi-parameter setting identity of power up to first order does not imply identity up to second order unless one considers the average power criterion. It is also shown that the empirical likelihood ratio enjoys an optimality property in terms of local maximinity.
Oxford University Press
2003
Article
NonPeerReviewed
Bravo, F. (2003) Second-Order Power Comparisons for a Class of Nonparametric Likelihood-Based Tests. Biometrika, 90 (4). pp. 881-890. ISSN 0006-3444
http://dx.doi.org/10.1093/biomet/90.4.881
10.1093/biomet/90.4.881
oai:eprints.whiterose.ac.uk:5796
2009-09-10T12:37:23Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5796/
The Post-War Productivity Failure: Insights from Oxford (Cowley)
Bowden, S.
Foreman-Peck, J.
Richardson, T.
In the story of Britain's post-war economic 'slippage', the British motor industry plays a special role. The downfall was so complete and expensive that commentators have vied with each other in condemning every aspect of management responsible for the industry. Rather than reiterating the fact of failure, the present paper adds structure with evidence to the explanation of management shortcomings. It details the 'how' and 'why', in labour and capital markets. New primary source material is presented in a coherent theoretical framework that explains precisely what was wrong with the piece-rate payment system and how it could have been remedied. The paper goes on to explain the inadequacies of the corporate governance mechanism that allowed this fundamental deficiency to persist, using material from the shareholders' register and interviews.
Taylor & Francis
2001-07
Article
NonPeerReviewed
Bowden, S., Foreman-Peck, J. and Richardson, T. (2001) The Post-War Productivity Failure: Insights from Oxford (Cowley). Business History, 43 (3). pp. 54-78. ISSN 0007-6791
http://dx.doi.org/10.1080/713999230
10.1080/713999230
oai:eprints.whiterose.ac.uk:5801
2009-07-29T14:32:19Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5801/
Financial institutions and corporate strategy: David Alliance and the transformation of British textiles, c.1950-c.1990
Higgin, D.M.
Toms, T.
This article introduces and assesses a conceptual model of institutional and corporate change. In particular it seeks to integrate strategic choice and associated corporate structure with the role of the market for corporate control (MCC) as a governance mechanism. The model is illustrated using longitudinal case studies from the British textile industry with particular reference to the acquisition policy of David Alliance as he built up the Spirella Group and then used this as a vehicle to acquire, in turn, Vantona, Carrington Viyella, Nottingham Manufacturing Company and Coats Patons. These policies are contrasted with the acquisition strategies of the Lancashire Cotton Corporation (LCC) and Courtaulds and Imperial Chemical Industries (ICI). The evidence indicates that there was no relationship between the depth of the MCC and restructuring success, but to the extent that the market lacked depth, abnormal profits accrued to market-making entrepreneurs such as Alliance. There is evidence that decentralized market-led strategies were more successful than strategies based on the integration of production for the achievement of scale economies. Successful adoption of these strategies was also based on the acquisition of financial resources through appropriate network connections and associated political lobbying channels.
Taylor & Francis
2006-10
Article
NonPeerReviewed
Higgin, D.M. and Toms, T. (2006) Financial institutions and corporate strategy: David Alliance and the transformation of British textiles, c.1950-c.1990. Business History, 48 (4). pp. 453-478. ISSN 0007-6791
http://dx.doi.org/10.1080/00076790600808542
10.1080/00076790600808542
oai:eprints.whiterose.ac.uk:5803
2009-08-06T16:15:40Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5803/
Using Engel curves to estimate bias in the Canadian CPI as a cost of living index
Beatty, T.K.M.
Larsen, E.R.
Semiparametric Engel curves are used to infer bias in the Canadian CPI as a Cost of Living Index. The budget share of food has long been used as an indicator of welfare. We compare households with the same levels of CPI deflated total expenditure over the period 1978–2000. Differences in the expenditure share of food are attributed to the CPI failing to capture changes in costs of living. We employ a novel econometric approach using a single index penalized linear spline model. Over the period, we find that the CPI overstated changes in the cost of living between 1.33 and 1.86% for the four household types considered.
Blackwell Publishing Ltd.
2005-05
Article
NonPeerReviewed
Beatty, T.K.M. and Larsen, E.R. (2005) Using Engel curves to estimate bias in the Canadian CPI as a cost of living index. Canadian Journal of Economics, 38 (2). pp. 482-499. ISSN 0008-4085
http://dx.doi.org/10.1111/j.0008-4085.2005.00289.x
10.1111/j.0008-4085.2005.00289.x
oai:eprints.whiterose.ac.uk:5830
2009-07-17T09:30:35Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5830/
Ownership responsibilities and corporate governance: The crisis at Rolls Royce, 1968-1971.
Bowden, S.
Despite the wealth of primary materials available and the insights which business historians can make to our understanding of corporate governance, applied work on the operation of internal and external mechanisms of corporate governance is sorely missing in the literature. This article attempts to address that omission. Theoretical insights on ownership behaviour are used to assess how owners behave in practice using previously un-utilised source materials relating to the crisis at Rolls Royce. We find standard theoretical approaches to ownership behaviour to be sorely lacking. We find, instead, that the key players were the merchant banks. We also find perceptions of government policy to be an important explanatory factor behind the behaviour of owners and managers, and, as such, suggest that this event in business history is important not only in its own right but in determining future corporate governance in this country.
Taylor & Francis
2002-07
Article
NonPeerReviewed
Bowden, S. (2002) Ownership responsibilities and corporate governance: The crisis at Rolls Royce, 1968-1971. Business History, 44 (3). pp. 31-62. ISSN 0007-6791
http://dx.doi.org/10.1080/713999276
10.1080/713999276
oai:eprints.whiterose.ac.uk:5905
2009-07-03T14:47:07Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5905/
Goodness of fit tests via exponential series density estimation
Marsh, P.
The properties of a new nonparametric goodness of fit test are explored. It is based on a likelihood ratio test, applied via a consistent series density estimator in the exponential family. The focus is on its computational and numerical properties. Specifically it is found that the choice of approximating basis is not crucial and that the choice of model dimension, through data-driven selection criteria, yields a feasible, parsimonious procedure. Numerical experiments show that the new tests have significantly more power than established tests, whether based upon the empirical distribution function, or alternate density estimators.
Elsevier
2007-02
Article
NonPeerReviewed
Marsh, P. (2007) Goodness of fit tests via exponential series density estimation. Computational Statistics & Data Analysis, 51 (5). pp. 2428-2441. ISSN 0167-9473
http://dx.doi.org/10.1016/j.csda.2006.08.021
10.1016/j.csda.2006.08.021
oai:eprints.whiterose.ac.uk:5992
2009-06-05T13:53:58Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5992/
Learning, non-equilibrium beliefs, and non-pecuniary payoffs in an experimental game
Costa-Gomes, M.A.
Zauner, K.G.
We present a parametric learning model of players' dynamic and possibly out-of-equilibrium beliefs about other players' preferences that also incorporates random utility (noise). We estimate the model using the data from the four-country ultimatum game experiments of Roth et al. (1991). We find evidence that in the US and in Israel, the estimated beliefs of proposers are stationary and out-of-equilibrium, that in Slovenia, they are in equilibrium, and that in Japan, they are out-of-equilibrium, change from period to period and move away from equilibrium over time. In Japan and in the US, the estimated proposers' beliefs are further away from the uniform prior than the estimated equilibrium beliefs. The results seem to provide support for a non-pecuniary payoff explanation in all countries.
Springer Science + Business Media
2003-09
Article
NonPeerReviewed
Costa-Gomes, M.A. and Zauner, K.G. (2003) Learning, non-equilibrium beliefs, and non-pecuniary payoffs in an experimental game. Economic Theory, 22 (2). pp. 263-288. ISSN 0938-2259
http://dx.doi.org/10.1007/s00199-002-0295-6
10.1007/s00199-002-0295-6
oai:eprints.whiterose.ac.uk:5995
2009-06-05T13:41:33Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5995/
Temporary financial equilibrium
Balasko, Y.
In a two-period pure exchange economy with financial assets, a temporary financial equilibrium is an equilibrium of the current spot and security markets given forecast functions of future prices and payoffs. The temporary equilibrium model can then be interpreted as an Arrow-Debreu economy where preferences depend on prices. This identification implies, among other consequences, the existence and the generic determinateness of the financial temporary equilibria associated with given forecast functions.
Springer Science + Business Media
2003-01
Article
NonPeerReviewed
Balasko, Y. (2003) Temporary financial equilibrium. Economic Theory, 21 (1). pp. 1-18. ISSN 0938-2259
http://dx.doi.org/10.1007/s00199-002-0256-0
10.1007/s00199-002-0256-0
oai:eprints.whiterose.ac.uk:5996
2009-06-05T13:38:09Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5996/
Beach holiday in Bali or East Timor? Why conflict can lead to under and overexploitation of natural resources
Rohner, D.
In the presence of distributional conflict, one can observe overexploitation for some goods, and underexploitation for others. The present article builds a simple two-period model for the analysis of this issue. It is shown that if the natural resource is renewable, underexploitation is likely, whereas negative future externalities can lead to overuse.
Elsevier Science B.V.
2006-07
Article
NonPeerReviewed
Rohner, D. (2006) Beach holiday in Bali or East Timor? Why conflict can lead to under and overexploitation of natural resources. Economics Letters, 92 (1). pp. 113-117. ISSN 0165-1765
http://dx.doi.org/10.1016/j.econlet.2006.01.030
10.1016/j.econlet.2006.01.030
oai:eprints.whiterose.ac.uk:5997
2009-06-05T13:31:36Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5997/
The gender wage gap in four countries
Daly, A.
Meng, X.
Kagawuchi, A.
Mumford, K.
In a series of studies written during the 1980s, Bob Gregory and his co-authors compared the gender wage gap in Australia with that found in other countries. They found it was not the difference in human capital endowments that explained different gender wage gaps but rather the rewards for these endowments. They concluded that country-specific factors, especially the institutional environment, were important in explaining the gender wage gap. This study updates Gregory's work by comparing the gender wage gap across four countries, Australia, France, Japan and Britain. Our results concord with those of Gregory: institutions are still important in explaining the relative size of the gender wage gap.
