Health transitions in a globalising world: towards more disease or sustained health?

In this paper, we argue that the concept of transitions is a useful way to address future changes in the health status of the world due to the processes of globalisation. To that end, we discuss the current forces affecting human health and the health transitions we have seen in the past. Next, we describe developments in the health status of populations according to three potential future ‘ages’: the age of emerging infectious diseases, the age of medical technology and the age of sustained health. Future health transitions are explored along the lines of four development paths (scenario groups), defined along two dimensions (global versus regional dynamics and emphasising economic objectives versus environmental and equity objectives). We conclude that managing the health transition effectively will require a micro- and macro-approach, taking into account the social, cultural and behavioural determinants of health.     

Reversible Environmental Catastrophes with Disconnected Generations

De Economist - We study environmental policy in a stylized economy–ecology model featuring multiple deterministic stable steady-state ecological equilibria. The economy–ecology does not...     

Research bias in judgement bias studies – a systematic review of valuation judgement literature

Valuation judgement bias has been a research topic for several years due to its proclaimed effect on valuation accuracy. However, little is known on the emphasis of literature on judgement bias, with regard to, for instance, research methodologies, research context and robustness of research evidence. A synthesis of available research will establish consistency in the current knowledge base on valuer judgement, identify future research opportunities and support decision-making policy by educational and regulatory stakeholders how to cope with judgement bias. This article therefore, provides a systematic review of empirical research on real estate valuer judgement over the last 30 years. Based on a number of inclusion and exclusion criteria, we have systematically analysed 32 relevant papers on valuation judgement bias. Although we find some consistency in evidence, we also find the underlying research to be biased; the methodology adopted is dominated by a quantitative approach; research context is skewed by timing and origination; and research evidence seems fragmented and needs replication. In order to obtain a deeper understanding of valuation judgement processes and thus extend the current knowledge base, we advocate more use of qualitative research methods and scholars to adopt an interpretative paradigm when studying judgement behaviour.     

全球化水平与经济脆弱性关系研究——基于欧洲统计数据的分析

在本文中,我们验证了这样一种假设,即:在欧洲全球化水平较高的国家和全球化水平较低的国家当面对经济危机时,同样脆弱。我们用马斯特里赫特全球化指数(MGI)来界定各国的全球化水平,用五个关键的经济指标来衡量经济危机的严重程度。结果表明:一方面,全球化水平的提升增加了国家面对经济危机时的脆弱性;另一方面,较高的全球化水平也增加了解决危机的机会。     

Complexity in valuation practice: an inquiry into valuers’ perceptions of task complexity in the Dutch real estate market

The aim of this paper is to examine valuer judgement behaviour, by exploring the manifestation of task complexity in Dutch commercial valuation practice. For this purpose, we adopted a grounded theory approach and undertook 18 in-depth interviews with senior valuation professionals across the Netherlands. Our findings indicate a strong presence of situational task complexity in commercial valuation practice, as professionals operating in large valuation teams perceive different elements of task complexity throughout commercial valuation practice in comparison to peers working in small valuation teams or self-employed valuers. Further, coping strategies used to deal with task complexity vary substantially by type of valuer as well. From our data, we deducted three types of task environment constructs in which valuers operate, which basically represent the various levels of professional standards required by clients as well as organisational settings composed to meet client standards. As such, we found that task environment settings strongly coincide with perceptions of task complexity. The presence of situational task complexity in commercial real estate valuation practice points to the need for customisation of professional valuer’s development programs to facilitate valuers to deal with task complexity in different stages of valuation practice and hence contribute to advancing valuer judgement skills.     

Risk aversion and skewness preference

Empirically, co-skewness of asset returns seems to explain a substantial part of the cross-sectional variation of mean return not explained by beta. This finding is typically interpreted in terms of a risk averse representative investor with a cubic utility function. This paper questions this interpretation. We show that the empirical tests fail to impose risk aversion and the implied utility function takes an inverse S-shape. Unfortunately, the first-order conditions are not sufficient to guarantee that the market portfolio is the global maximum for this utility function, and our results suggest that the market portfolio is more likely to represent the global minimum. In addition, if we do impose risk aversion, then co-skewness has minimal explanatory power.     

The Diffusion of Local Differentiated Waste Disposal Taxes in the Netherlands

The diffusion of a novel taxing scheme (among Dutch municipalities over the period 1998–2005) is studied in which the waste disposal tax is increasing in the amount of waste a household produces. Inspection of the rise and spread of this tax shows that it is contagious: the probability of introduction is increasing in the number of neighboring municipalities that have already introduced this taxing scheme. A possible rationale is that the tax encourages the dumping of waste in neighboring municipalities. These municipalities may then introduce a similar tax to prevent dumping (spillover effect). Using panel data and a recently developed spatial probit approach (Elhorst et al. in J Appl Econom 32:422–439, 2017), it is possible to distinguish this spillover effect from time-specific effects. The results indicate the presence of strong spillovers.     

The case of market and system failures in services innovation

This paper reviews and analyses the rationale for an innovation policy in services. It focuses on the relevance of the various categories of market and system failures, on the basis of economic arguments and some empirical evidence at EU level. Results show that market and system failures affect service innovation, so that there are no economic reasons supporting any discrimination of policy actions against service activities. Moreover, some of the market and system failures may be even more relevant in the field of services than of goods, although differences between categories of services should be also taken into consideration.