Nieuwe Ontwikkelingen In Het Stelsel Der Regionale Jaarrekeningen

N.a.v. een voordracht. gehouden voor de Economische Faculteitsvereniging te Groningen op 8 maart 1960. Gaarne dank ik de heer M. P. Polhuis voor de bij de samenstelling van dit artikel geboden hulp.     

Ex ante loss control by insurers: Public interest for higher profit

This article examines the incentives of an insurer to modify loss distributions prior to the sale of insurance. While actions such as lobbying Congress for mandatory airbags in automobiles are undertaken by insurers for the stated purpose of reducing the aggregate loss in society, they also change the nature of the risk being insured and, hence, affect the profitability of insurance sales. For the case of loss prevention (reducing the probabilty of a loss), insurers do not always have an incentive to invest in loss control. For loss reduction (reducing the severity of any loss that does occur), the incentive is to reduce the size of small losses while simultaneously increasing the size of large losses. Venezian Associates     

成本-效果分析中药物成本测量的良好研究规范:社会角度——ISPOR药物成本工作组报告之二

目的:进行成本-效果分析(Cost-effectiveness Analysis,CEA)时,为保证评价的一致性和可比性,多数涉及到CEA的指南均建议使用应用普遍、广泛的社会角度。作为工作组的子报告[来自成本-效果分析中药物成本测量的良好研究规范(ISPOR药物成本工作组;Drug Cost Task Force,DCTF)的六份报告之一],本文旨在回顾社会角度的定义,评估其在成本测量中的特定应用,识别其在理论和实践中的局限性,并就潜在的改进提出建议。方法:对有关方法学介绍的重要文献、书籍与报告进行全面的回顾、总结,并整合成为综述及报告草案。将报告草案寄送至ISPOR并由ISPOR成员审阅和评论。根据接收到的大量评论和建议,对报告草案进行相应修订。结果:可从以下三方面对社会角度进行界定:(1)时间成本的纳入;(2)机会成本的使用;(3)集体偏好。实际上虽然许多已公开发表的CEA声称使用了社会角度,但即使有也只有很少部分CEA能够满足上述所有条件。品牌药的成本多采用仅反映短期生产和配送成本的实际购买成本,而非更低的社会机会成本。这种做法对于当前的决策者而言是可以理解且务实、有用的。然而这种CEA的应用注重了静态而非动态效率,忽视了对创新的相关激励。结论:我们的首要建议是,当前CEA评价实践应通过采用参照方案的新标准作为一种"有限的社会角度"或"卫生体系"角度,并在考虑到间接成本和集体偏好的情况下使用药物获得成本,以此来承认并接受这种局限性。当涉及研发成本及创新激励等重要议题时,药物经济学领域也必须承认这种研究角度的局限性。     

Regulating health insurance: the challenges of managed networks

The role of the regulator in health insurance is examined in the context of the change in nature of regulatory oversight necessary to monitor the activities of the regulated parties. Health insurance to this point has been largely regulated by insurance departments that have historically focused on monitoring the solvency and meeting the contractually required reimbursements for indemnity carriers. Now as the indemnity carrier has either migrated to managed care or faced a declining book of business, the historic role of regulation must change to match the new environment. This article examines the role of the health insurance/managed care regulator department under this new paradigm and identifies where and how the regulator can exert influence in such a system.     

The Market for New Issues: Impact of Offering Price on Price Support and Underpricing

Previous studies have shown that the pattern of first day returns to initialpublic offerings is consistent with the hypotheses of underpricing and price support. We examine two different periods, 1975–1984 and 1996–2002, and find that in each case the measures of price support and underpricing are substantially affected by the initial public offerings' beginning price. During the period 1975–1984, the mean and standard deviation of returns to the price supported group are nearly always zero regardless of price, whileg the mean of the returns to the underpriced group is smile-shaped: high for low-priced and high-priced stocks but lower for stocks offered at intermediate prices. The patterns are different in the most recent data: the mean and standard deviation of both the price supported and underpriced groups are smile-shaped. For the lowest priced stocks, the measures in the later period mirror those for the 1975–1984 period, but for more expensive stocks the measures are substantially higher. The results apply to the first day returns of both firm commitment and best efforts offerings. Once price is taken into account, other than the difference in the probability of price support, the differences among offering types seem to be of secondary importance in explaining first day returns. JEL Classification: 1, G12, G24     

Return seasonality in stocks and their underlying assets: tax-loss selling versus information explanations

Results of tests contrasting tax-loss selling with intertemporalinformation variation as explanations of the January seasonalin stock returns are reported. Closed-end fund shared displaythe typical size-related January seasonal while their net assetvalues do not. Interpreting the net asset value return as aproxy for information about under-lying assets, this resultindicates information variation is not a necessary conditionfor the January effect in stocks. The share returns at the turnof the year are negatively related to their mean preceding yearreturns and positively related to the standard deviations oftheir preceding year returns. These results are consistent withtax-loss selling.