Blackwell Publishing Ltd
2006-05
Article
NonPeerReviewed
Daly, A., Meng, X., Kagawuchi, A. et al. (1 more author) (2006) The gender wage gap in four countries. Economic Record, 82 (257). pp. 165-176. ISSN 0013-0249
http://dx.doi.org/10.1111/j.1475-4932.2006.00313.x
10.1111/j.1475-4932.2006.00313.x
oai:eprints.whiterose.ac.uk:5999
2009-06-05T11:38:03Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/5999/
Employee training in Australia: evidence from the AWIRS
Almeida-Santos, F.
Mumford, K.A.
We use linked data for 13 991 employees and 1494 workplaces to analyse the incidence of employer-provided training in Australia. We find potential experience, current job tenure, low education levels, skilled vocational training and part-time or fixed-term employment status are all associated with a lower probability of recent training. In contrast to studies for other countries, we find no evidence of discrimination on the basis of demographic characteristics in the provision of this job-related training. Finally, and in support of recent non-competitive training models, higher levels of wage compression are found to be positively related to a greater incidence of employee training.
Blackwell Publishing Ltd
2004-08
Article
NonPeerReviewed
Almeida-Santos, F. and Mumford, K.A. (2004) Employee training in Australia: evidence from the AWIRS. Economic Record, 80 (s1). S53-S64. ISSN 0013-0249
http://dx.doi.org/10.1111/j.1475-4932.2004.00185.x
10.1111/j.1475-4932.2004.00185.x
oai:eprints.whiterose.ac.uk:6000
2010-10-04T11:30:51Z
oai:eprints.whiterose.ac.uk:6001
2009-06-05T11:26:41Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6001/
On forward induction in money-burning games
Shimoji, M.
We first consider money-burning games studied by Ben-Porath and Dekel [6]. We show that iterative weak dominance and extensive form rationalizability yield the same unique outcome in this class of games. This result suggests that weak dominance captures the forward induction logic implied by extenisve form rationalizability. Next, we consider an example of entry model by Arvan [1] to demonstrate the power of forward induction. In this example, despite the presence of multiple equilibria, forward induction chooses a unique outcome.
Springer Science + Business Media
2002-04
Article
NonPeerReviewed
Shimoji, M. (2002) On forward induction in money-burning games. Economic Theory, 19 (3). pp. 637-648. ISSN 0938-2259
http://dx.doi.org/10.1007/s001990100169
10.1007/s001990100169
oai:eprints.whiterose.ac.uk:6002
2009-07-08T15:58:47Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6002/
The small sample performance of the Wald test in the sample selection model under the multicollinearity problem
Yamagata, T.
This paper investigates the finite sample behaviour of the Wald test of a slope coefficient (t-ratio) in sample selection models following the maximum likelihood estimation, specifically under multicollinearity identified by Nawata [Nawata, K., 1993. A note on the estimation of models with sample-selection biases. Economics Letters 42, 15–24]. The evidence shows that the conventional Wald test can perform very poorly under the multicollinearity problem, but the proposed bootstrap method can control the size successfully.
Elsevier Science B.V.
2006-10
Article
NonPeerReviewed
Yamagata, T. (2006) The small sample performance of the Wald test in the sample selection model under the multicollinearity problem. Economics Letters, 93 (1). pp. 75-81. ISSN 0165-1765
http://dx.doi.org/10.1016/j.econlet.2006.03.049
doi:10.1016/j.econlet.2006.03.049
oai:eprints.whiterose.ac.uk:6003
2009-06-05T11:03:24Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6003/
The equilibrium manifold keeps the memory of individual demand functions
Balasko, Y.
It is shown that the property that the equilibrium manifold keeps the memory of the individual demand functions holds true if every individual demand function satisfies the following three properties: 1) It is a function of commodity prices and of consumers income; 2) Consumption belongs to the nonnegative orthant of the commodity space; 3) Walras law. Neither differentiability nor continuity are necessary. In addition, the demand functions do not have to be utility maximizing subject to budget constraints.
Springer Science + Business Media
2004-10
Article
NonPeerReviewed
Balasko, Y. (2004) The equilibrium manifold keeps the memory of individual demand functions. Economic Theory, 24 ( 3). pp. 493-501. ISSN 0938-2259
http://dx.doi.org/10.1007/s00199-004-0473-9
10.1007/s00199-004-0473-9
oai:eprints.whiterose.ac.uk:6004
2009-06-05T10:59:21Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6004/
Location-then-price competition with uncertain consumer tastes
Meagher, K.J.
Zauner, K.G.
Springer Science + Business Media
2005-06
Article
NonPeerReviewed
Meagher, K.J. and Zauner, K.G. (2005) Location-then-price competition with uncertain consumer tastes. Economic Theory, 25 (4). pp. 799-818. ISSN 0938-2259
http://dx.doi.org/10.1007/s00199-004-0520-6
10.1007/s00199-004-0520-6
oai:eprints.whiterose.ac.uk:6005
2009-06-05T10:41:54Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6005/
Using bootstrap methods to obtain nonnormality robust Chow prediction tests
Godfrey, L.G.
Orme, C.D.
This paper emphasizes the sensitivity to nonnormality of the standard Chow test for predictive failure. Based on well established asymptotic arguments, a simple double bootstrap procedure is proposed, evaluated and found to be robust to nonnormality.
Elsevier Science B.V.
2002-08
Article
NonPeerReviewed
Godfrey, L.G. and Orme, C.D. (2002) Using bootstrap methods to obtain nonnormality robust Chow prediction tests. Economics Letters, 76 (3). pp. 429-436. ISSN 0165-1765
http://dx.doi.org/10.1016/S0165-1765(02)00088-5
10.1016/S0165-1765(02)00088-5
oai:eprints.whiterose.ac.uk:6006
2009-06-05T10:37:18Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6006/
Fully nonparametric estimation of scalar diffusion models
Bandi, F.M.
Phillips, P.C.B.
We propose a functional estimation procedure for homogeneous stochastic differential equations based on a discrete sample of observations and with minimal requirements on the data generating process. We show how to identify the drift and diffusion function in situations where one or the other function is considered a nuisance parameter. The asymptotic behavior of the estimators is examined as the observation frequency increases and as the time span lengthens. We prove almost sure consistency and weak convergence to mixtures of normal laws, where the mixing variates depend on the chronological local time of the underlying diffusion process, that is the random time spent by the process in the vicinity of a generic spatial point. The estimation method and asymptotic results apply to both stationary and nonstationary recurrent processes.
Econometric Society
2003-11
Article
NonPeerReviewed
Bandi, F.M. and Phillips, P.C.B. (2003) Fully nonparametric estimation of scalar diffusion models. Econometrica, 71 (1). pp. 241-283. ISSN 0012-9682
http://dx.doi.org/10.1111/1468-0262.00395
10.1111/1468-0262.00395
oai:eprints.whiterose.ac.uk:6007
2009-06-04T15:40:12Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6007/
Merchants and planters revisited
Smith, S.D.
This article's principal source is a database of loans granted by the merchant Henry Lascelles (1690–1753) to clients in the West Indies. Lascelles' long–term lending in the Caribbean is compared with his English loans, his investment in securities, his purchases of English real estate, and short–term credits granted to planters by the London commission house of Lascelles and Maxwell. The data indicate that lending on mortgage grew in importance from c. 1740 in Lascelles' financial dealings. The article supports the view that the development of the West Indies was dependent on imports of British capital during the eighteenth century.
Blackwell Publishing Ltd
2003-03
Article
NonPeerReviewed
Smith, S.D. (2003) Merchants and planters revisited. Economic History Review, 55 (3). pp. 434-465. ISSN 0013-0117
http://dx.doi.org/10.1111/1468-0289.00227
10.1111/1468-0289.00227
oai:eprints.whiterose.ac.uk:6008
2009-06-04T15:35:55Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6008/
Does central bank independence lower inflation?
Ismihan, M.
Gulcin Ozkan, F.
This paper provides a potential explanation for the recent findings of no significant relationship between central bank independence (CBI) and lower inflation. We argue that although CBI delivers lower inflation in the short-term, it may reduce the scope for productivity enhancing public investment and so harm future growth potential. We also argue that the effects on growth make CBI less likely to achieve lower inflation in the long-term.
Elsevier Science B.V.
2004-05
Article
NonPeerReviewed
Ismihan, M. and Gulcin Ozkan, F. (2004) Does central bank independence lower inflation? Economics Letters, 84 (3). pp. 305-309. ISSN 0165-1765
http://dx.doi.org/10.1016/j.econlet.2003.12.022
10.1016/j.econlet.2003.12.022
oai:eprints.whiterose.ac.uk:6009
2009-06-05T11:21:38Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235:596F726B2E594F523233
756E69743D596F726B:596F726B2E52657365617263685F47726F7570:596F726B2E594F523233
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6009/
Rationality, comparability and maximization
Qizilbash, M.A.K.
James Griffin (1986, 1997, 2000) and Ruth Chang (1997) have argued that alternatives (and values) can be comparable when it is neither true that one is better than the other, nor true that they are exactly equal in value.
The relation which holds between them has gone under various names: the alternatives are `roughly equal in value' (Griffin) or `on a par' (Chang). In this paper, I give a formal analysis of this relation. This
analysis allows us to distinguish between two slightly different notions of `at least as good as'. It is argued that the distinction between these notions is important for discussions of rationality, as is the distinction
between `rough equality' or `parity'and incomparability.
The paper has four sections. I motivate the discussion with
examples, and define various relations in Section 1. In Section 2, I suggest that cases of parity do not necessarily promote the case Amartya Sen (1994, 1995, 1997 and 2000) makes for thinking of rationality in terms
of `maximization' which involves choosing an alternative which is no worse than any other in the set from which choice is made rather than `optimization' which involves selecting an alternative which is `at least as good as' any other alternative in the relevant set. In Section 3, I focus
on John Broome's recent discussion of incommensurable values and practical reason (Broome, 2000). Section 4 concludes.
Cambridge University Press
2002
Article
NonPeerReviewed
Qizilbash, M.A.K. (2002) Rationality, comparability and maximization. Economics and Philosophy, 18 (1). pp. 141-156. ISSN 0266-2671
oai:eprints.whiterose.ac.uk:6012
2009-06-04T15:03:28Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6012/
How far ahead do people plan?
Hey, J.D.
Knoll, J.A.
We report on an experiment which enables us to infer how far people plan ahead when taking decisions in a dynamic risky context. Just over half of the subjects plan fully, while the rest do not plan ahead at all.
Elsevier Science B.V.
2007-04
Article
NonPeerReviewed
Hey, J.D. and Knoll, J.A. (2007) How far ahead do people plan? Economics Letters, 96 (1). pp. 8-13. ISSN 0165-1765
http://dx.doi.org/10.1016/j.econlet.2006.12.015
10.1016/j.econlet.2006.12.015
oai:eprints.whiterose.ac.uk:6014
2009-06-04T14:36:37Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6014/
Job tenure in Britain: individual versus workplace effects
Mumford, K.A.
We consider differences in current job tenure of individuals using linked employee and workplace data. This enables us to distinguish between variation in tenure associated with the characteristics of individual employees and those of the workplace in which they work. As a group, The various individual characteristics are found to be essentially uncorrelated with the workplace effect. However, this is not true for women and non-white employees; we find that the lower tenure associated with membership of these demographic groups is captured predominantly by workplace effects, suggesting some degree of labour market segmentation in Britain.
Blackwell Publishing Ltd
2004-05
Article
NonPeerReviewed
Mumford, K.A. (2004) Job tenure in Britain: individual versus workplace effects. Economica, 71 (282). pp. 275-297. ISSN 0013-0427
http://dx.doi.org/10.1111/j.0013-0427.2004.00370.x
10.1111/j.0013-0427.2004.00370.x
oai:eprints.whiterose.ac.uk:6019
2009-06-04T14:13:57Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6019/
Empirical limits for time series econometric models
Ploberger, W.
Phillips, P.C.B.
This paper characterizes empirically achievable limits for time series econometric modeling and forecasting. The approach involves the concept of minimal information loss in time series regression and the paper shows how to derive bounds that delimit the proximity of empirical measures to the true probability measure (the DGP) in models that are of econometric interest. The approach utilizes joint probability measures over the combined space of parameters and observables and the results apply for models with stationary, integrated, and cointegrated data. A theorem due to Rissanen is extended so that it applies directly to probabilities about the relative likelihood (rather than averages), a new way of proving results of the Rissanen type is demonstrated, and the Rissanen theory is extended to nonstationary time series with unit roots, near unit roots, and cointegration of unknown order. The corresponding bound for the minimal information loss in empirical work is shown not to be a constant, in general, but to be proportional to the logarithm of the determinant of the (possibility stochastic) Fisher–information matrix. In fact, the bound that determines proximity to the DGP is generally path dependent, and it depends specifically on the type as well as the number of regressors. For practical purposes, the proximity bound has the asymptotic form (K/2)log n, where K is a new dimensionality factor that depends on the nature of the data as well as the number of parameters in the model. When 'good' model selection principles are employed in modeling time series data, we are able to show that our proximity bound quantifies empirical limits even in situations where the models may be incorrectly specified.
One of the main implications of the new result is that time trends are more costly than stochastic trends, which are more costly in turn than stationary regressors in achieving proximity to the true density. Thus, in a very real sense and quantifiable manner, the DGP is more elusive when there is nonstationarity in the data. The implications for prediction are explored and a second proximity theorem is given, which provides a bound that measures how close feasible predictors can come to the optimal predictor. Again, the bound has the asymptotic form (K/2)log n, showing that forecasting trends is fundamentally more difficult than forecasting stationary time series, even when the correct form of the model for the trends is known.
Econometric Society
2003-10
Article
NonPeerReviewed
Ploberger, W. and Phillips, P.C.B. (2003) Empirical limits for time series econometric models. Econometrica, 71 (2). pp. 627-673. ISSN 0012-9682
http://dx.doi.org/10.1111/1468-0262.00419
10.1111/1468-0262.00419
oai:eprints.whiterose.ac.uk:6020
2009-06-04T13:45:28Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6020/
On testing sample selection bias under the multicollinearity problem
Yamagata, T.
Orme, C.D.
This paper reviews and extends the literature on the finite sample behavior of tests for sample selection bias. Monte Carlo results show that, when the “multicollinearity problem” identified by Nawata (1993) is severe, (i) the t-test based on the Heckman-Greene variance estimator can be unreliable, (ii) the Likelihood Ratio test remains powerful, and (iii) nonnormality can be interpreted as severe sample selection bias by Maximum Likelihood methods, leading to negative Wald statistics. We also confirm previous findings (Leung and Yu, 1996) that the standard regression-based t-test (Heckman, 1979) and the asymptotically efficient Lagrange Multiplier test (Melino, 1982), are robust to nonnormality but have very little power.
Taylor & Francis
2005-10
Article
NonPeerReviewed
Yamagata, T. and Orme, C.D. (2005) On testing sample selection bias under the multicollinearity problem. Econometric Reviews, 24 (4). pp. 467-481. ISSN 0747-4938
http://dx.doi.org/10.1080/02770900500406132
10.1080/02770900500406132
oai:eprints.whiterose.ac.uk:6021
2009-06-04T13:19:15Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6021/
Fiscal policy, labour market structure and macroeconomic performance
Fracasso, A.
Gulcin Ozkan, F.
Recent work on monetary policy design has investigated the interactions between labor market institutions and monetary policies and their implications for macroeconomic performance. This paper argues that this link is not independent of the fiscal policymaking structure.
Elsevier Science B.V.
2004-02
Article
NonPeerReviewed
Fracasso, A. and Gulcin Ozkan, F. (2004) Fiscal policy, labour market structure and macroeconomic performance. Economics Letters, 83 (2). pp. 205-210. ISSN 0165-1765
http://dx.doi.org/10.1016/j.econlet.2003.10.016
10.1016/j.econlet.2003.10.016
oai:eprints.whiterose.ac.uk:6022
2009-06-04T13:12:13Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6022/
Simulation-based tests for heteroskedasticity in linear regression models: some further results
Godfrey, L.G.
Orme, C.
Santos Silva, J.M.C.
Journal of Econometrics 122 Dufour, Khalaf, Bernard and GenestAs shown by the results of Dufour, Khalaf, Bernard and Genest (2004, Journal of Econometrics 122, 317-347), exact tests for heteroskedasticity in linear regression models can be obtained, by using Monte Carlo (MC) techniques, if either (i) it is assumed that the true form of the error distribution under homoskedasticity is known, or (ii) the null hypothesis specifies both homoskedasticity and the form of the error distribution. Non-parametric bootstrap tests of homoskedasticity alone are only asymptotically valid, but do not require specification of the error law. Since information about the precise form of the error distribution is not often available to applied workers, two questions merit attention. First, if the primary purpose is to check for heteroskedasticity, how sensitive are MC tests to incorrect assumptions/claims about the error distribution? Second, what can be said about the relative merits of MC tests and non-parametric bootstrap tests? Theoretical results relevant to these two questions are derived using asymptotic analysis and evidence is provided from simulation experiments.
Blackwell Publishing
2006-03
Article
NonPeerReviewed
Godfrey, L.G., Orme, C. and Santos Silva, J.M.C. (2006) Simulation-based tests for heteroskedasticity in linear regression models: some further results. Econometrics Journal, 9 (1). pp. 76-97. ISSN 1368-4221
http://dx.doi.org/10.111/j.1368-423X.2006.00177.x
10.111/j.1368-423X.2006.00177.x
oai:eprints.whiterose.ac.uk:6024
2009-06-05T13:27:05Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6024/
On the identification and estimation of nonstationary and cointegrated ARMAX systems
Poskitt, D.S.
This paper extends current theory on the identification and estimation of vector time series models to nonstationary processes. It examines the structure of dynamic simultaneous equations systems or ARMAX processes that start from a given set of initial conditions and evolve over a given, possibly infinite, future time horizon. The analysis proceeds by deriving the echelon canonical form for such processes. The results are obtained by amalgamating ideas from the theory of stochastic difference equations with adaptations of the Kronecker index theory of dynamic systems. An extension of these results to the analysis of unit-root, partially nonstationary (cointegrated) time series models is also presented, leading to straightforward identification conditions for the error correction, echelon canonical form. An innovations algorithm for the evaluation of the exact Gaussian likelihood is given. The asymptotic properties of the approximate Gaussian estimator and the exact maximum likelihood estimator based upon the algorithm are derived for the cointegrated case. Examples illustrating the theory are discussed, and some experimental evidence is also presented.
Cambridge University Press
2006-12
Article
NonPeerReviewed
Poskitt, D.S. (2006) On the identification and estimation of nonstationary and cointegrated ARMAX systems. Econometric Theory, 22 (6). pp. 1138-1175. ISSN 0266-4666
http://dx.doi.org/10.1017/S0266466606060543
10.1017/S0266466606060543
oai:eprints.whiterose.ac.uk:6026
2009-06-12T08:01:55Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6026/
The asymptotic distribution of the F-test statistic for individual effects
Orme, C.D.
Yamagata, T.
This paper employs first-order asymptotic theory in order to establish the asymptotic distribution of the F-test statistic for fixed effects, under non-normality of the errors, when N→∞ (the number of cross-sections) and T is fixed (the number of time periods). Three theoretical results emerge: (i) the standard F-test procedure will still deliver asymptotically valid inferences; (ii) under (pure) local random effects, the F-test and random effects test procedures have identical asymptotic power; (iii) under local fixed, or random effects which are correlated with the regressors, the F-test will have higher asymptotic power than the random effects test.
Blackwell Publishing
2006-09
Article
NonPeerReviewed
Orme, C.D. and Yamagata, T. (2006) The asymptotic distribution of the F-test statistic for individual effects. Econometrics Journal, 9 (3). pp. 404-422. ISSN 1368-4221
http://dx.doi.org/10.1111/j.1368-423X.2006.00191.x
10.1111/j.1368-423X.2006.00191.x
oai:eprints.whiterose.ac.uk:6031
2009-06-05T14:28:19Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6031/
GMM with many moment conditions
Han, C.
Phillips, P.C.B.
This paper provides a first order asymptotic theory for generalized method of moments (GMM) estimators when the number of moment conditions is allowed to increase with the sample size and the moment conditions may be weak. Examples in which these asymptotics are relevant include instrumental variable (IV) estimation with many (possibly weak or uninformed) instruments and some panel data models that cover moderate time spans and have correspondingly large numbers of instruments. Under certain regularity conditions, the GMM estimators are shown to converge in probability but not necessarily to the true parameter, and conditions for consistent GMM estimation are given. A general framework for the GMM limit distribution theory is developed based on epiconvergence methods. Some illustrations are provided, including consistent GMM estimation of a panel model with time varying individual effects, consistent limited information maximum likelihood estimation as a continuously updated GMM estimator, and consistent IV structural estimation using large numbers of weak or irrelevant instruments. Some simulations are reported.
Econometric Society
2005-12
Article
NonPeerReviewed
Han, C. and Phillips, P.C.B. (2005) GMM with many moment conditions. Econometrica, 74 (1). pp. 147-192. ISSN 0012-9682
http://dx.doi.org/10.1111/j.1468-0262.2006.00652.x
10.1111/j.1468-0262.2006.00652.x
oai:eprints.whiterose.ac.uk:6033
2009-06-05T14:16:51Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6033/
GMM estimation of autoregressive roots near unity with panel data
Moon, H.R.
Phillips, P.C.B.
Econometric Society
2004-01
Article
NonPeerReviewed
Moon, H.R. and Phillips, P.C.B. (2004) GMM estimation of autoregressive roots near unity with panel data. Econometrica, 72 (2). pp. 467-522. ISSN 0012-9682
http://dx.doi.org/10.1111/j.1468-0262.2004.00498.x
10.1111/j.1468-0262.2004.00498.x
oai:eprints.whiterose.ac.uk:6034
2009-06-05T14:06:20Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6034/
Do markets drive out lemmings - or vice versa?
Hey, J.D.
Morone, A.
This paper investigates experimentally a market inspired by two strands of literature: on herd behaviour in non-market situations, and on the aggregation of private information in markets. The first strand suggests that socially undesirable herd behaviour may result when information is private; the second suggests that in a market context the price mechanism may cause the private information to be aggregated correctly and efficiently. This latter therefore suggests that socially undesirable behaviour may be eliminated through the market. We test this experimentally, and find that socially undesirable behaviour may result: the market is misled by agents privately optimizing.
Blackwell Publishing Ltd
2004-11
Article
NonPeerReviewed
Hey, J.D. and Morone, A. (2004) Do markets drive out lemmings - or vice versa? Economica, 71 (284). pp. 637-659. ISSN 0013-0427
http://dx.doi.org/10.1111/j.0013-0427.2004.00392.x
10.1111/j.0013-0427.2004.00392.x
oai:eprints.whiterose.ac.uk:6035
2009-06-04T11:36:16Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235:596F726B2E594F523233
756E69743D596F726B:596F726B2E52657365617263685F47726F7570:596F726B2E594F523233
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6035/
Transitivity and vagueness
Qizilbash, M.
Axiomatic utility theory plays a foundational role in some accounts of normative principles. In this context, it is sometimes argued that transitivity of “better than” is a logical truth. Larry Temkin and Stuart Rachels use various examples to argue that “better than” is non–transitive, and that transitivity is not a logical truth. These examples typically involve some sort of “discontinuity.” In his discussion of one of these examples, John Broome suggests that we should reject the claim which involves “discontinuity.” We can, I suggest, make sense of the examples which Temkin uses while sacrificing neither transitivity nor “discontinuity.” This response to Temkin's examples involves developing and modifying James Griffin's account of “discontinuity.” If the account of “discontinuity” seems implausible, that is because of a failure to allow for vagueness. A similar argument can be made in the context of the well-known “repugnant conclusion.”
Cambridge University Press
2005
Article
NonPeerReviewed
Qizilbash, M. (2005) Transitivity and vagueness. Economics and Philosophy, 21 (1). pp. 109-131. ISSN 0266-2671
http://dx.doi.org/10.1017/S0266267104000410
10.1017/S0266267104000410
oai:eprints.whiterose.ac.uk:6037
2009-06-11T15:42:13Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6037/
The available information for invariant tests of a unit root
Marsh, P.W.
This paper considers the information available to invariant unit root tests at and near the unit root. Because all invariant tests will be functions of the maximal invariant, the Fisher information in this statistic will be the available information. The main finding of the paper is that the available information for all tests invariant to a linear trend is zero at the unit root. This result applies for any sample size, over a variety of distributions and correlation structures, and is robust to the inclusion of any other deterministic component. In addition, an explicit upper bound upon the power of all invariant unit root tests is shown to depend solely upon the information. This bound is illustrated via a brief simulation study that also examines the impact that different invariance requirements have on power.
Cambridge University Press
2007-04
Article
NonPeerReviewed
Marsh, P.W. (2007) The available information for invariant tests of a unit root. Econometric Theory, 23 (4). pp. 686-710. ISSN 0266-4666
http://dx.doi.org/10.1017/S0266466607070296
10.1017/S0266466607070296
oai:eprints.whiterose.ac.uk:6078
2009-06-15T16:39:43Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F523239
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6078/
The impact of health on wages: Evidence from the British Household Panel Survey
Contoyannis, P.
Rice, N.
While income is generally considered an important determinant of health, little evidence has been offered on the reverse relationship, particularly for developed economies. This paper considers the effect of self-assessed general and psychological health on hourly wages using longitudinal data from six waves of the British Household Panel Survey. We employ single equation fixed effects and random effects instrumental variable estimators suggested by Hausman and Taylor (1981), Amemiya and MaCurdy (1986), and Breusch, Mizon and Schmidt (1989). Our results show that reduced psychological health reduces the hourly wage for males, while excellent self-assessed health increases the hourly wage for females. We also find the health variables to be positively correlated with the time-invariant individual effect. Further, we confirm the findings of previous work which suggested that the majority of the efficiency gains from the use of the instrumental variables estimators fall on the time-invariant endogenous variables, in our case academic attainment, and add further support to the hypothesis of a negative correlation between educational attainment and individual characteristics which affect wages.
Springer Verlag
2001-11
Article
NonPeerReviewed
Contoyannis, P. and Rice, N. (2001) The impact of health on wages: Evidence from the British Household Panel Survey. Empirical Economics, 26 (4). pp. 599-622. ISSN 0377-7332
http://dx.doi.org/10.1007/s001810000073
10.1007/s001810000073
oai:eprints.whiterose.ac.uk:6098
2009-07-08T16:12:25Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6098/
Working hours in the European periphery: The length of the working day in Spain, 1885 -1920
Domenech, J.
This paper studies the decline of the working day in Spain from 1885 to 1920. The decline was more continuous than previously thought. Differences in hours reinforce wage differentials, showing labor markets were not well integrated. Cross-sectional and time-series analysis suggests that hour reductions reflect a labor supply rather than a labor demand effect. Given the comparatively slow growth of real wages in Spain from 1870 to 1920, the Spanish case shows that international convergence in hours of work must have been stronger than convergence in wages.
Elsevier Science B.V., Amsterdam
2007-07
Article
NonPeerReviewed
Domenech, J. (2007) Working hours in the European periphery: The length of the working day in Spain, 1885 -1920. Explorations in Economic History, 44 (3). pp. 469-486. ISSN 0014-4983
http://dx.doi.org/10.1016/j.eeh.2006.07.001
doi:10.1016/j.eeh.2006.07.001
oai:eprints.whiterose.ac.uk:6145
2009-07-24T13:08:18Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6145/
Quadratic term structure models in discrete time
Realdon, M.
This paper extends the results on quadratic term structure models in continuous time to the discrete time setting. The continuous time setting can be seen as a special case of the discrete time one. Discrete time quadratic models have advantages over their continuous time counterparts as well as over discrete time affine models. Recursive closed form solutions for zero coupon bonds are provided even in the presence of multiple correlated underlying factors, time-dependent parameters, regime changes and “jumps” in the underlying factors. In particular regime changes and “jumps” cannot so easily be accommodated in continuous time quadratic models. Pricing bond options requires simple integration and model estimation does not require a restrictive choice of the market price of risk.
Elsevier
2006-12
Article
NonPeerReviewed
Realdon, M. (2006) Quadratic term structure models in discrete time. Finance Research Letters, 3 (4). pp. 277-289. ISSN 1544-6123
http://dx.doi.org/10.1016/j.frl.2006.06.001
10.1016/j.frl.2006.06.001
oai:eprints.whiterose.ac.uk:6152
2009-08-10T17:04:41Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414332:596F726B2E594F523136
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6152/
The Effect of Information Streams on Captial Budgeting Decisions
Thijssen, J.J.J.
Huisman, K.J.M.
Kort, P.M.
In this paper a new decision rule for capital budgeting is considered. A firm has the opportunity to invest in a project of uncertain profitability. Over time, the firm receives additional information in the form of signals indicating the profitability of the project. The belief that the firm needs to have in a profitable project for investment to be optimal is calculated and analyzed. It is shown that the probability of investing in a project with low profitability is larger when the firm uses a conventional rule like the net present value rule. As a counterintuitive result it is obtained that it can be optimal to undertake the investment at a later point in time in case the expected number of signals per time unit is higher. Also an error measure is discussed that indicates the accuracy of capital budgeting rules in this stochastic environment.
Elsevier
2004-09-16
Article
NonPeerReviewed
Thijssen, J.J.J., Huisman, K.J.M. and Kort, P.M. (2004) The Effect of Information Streams on Captial Budgeting Decisions. European Journal of Operational Research, 157 (3). pp. 759-774. ISSN 0377-2217
http://dx.doi.org/10.1016/s0377-2217(03)00257-1
10.1016/s0377-2217(03)00257-1
oai:eprints.whiterose.ac.uk:6155
2009-05-28T15:27:12Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6155/
On the equivalence of weak dominance and sequential best response
Shimoji, M.
In this paper, we identify the conditions under which a strategy is weakly dominated if and only if it is not sequential best response. In addition, we explore the implication for extensive form rationalizability.
Elsevier
2003-11
Article
NonPeerReviewed
Shimoji, M. (2003) On the equivalence of weak dominance and sequential best response. Games and Economic Behavior, 48 (2). pp. 385-402. ISSN 0899-8256
http://dx.doi.org/10.1016/j.geb.2003.09.003
10.1016/j.geb.2003.09.003
oai:eprints.whiterose.ac.uk:6156
2009-08-28T15:42:29Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6156/
The Core as the Set of Eventually Stable Outcomes: A Note
Bhattacharya, A.
Abderrahmane, Z.
As a justification of the core as a set of stable social states, Sengupta and Sengupta [1996. A property of the core. Games Econ. Behav. 12, 266–273] show that for any transferable utility (TU) cooperative game with non-empty core, for every imputation outside the core there is an element in the core that indirectly dominates the imputation in a desirable way. In this note we show that this appealing property of the core no longer holds even for the class of hyperplane games, an immediate generalization of TU games into the environments without side payments.
Elsevier
2006-01-01
Article
NonPeerReviewed
Bhattacharya, A. and Abderrahmane, Z. (2006) The Core as the Set of Eventually Stable Outcomes: A Note. Games and Economic Behaviour, 54 (1). pp. 25-30. ISSN 0899-8256
http://dx.doi.org/10.1016/j.geb.2004.10.002
10.1016/j.geb.2004.10.002
oai:eprints.whiterose.ac.uk:6167
2010-10-04T10:11:39Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F523135
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6167/
A Very Peculiar Practice: Underemployment in Britain during the Interwar Years
Bowden, S.
Higgins, D.M.
Price, C.
This article presents new evidence on the determinants of short-time working in Britain during the interwar period. Using a selection of manufacturing industries we test the impact that output volatility, the benefit-wage ratio, and trade union density had on short-time working. We find that persistence effects (captured by lagged values of output fluctuation) and gender differences in trade union density were important for a number of industries. However, perhaps our most interesting finding is that the benefit-wage ratio also exercised a statistically significant impact on short-time working. This suggests that the Benjamin-Kochin thesis may be important after all. In other words, the army of short-time workers that existed in Britain between the Wars may, indeed, have been a ‘volunteer army’.
Cambridge University Press
2006
Article
NonPeerReviewed
Bowden, S., Higgins, D.M. and Price, C. (2006) A Very Peculiar Practice: Underemployment in Britain during the Interwar Years. European Review of Economic History, 10 (1). pp. 89-108. ISSN 1361-4916
http://dx.doi.org/10.1017/S1361491605001590
10.1017/S1361491605001590
oai:eprints.whiterose.ac.uk:6171
2010-10-04T10:12:02Z
oai:eprints.whiterose.ac.uk:6219
2009-08-11T16:15:41Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F523239
756E69743D596F726B:596F726B2E46414333:596F726B2E594F523332
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6219/
Review of guidelines for good practice in decision-analytic modelling in health technology assessment
Philips, Z.
Ginnelly, L.
Sculpher, M.
Claxton, K.
Golder, S.
Riemsma, R.
Woolacoot, N.
Glanville, J.
BACKGROUND: Decision-analytic models represent an explicit way to synthesise evidence currently available on the outcomes and costs of alternative (mutually exclusive) healthcare interventions. Usually their objective is to obtain a clear understanding of the relationship between incremental cost and effect in order to assess relative cost-effectiveness and to determine which interventions should be adopted given existing information. Given that the use of decision-analytic modelling for health technology assessment has increased exponentially in recent years, there is a need to consider how good practice in the field has been defined. Since the 1980s, several published guidelines have been available for those developing and evaluating decision-analytic models for health technology assessment. However, given the speed at which economic evaluation methodology has progressed, it is timely to review, critically appraise and consolidate those existing guidelines on the use of decision-analytic modelling in health technology assessment, and to identify key issues where guidance is lacking.
OBJECTIVES: To identify existing guidelines and develop a synthesised guideline plus accompanying checklist. In addition to provide guidance on key theoretical, methodological and practical issues and consider the implications of this research for what might be expected of future decision-analytic models.
National Coordinating Centre for Health Technology Assessment
2004-09
Article
NonPeerReviewed
Philips, Z., Ginnelly, L., Sculpher, M. et al. (5 more authors) (2004) Review of guidelines for good practice in decision-analytic modelling in health technology assessment. Health Technology Assessment, 8 (36). pp. 1-169. ISSN 1366-5278
http://www.hta.ac.uk/execsumm/summ836.htm
10.3310/hta8360
oai:eprints.whiterose.ac.uk:6234
2009-07-27T14:38:46Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F523239
756E69743D596F726B:596F726B2E46414333:596F726B2E594F523332
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
756E69743D596F726B:596F726B2E46414332:596F726B2E594F523131
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6234/
A series of systematic reviews to inform a decision analysis for sampling and treating infected diabetic foot ulcers
Nelson, E.A.
O'Meara, S.
Craig, D.
Iglesias, C.
Golder, S.
Dalton, J.
Claxton, K.
Bell-Syer, S.E.
Jude, E.
Dowson, C.
Gadsby, R.
O'Hare, P.
Powell, J.
OBJECTIVES: To review systematically the evidence on the performance of diagnostic tests used to identify infection in diabetic foot ulcers (DFUs) and of interventions to treat infected DFUs. To use estimates derived from the systematic reviews to create a decision analytic model in order to identify the most effective method of diagnosing and treating infection and to identify areas of research that would lead to large reductions in clinical uncertainty. DATA SOURCES: Electronic databases covering period from inception of the database to November 2002. REVIEW METHODS: Selected studies were assessed against validated criteria and described in a narrative review. The structure of a decision analytic model was derived for two groups of patients in whom diagnostic tests were likely to be used. RESULTS: Three studies that investigated the performance of diagnostic tests for infection on populations including people with DFUs found that there was no evidence that single items on a clinical examination checklist were reliable in identifying infection in DFUs, that wound swabs perform poorly against wound biopsies, and that semi-quantitative analysis of wound swabs may be a useful alternative to quantitative analysis. However, few people with DFUs were included, so it was not possible to tell whether diagnostic performance differs for DFUs relative to wounds of other aetiologies. Twenty-three studies investigated the effectiveness (n = 23) or cost-effectiveness (n = 2) of antimicrobial agents for DFUs. Eight studied intravenous antibiotics, five oral antibiotics, four different topical agents such as dressings, four subcutaneous granulocyte colony stimulating factor (G-CSF), one evaluated oral and topical Ayurvedic preparations and one compared topical sugar versus antibiotics versus standard care. The majority of trials were underpowered and were too dissimilar to be pooled. There was no strong evidence for recommending any particular antimicrobial agent for the prevention of amputation, resolution of infection or ulcer healing. Topical pexiganan cream may be as effective as oral antibiotic treatment with ofloxacin for the resolution of local infection. Ampicillin and sulbactam were less costly than imipenem and cilastatin, a growth factor (G-CSF) was less costly than standard care and cadexomer iodine dressings may be less costly than daily dressings. A decision analytic model was derived for two groups of people, those for whom diagnostic testing would inform treatment--people with ulcers which do not appear infected but whose ulcer is not progressing despite optimal concurrent treatment--and those in whom a first course of antibiotics (prescribed empirically) have failed. There was insufficient information from the systematic reviews or interviews with experts to populate the model with transition probabilities for the sensitivity and specificity of diagnosis of infection in DFUs. Similarly, there was insufficient information on the probabilities of healing, amputation or death in the intervention studies for the two populations of interest. Therefore, we were unable to run the model to inform the most effective diagnostic and treatment strategy. CONCLUSIONS: The available evidence is too weak to be able to draw reliable implications for practice. This means that, in terms of diagnosis, infection in DFUs cannot be reliably identified using clinical assessment. This has implications for determining which patients need formal diagnostic testing for infection, on whether empirical treatment with antibiotics (before the results of diagnostic tests are available) leads to better outcomes, and on identifying the optimal methods of diagnostic testing. With respect to treatment, it is not known whether treatment with systemic or local antibiotics leads to better outcomes or whether any particular agent is more effective. Limited evidence suggests that both G-CSF and cadexomer iodine dressings may be less expensive than 'standard' care, that ampicillin/sulbactam may be less costly than imipenem/cilastatin, and that an unlicensed cream (pexiganan) may be as effective as oral ofloxacin. Further research is needed to ascertain the characteristics of infection in people with DFUs that influence healing and amputation outcomes, to determine whether detecting infection prior to treatment offers any benefit over empirical therapy, and to establish the most effective and cost-effective methods for detecting infection, as well as the relative effectiveness and cost-effectiveness of antimicrobial interventions for DFU infection.
National Coordinating Centre for Health Technology Assessment
2006-04
Article
NonPeerReviewed
Nelson, E.A., O'Meara, S., Craig, D. et al. (10 more authors) (2006) A series of systematic reviews to inform a decision analysis for sampling and treating infected diabetic foot ulcers. Health Technology Assessment, 10 (12). pp. 1-235. ISSN 1366-5278
http://www.hta.ac.uk/execsumm/summ1012.htm
oai:eprints.whiterose.ac.uk:6247
2009-05-22T15:35:37Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6247/
An empirical analysis of the impact of choice on waiting times
Siciliani, L.
Martin, S.
Policy-makers often claim that enhancing patient choice induces more competition among hospitals and may therefore reduce waiting times. This paper tests this claim using 120 English NHS hospitals over the period 1999-2001. Several proxies for the degree of choice (or competition) are constructed including: (a) the number of hospitals within the catchment area of each hospital; (b) the number of hospitals in the catchment area of each hospital standardised by the population of the catchment area; (c) the inverse of the Herfindahl index (or the number of effective competitors). Several control variables are included: the availability of doctors, junior doctors, nurses, and other personnel; the availability of acute beds; the emergency admission rate; the day-case rate; the average length of inpatient stay; an indicator of case-mix; and mortality and re-admission rates. We find that more choice is significantly associated with lower waiting times at the sample mean (five hospitals) although the quantitative effect is modest: an extra hospital in a catchment area will only reduce waiting by at most a few days (or 1-2% reduction in waiting). There is also some evidence that increases in choice can boost waiting times when the degree of choice is very high (i.e. more than 11 hospitals are included in the catchment area).
John Wiley & Sons
2007-01
Article
NonPeerReviewed
Siciliani, L. and Martin, S. (2007) An empirical analysis of the impact of choice on waiting times. Health Economics, 16 (18). pp. 763-779. ISSN 1057-9230
http://dx.doi.org/10.1002/hec.1205
10.1002/hec.1205
oai:eprints.whiterose.ac.uk:6252
2009-05-28T11:12:06Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6252/
Does more choice reduce waiting times?
Siciliani, L.
This paper develops a model of the supply of elective treatments within a duopolistic market structure where patients can be referred to the hospital with the lowest waiting times. We investigate the effect of a higher degree of substitutability among the two hospitals on equilibrium supply, waiting time and the size of the waiting list. The degree of substitutability is interpreted as the degree of choice or the extent to which patients can switch from one hospital to the other.
We show that the greater the degree of substitutability among hospitals, the lower is the supply and the higher the waiting time. The effect on waiting list size is ambiguous. This result holds either when the hospital is remunerated with a fixed budget or with activity-based funding. However, the reduction in supply and the increase in waiting time generated by higher substitutability are higher when hospitals are remunerated with fixed budgets. The main implication of the model is that, under certain assumptions, policies aimed at increasing provider choice may fail to reduce waiting times.
John Wiley & Sons
2004-04
Article
NonPeerReviewed
Siciliani, L. (2004) Does more choice reduce waiting times? Health Economics, 14 (1). pp. 17-23. ISSN 1057-9230
http://dx.doi.org/10.1002/hec.888
10.1002/hec.888
oai:eprints.whiterose.ac.uk:6254
2009-05-28T10:55:50Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F523239
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6254/
OFT, VBP: QED?
Claxton, K.
The report by the Office of Fair Trading (OFT) on the UK pharmaceutical price regulation scheme (PPRS) recommends the reform of the current scheme, which is a combination of profit and price controls, to one where price is based on the health benefits offered by a pharmaceutical. On closer examination some of the more commonly expressed concerns about these proposals do not seem to be well founded.
In principle, the OFT's recommendations may contribute to allocative and dynamic efficiency in the NHS. However, there are some dangers and the details of how it will be implemented are crucial. For example, value-based pricing with an inappropriate threshold for cost-effectiveness, or an inappropriate pricing structure, could lead to technologies being adopted at prices where their benefits, in terms of health outcome, do not offset the health displaced elsewhere in the NHS, a situation in which the NHS is damaged rather than improved by innovation. A failure to account for uncertainty and the value of evidence in negotiating prices and coverage could also undermine the evidence base for future NHS practice. Whatever view is taken, the OFT report will inevitably shape the scope of future policy debates about value, guidance, price and innovation.
John Wiley & Sons
2007-05
Article
NonPeerReviewed
Claxton, K. (2007) OFT, VBP: QED? Health Economics, 16 (6). pp. 545-558. ISSN 1057-9230
http://dx.doi.org/10.1002/hec.1249
10.1002/hec.1249
oai:eprints.whiterose.ac.uk:6283
2009-06-30T15:52:52Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6283/
Measurement and explanation of socioeconomic inequality in health with longitudinal data
Jones, A.M.
López, A.N.
This paper presents a method to compare indices of inequality in health that are based on short-run and long-run measures of health and income. For pure health inequality (as measured by the Gini coefficient) and income-related health inequality (as measured by the concentration index), we show how measures derived from longitudinal data can be related to cross section Gini and concentration indices that have been typically reported in the literature to date, along with measures of health mobility inspired by the literature on income mobility. We also show how these measures of mobility can be usefully decomposed into the contributions of different factors. We apply these methods to investigate the degree of income-related mobility in the GHQ measure of psychological well-being in the first nine waves of the British Household Panel Survey (BHPS). This reveals that dynamics increase the absolute value of the concentration index of GHQ on income by 15%, or 1.7% per year on average, for men, and 5%, or 0.6% per year, for women.
John Wiley & Sons
2004-04-29
Article
NonPeerReviewed
Jones, A.M. and López, A.N. (2004) Measurement and explanation of socioeconomic inequality in health with longitudinal data. Health Economics, 13 (10). pp. 1015-1030. ISSN 1057-9230
http://dx.doi.org/10.1002/hec.904
10.1002/hec.904
oai:eprints.whiterose.ac.uk:6307
2009-05-22T10:16:14Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6307/
Product differentiation and location decisions under demand uncertainty
Meagher, K.J.
Zauner, K.G.
We investigate Hotelling's duopoly game of location-then-price choices with quadratic transportation costs and uniformly distributed consumers under the assumption that firms are uncertain about the exact location of demand. We characterize the unique equilibrium and the socially optimal locations. Contrary to the individual-level random utility models, location uncertainty is a differentiation force. In equilibrium, increases in the variance of the uncertainty lead to greater differentiation, higher expected equilibrium prices and profits, and a greater welfare loss.
Elsevier Science B.V.
2004-08
Article
NonPeerReviewed
Meagher, K.J. and Zauner, K.G. (2004) Product differentiation and location decisions under demand uncertainty. International Journal of Economic Theory, 117 (2). pp. 201-216. ISSN 0022-0531
http://dx.doi.org/10.1016/j.jet.2003.12.006
10.1016/j.jet.2003.12.006
oai:eprints.whiterose.ac.uk:6318
2009-05-22T09:00:18Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6318/
Trade unions and family friendly work practices in Britain
Budd, J.
Mumford, K.A.
This paper uses linked data on over 1,500 workplaces and 20,000 individuals from the 1998 British Workplace Employee Relations Survey to analyze the relationship between labor unions and the availability of six employer-provided family-friendly policies. Although unions were negatively associated with the availability of work-at-home arrangements and flexible working hours options, they appear to have increased the availability of three other policies designed to help workers balance the demands of work and family: parental leave, special paid leave, and job-sharing options. They did so both by negotiating for additional benefits ('monopoly' and collective voice effects) and by providing workers with information about existing policies and assisting them in using them (facilitation effects).
Cornell University
2004-01
Article
NonPeerReviewed
Budd, J. and Mumford, K.A. (2004) Trade unions and family friendly work practices in Britain. Industrial and Labor Relations Review, 57 (2). pp. 204-222. ISSN 0019-7939
oai:eprints.whiterose.ac.uk:6395
2009-05-15T08:43:29Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6395/
Post-Fordism and population ageing
Jackson, W.A.
Two features of recent economic experience have been the transition to post-Fordism and the ageing of populations. Post-Fordism entails diverse production and consumption, flexible employment, privatisation and a smaller welfare state. Population ageing is predicted to cause financial problems for state pension schemes and could provoke an ageing crisis. Although post-Fordism and population ageing have similar expected consequences, with a stress on welfare retrenchment, they have been discussed as separate topics and few connections have been made between them; the present paper aims to bring them closer together and consider how they are related. Post-Fordism could be seen as resolving the ageing crisis and offering people better work and retirement choices in a new, post-Fordist life course, but this version of events is questionable. An alternative view is that post-Fordism and the ageing crisis are symptoms of the general movement towards privatisation and laissez faire, which is by no means guaranteed to improve the welfare of older people.
Taylor & Francis
2006-09
Article
NonPeerReviewed
Jackson, W.A. (2006) Post-Fordism and population ageing. International Review of Applied Economics, 20 (4). pp. 449-467. ISSN 0269-2171
http://dx.doi.org/10.1080/02692170600874036
10.1080/02692170600874036
oai:eprints.whiterose.ac.uk:6419
2009-05-14T12:26:27Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6419/
Valuation of exchangeable convertible bonds
Realdon, M.
This paper provides a structural valuation model for exchangeable convertible bonds, since such bonds are widespread by now. The model is solved through the Hopscotch finite difference method. As the issuer owns the underlying shares, exchangeable convertibles may be called and the exchange option may be exercised even as the issuer experiences financial distress. The value of exchangeable convertibles always decreases in the volatility of the issuer's assets (unlike the value of ordinary convertibles) and decreases in the correlation between the underlying shares and the issuer's assets. The analysis confirms that the dominant motive for issuing exchangeable convertibles is likely to be to dispose of the underlying shares.
World Scientific Publishing
2004-09
Article
NonPeerReviewed
Realdon, M. (2004) Valuation of exchangeable convertible bonds. International Journal of Theoretical and Applied Finance, 7 (6). pp. 701-721. ISSN 0219-0249
http://dx.doi.org/10.1142/S0219024904002657
10.1142/S0219024904002657
oai:eprints.whiterose.ac.uk:6424
2009-06-01T11:19:48Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6424/
Individual Heterogeneity and Censoring in Panel Data Estimates of Tobacco Expenditure
Jones, A.M.
Labeaga, J.M.
A panel of households is used to test the rational addiction model of Becker et al. ([1994]). These data raise problems of measurement errors, censoring, and unobservable heterogeneity. We use sample separation information to exclude those households who never purchase tobacco. To deal with the remaining zeros we compare specifications based on infrequency of purchase and on censoring. GMM and system-GMM are used to deal with errors-in-variables and unobservable heterogeneity. Within-groups two-step, within-groups three-step GMM and Minimum Distance methods are used to allow for censoring. There is evidence that the rational addiction specification is sensitive to unobservable heterogeneity and censoring.
John Wiley & Sons, Ltd
2002-10-08
Article
PeerReviewed
Jones, A.M. and Labeaga, J.M. (2002) Individual Heterogeneity and Censoring in Panel Data Estimates of Tobacco Expenditure. Journal of Applied Econometrics, 18 (2). pp. 157-177. ISSN 0883-7252
http://dx.doi.org/10.1002/jae.673
10.1002/jae.673
oai:eprints.whiterose.ac.uk:6437
2009-05-14T11:19:37Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6437/
Estimating shocks and impulse response functions
Wickens, M.R.
Motto, R.
This paper examines the issue of how to identify the shocks in a cointegrated VAR when the following assumptions are made: the variables can be classified as endogenous or exogenous, there are as many cointegrating relations as endogenous variables, the cointegrating vectors are identified and they contain at least one exogenous variable. It is shown that with these assumptions it is possible to identify the shocks without the use of further restrictions on the covariance matrix of the disturbances or the short-run dynamics. If the long-run parameters are known the whole model can be estimated by OLS. The analysis is extended to allow the VAR to have both stationary and non-stationary variables. An illustration of the method is provided using the traditional benchmark VAR model involving US data on output, prices, interest rates and money. A liquidity effect is not found using this VAR methodology.
John Wiley & Sons, Ltd
2001-06
Article
NonPeerReviewed
Wickens, M.R. and Motto, R. (2001) Estimating shocks and impulse response functions. Journal of Applied Econometrics, 16 (3). pp. 371-387. ISSN 0883-7252
http://dx.doi.org/10.1002/jae.617
10.1002/jae.617
oai:eprints.whiterose.ac.uk:6443
2009-05-14T10:15:04Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F523239
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6443/
The dynamics of health in the British household panel survey
Contoyannis, P.
Jones, A.M.
Rice, N.
This paper considers the dynamics of a categorical indicator of self-assessed health using eight waves (1991-1998) of the British Household Panel Survey (BHPS). Our analysis has three focal points: the relative contributions of state dependence and heterogeneity in explaining the dynamics of health, the existence and consequences of health-related sample attrition, and the investigation of the effects of measures of socioeconomic status, with a particular focus on educational attainment and income. To investigate these issues we use dynamic panel ordered probit models. There is clear evidence of health-related attrition in the data but this does not distort the estimates of state dependence and of the socioeconomic gradient in health. The models show strong positive state dependence and heterogeneity accounts for around 30% of the unexplained variation in health.
John Wiley & Sons, Ltd
2004-08
Article
NonPeerReviewed
Contoyannis, P., Jones, A.M. and Rice, N. (2004) The dynamics of health in the British household panel survey. Journal of Applied Econometrics, 19 (4). pp. 473-503. ISSN 0883-7252
http://dx.doi.org/10.1002/jae.755
10.1002/jae.755
oai:eprints.whiterose.ac.uk:6483
2009-05-07T15:32:55Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6483/
Effects of decision aids for menorrhagia on treatment choices, health outcomes, and costs: a randomized controlled trial
Kennedy, A.D.M.
Sculpher, M.J.
Coulter, A.
Dwyer, N.
Rees, M.
Abrams, K.R.
Horsley, S.
Cowley, D.
Kidson, C.
Kirwin, C.
Naish, C.
Stirrat, G.
CONTEXT
Decision aids can increase patient involvement in treatment decision making. However, questions remain regarding their effects and cost implications.
OBJECTIVE
To evaluate the effects of information, with and without a structured preference elicitation interview, on treatment choices, health outcomes, and costs.
DESIGN, SETTING AND PARTICIPANTS
A randomized controlled trial with 2 years of follow-up. Between October 1996 and February 1998, 894 women with uncomplicated menorrhagia were recruited from 6 hospitals in southwest England. Women were randomized to the control group, information alone group (information), or information plus interview group (interview).
INTERVENTIONS
Women in both intervention groups were sent an information pack (a booklet and complementary videotape) 6 weeks before their specialist consultation. Immediately before their consultation, women in the interview group underwent structured interview, to clarify and elicit their preferences.
MAIN OUTCOME MEASURES
Self-reported health status was the main outcome; secondary outcomes included treatments received and costs. Cost analyses adopted a UK health service (payer) perspective, and were based on patient-reported resource use data and are reported in 1999-2000 US dollars.
RESULTS
The interventions had no consistent effect on health status. Hysterectomy rates were lower for women in the interview group (38%) (adjusted odds ratio [OR], 0.60; 95% confidence interval [CI], 0.38-0.96) than in the control group (48%) and women who received the information alone (48%) (adjusted OR, 0.52; 95% CI, 0.33-0.82). The interview group had lower mean costs ($1566) than the control group ($2751) (mean difference, $1184; 95% CI, $684-$2110) and the information group $2026 (mean difference, $461; 95% CI, $236-$696).
CONCLUSIONS
Neither intervention had an effect on health status. Providing women with information alone did not affect treatment choices; however, the addition of an interview to clarify values and elicit preferences had a significant effect on women's management and resulted in reduced costs.
American Medical Association
2002-12
Article
NonPeerReviewed
Kennedy, A.D.M., Sculpher, M.J., Coulter, A. et al. (9 more authors) (2002) Effects of decision aids for menorrhagia on treatment choices, health outcomes, and costs: a randomized controlled trial. Journal of American Medical Association, 288 (21). pp. 2701-2708. ISSN 0098-7484
http://dx.doi.org/10.1001/jama.288.21.2701
10.1001/jama.288.21.2701
oai:eprints.whiterose.ac.uk:6502
2009-08-04T17:17:04Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6502/
Pricing the credit risk of secured debt and financial leasing
Realdon, M.
This paper presents closed form solutions to price secured bank loans and financial leases subject to default risk. Secured debt fair credit spreads always increase in the debtor's default probability, whereas financial leasing fair credit spreads may well decrease in the lessee's default probability and even be negative. The reason is that the lessor, unlike the secured lender, can gain from the lessee's default, especially when the leasing contract envisages initial prepayments or the lessee's terminal options to either purchase the leased asset or to extend the lease maturity. This result, which critically depends on contractual and bankruptcy code provisions, can explain some of the empirical evidence and the use of financial leases as an alternative to secured bank lending to finance small, risky and relatively opaque firms.
Blackwell Publishing
2006-09
Article
NonPeerReviewed
Realdon, M. (2006) Pricing the credit risk of secured debt and financial leasing. Journal of Business Finance and Accounting, 33 (7-8). pp. 1298-1320. ISSN 0306-686X
http://dx.doi.org/10.1111/j.1468-5957.2006.00619.x
10.1111/j.1468-5957.2006.00619.x
oai:eprints.whiterose.ac.uk:6504
2009-05-07T13:45:05Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6504/
Valuation of the firm's liabilities when equity holders are also creditors
Realdon, M.
This paper presents a tractable structural model whereby controlling equity holders are also among the creditors of the firm. As the firm approaches distress, equity holders can drain the assets of the firm and expropriate other creditors by repaying their credit before bankruptcy. The right of the bankruptcy court to revoke such repayment protects arm's length creditors, reduces the cost of borrowing and induces equity holders to anticipate repayment of their credit. Equity holders decide repayment neither too early nor too late, so as to reduce the risk of repayment revocation by the bankruptcy court. Similar conclusions apply to the preferential repayment of bank loans personally guaranteed by equity holders. The analysis also suggests that callable bearer bonds may be more valuable to equity holders than to other creditors.
Blackwell Publishing
2007-06
Article
NonPeerReviewed
Realdon, M. (2007) Valuation of the firm's liabilities when equity holders are also creditors. Journal of Business Finance and Accounting, 34 (5-6). pp. 950-975. ISSN 0306-686X
http://dx.doi.org/10.1111/j.1468-5957.2007.02013.x
10.1111/j.1468-5957.2007.02013.x
oai:eprints.whiterose.ac.uk:6508
2009-05-07T13:40:46Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6508/
Functional explanation in economics: A qualified defence
Jackson, W.A.
Economists seldom make explicit use of functional explanation, although they sometimes use it implicitly. Functional theorizing has lost favour among social scientists in recent years, and few are now willing to adopt functional language. This paper argues that, despite some drawbacks, explicit functional methods have several attractive features, including a pluralistic attitude to causality, an awareness of stratification and emergence, and a compatibility with a realist perspective. Functional methods on their own cannot provide full causal explanations, but they can raise important theoretical issues often neglected in mainstream economics.
Taylor & Francis
2002-06
Article
NonPeerReviewed
Jackson, W.A. (2002) Functional explanation in economics: A qualified defence. Journal of Economic Methodology, 9 (2). pp. 169-189. ISSN 1350-178X
http://dx.doi.org/10.1080/13501780110078981
10.1080/13501780110078981
oai:eprints.whiterose.ac.uk:6521
2009-05-04T16:01:20Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6521/
Costly State Verification with Varying Risk Preferences and Liability
Garino, G.
Simmons, P.
In the scenario of loan contracts with costly state verification, we examine how the properties of the set of states, different risk preferences of debtors and varying liability of lenders affect the structure of optimal repayments. In particular, we show that with risk‐averse debtors, a general set of states, a constant observation cost and both unlimited and limited lender liability, the debtor is strictly better off revealing the true state of nature when his realized revenue is low, which implies that optimal debtor consumption has a downward jump around the single switch from observed to unobserved states. If the debtor can destroy revenue or if the debtor is risk neutral, this non‐monotonicity of consumption disappears. Moreover, given the loan size, there is more monitoring under debtor‐risk aversion than risk neutrality. We present simulations showing that a contract with unlimited lender liability and debtor‐risk aversion has a higher expected observation cost but a lower variance of consumption than a contract with limited lender liability. Finally, we discuss the problems of commitment to verification and contract renegotiation in this framework.
Blackwell Publishing Ltd
2006
Article
NonPeerReviewed
Garino, G. and Simmons, P. (2006) Costly State Verification with Varying Risk Preferences and Liability. Journal of Economic Surveys, 20 (1). pp. 71-110. ISSN 0950-0804
http://dx.doi.org/10.1111/j.0950-0804.2006.00276.x
10.1111/j.0950-0804.2006.00276.x
oai:eprints.whiterose.ac.uk:6539
2009-04-24T10:21:24Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6539/
Bootstrapping the HEGY seasonal unit root tests
Burridge, P.
Taylor, A.M.R.
This paper proposes bootstrap versions of the seasonal unit root tests of, inter alia, Hylleberg, Engle, Granger and Yoo (J. Econometrics 44 (1990) 215–238) (HEGY). We report a simulation study of the properties of both the conventional and bootstrapped seasonal unit root tests when applied to series having higher-order serial correlation and/or periodic heteroscedasticity, both of which are known to severely distort the significance level of the conventional tests. Our results demonstrate that the bootstrap provides good approximations to the statistics’ null distributions. Moreover, the bootstrap corrects the adverse effects of data-dependent lag selection seen in the conventional augmented HEGY tests. The bootstrapped tests have comparable power to (infeasible) exactly significance-level-corrected lag-augmented HEGY tests, and their use is recommended.
Elsevier Science B.V.
2004-01
Article
NonPeerReviewed
Burridge, P. and Taylor, A.M.R. (2004) Bootstrapping the HEGY seasonal unit root tests. Journal of Econometrics, 123 (1). pp. 67-87. ISSN 0304-4076
http://dx.doi.org/10.1016/j.jeconom.2003.http://dx.doi.org/10.029
10.1016/j.jeconom.2003.10.029
oai:eprints.whiterose.ac.uk:6540
2009-04-24T09:55:39Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6540/
Asset pricing with observable stochastic discount factors
Smith, P.
Wickens, M.
The stochastic discount factor model provides a general framework for pricing assets. By specifying the discount factor suitably it encompasses most of the theories currently in use, including CAPM and consumption CAPM. The SDF model has been based on the use of single and multiple factors, and on latent and observed factors. In most situations, and especially for the term structure, single factor models are inappropriate, whilst latent variables require the somewhat arbitrary specification of generating processes and are difficult to interpret. In this paper we survey the principal different implementations of the SDF model for bonds, equity and FOREX and propose a new approach. This is based on the use of multiple factors that are observable and modelling the joint distribution of excess returns and the factors using a multi–variate GARCH–in–mean process. We argue that in general single equation and VAR models, although widely used in empirical finance, are inappropriate as they do not satisfy the no–arbitrage condition. Since risk premia arise from conditional covariation between the returns and the factors, both a multi–variate context and having conditional covariances in the conditional mean process, is essential. We explain how apparent exceptions, such as the CIR and Vasicek models, in fact meet this requirement — but at a price. We explain our new approach, discuss how it might be implemented and present some empirical evidence, mainly from our own researches. Partly, to enable comparisons to be made, the survey also includes evidence from recent empirical work using more traditional approaches.
Blackwell Publishing Ltd
2002-12
Article
NonPeerReviewed
Smith, P. and Wickens, M. (2002) Asset pricing with observable stochastic discount factors. Journal of Economic Surveys, 16 (3). pp. 397-446. ISSN 0950-0804
http://dx.doi.org/10.1111/1467-6419.00173
10.1111/1467-6419.00173
oai:eprints.whiterose.ac.uk:6557
2009-05-29T10:04:10Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6557/
Approximating the Distribution of the Instrumental Variables Estimator when the Concentration Parameter is Small
Poskitta, D.S.
Skeels, C.L.
This paper presents a new approximation to the exact sampling distribution of the instrumental variables estimator in simultaneous equations models. It differs from many of the approximations currently available, Edgeworth expansions for example, in that it is specifically designed to work well when the concentration parameter is small. The approximation is remarkable in that simultaneously: (i) it has an extremely simple final form; (ii) in situations for which it is designed it is typically much more accurate than is the large sample normal approximation; and (iii) it is able to capture most of those stylized facts that characterize lack of identification and weak instrument scenarios. The development leading to the approximation is also novel in that it introduces techniques of some independent interest not seen in this literature hitherto.
Elsevier Science B.V., Amsterdam.
2007-07-01
Article
NonPeerReviewed
Poskitta, D.S. and Skeels, C.L. (2007) Approximating the Distribution of the Instrumental Variables Estimator when the Concentration Parameter is Small. Journal of Econometrics, 139 (1). pp. 217-236. ISSN 0304-4076
http://dx.doi.org/10.1016/j.jeconom.2006.06.011
10.1016/j.jeconom.2006.06.011
oai:eprints.whiterose.ac.uk:6561
2009-04-24T10:34:18Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6561/
On regression-based tests for seasonal unit roots in the presence of periodic heteroscedasticity
Burridge, P.
Taylor, A.M.R.
We analyse regression-based tests for seasonal unit roots when the shocks are periodically heteroscedastic. We show, using the case of quarterly data to illustrate, that the limiting marginal null distributions of tests for unit roots at the zero and Nyquist frequencies are unaffected by the periodic heteroscedasticity. However, tests at the harmonic seasonal frequencies are shown to be either unaffected or to display a shift in their limiting distribution, depending on the specific nature of the periodic heteroscedasticity. In extreme cases certain of these limiting distributions are degenerate while others are simple functions of the well-known Dickey–Fuller distributions. Monte Carlo evidence shows that the asymptotic theory provides a very good prediction for the finite sample behaviour of the unit root test statistics. We show that tests with approximately correct size may be obtained by simulating their sampling distributions using periodic variance parameters estimated from the data in hand. Though laborious, this procedure seems to be the best available, since more conservative approaches sacrifice significant power.
Elsevier Science B.V.
2004-08
Article
NonPeerReviewed
Burridge, P. and Taylor, A.M.R. (2004) On regression-based tests for seasonal unit roots in the presence of periodic heteroscedasticity. Journal of Econometrics, 104 (1). pp. 91-117. ISSN 0304-4076
http://dx.doi.org/10.1016/S0304-4076(01)00060-4
10.1016/S0304-4076(01)00060-4
oai:eprints.whiterose.ac.uk:6565
2009-04-23T15:14:44Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6565/
A suggested interpretation of some experimental results on preplay communication
Costa-Gomes, M.A.
M. Rabin (1994, J. Econ. Theory63, 370–391) proposes a model of behavior in two-person complete-information games with preplay communication, using non-equilibrium notions in the spirit of rationalizability to derive lower bounds on players' expected payoffs when players have unlimited communication opportunities. This paper adapts Rabin's model so that it can be used to analyze the results of the experiments of R. Cooper et al. (1989, Rand J. Econ.20, 568–587) on structured preplay communication in the Battle of the Sexes and the results of the unstructured bargaining experiments of Roth, Malouf, and Murnighan. Adding empirically motivated restrictions that allow the model to predict the payoff effects of changes in bounded communication possibilities like those in the experiments, it is shown that the data from both experiments are generally consistent with Rabin's model, and with the predictions of the extended model. Journal of Economic Literature Classification Numbers: C70, C72, C78, C91.
Elsevier Science B.V.
2002-05
Article
NonPeerReviewed
Costa-Gomes, M.A. (2002) A suggested interpretation of some experimental results on preplay communication. Journal of Economic Theory, 104 (1). pp. 104-136. ISSN 0022-0531
http://dx.doi.org/10.1006/jeth.2001.2911
10.1006/jeth.2001.2911
oai:eprints.whiterose.ac.uk:6587
2009-04-23T14:45:45Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6587/
Information theoretic measures of the income distribution in food demand
LaFrance, J.T.
Beatty, T.K.M.
Pope, R.D.
Agnew, G.K.
A new method to nest, estimate and test the rank and functional form of the income terms in an incomplete system of demand equations is developed. Information theory is employed to infer the U.S. income distribution from data on quintile and top five percentile income ranges and intra-quintile and top five percentile mean incomes. Maximum entropy income distributions are combined with data on the U.S. demand for 21 food items to estimate U.S. food demand over the period 1919–1995, excluding 1942–1946.
Elsevier Science B.V.
2002-03
Article
NonPeerReviewed
LaFrance, J.T., Beatty, T.K.M., Pope, R.D. et al. (1 more author) (2002) Information theoretic measures of the income distribution in food demand. Journal of Econometrics, 107 (1-2). pp. 235-257. ISSN 0304-4076
http://dx.doi.org/10.1016/S0304-4076(01)00122-1
10.1016/S0304-4076(01)00122-1
oai:eprints.whiterose.ac.uk:6590
2009-04-23T09:45:38Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6590/
A note on the integration of system dynamics and economic models
Smith, P.C.
van Ackere, A.
Equilibrium is probably the principal focus of most areas of economic analysis. However, the policy maker is often interested not only in the equilibrium predictions arising from an economic model, but also in the path taken by policy variables as they move towards that equilibrium. It is therefore likely that integration into a dynamic framework will frequently enhance the usefulness of an economic model. Recent developments in computer software mean that system dynamics offers a readily accessible methodology for making this principle operational. The approach is illustrated using an example from the British National Health Service, in which a traditional economic model of supply and demand is deployed within a system dynamics model.
Elsevier Science B.V.
2002-01
Article
NonPeerReviewed
Smith, P.C. and van Ackere, A. (2002) A note on the integration of system dynamics and economic models. Journal of Economic Dynamics and Control, 26 (1). pp. 1-10. ISSN 0165-1889
http://dx.doi.org/10.1016/S0165-1889(00)00025-7
10.1016/S0165-1889(00)00025-7
oai:eprints.whiterose.ac.uk:6592
2009-04-23T09:30:18Z
7374617475733D707562
74797065733D61727469636C65
756E69743D596F726B:596F726B2E46414333:596F726B2E594F5235
696E737469747574696F6E3D596F726B
7072696D6F3D6E6F5F646F63756D656E74735F617661696C61626C65
https://eprints.whiterose.ac.uk/6592/
Economics of alliances: the lessons for collective action
Sandler, T.
Hartley, K.
This essay provides an up-to-date summary of the findings of the literature on the economics of alliances. We show that the study of the economics of alliances has played a pivotal role in understanding and applying public good analysis to real-world applications. We establish that the manner in which alliances address burden sharing and allocative issues is related to strategic doctrines, weapon technology, perceived threats, and membership composition. Past contributions are evaluated, and areas needing further development are identified. The theoretical and empirical knowledge gained from the study of alliances is shown to be directly applicable to a wide range of international collectives.
American Economic Assoc
2001-09
Article
NonPeerReviewed
Sandler, T. and Hartley, K. (2001) Economics of alliances: the lessons for collective action. Journal of Economic Literature, 39 (3). pp. 869-896. ISSN 0022-0515
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