The user cost of money

Prior imputations of a price to monetary asset services have not been basedupon an explicit assumption structure or an explicit model. We rigorously derive a unique user cost formula for that price; our results are consistent with Donovan's (1977) formula.     

The communication cost of selfishness

We consider how many bits need to be exchanged to implement a given decision rule when the mechanism must be ex post or Bayesian incentive compatible. For ex post incentive compatibility, the communication protocol must reveal enough information to calculate monetary transfers to the agents to motivate them to be truthful (agents' payoffs are assumed to be quasilinear in such transfers). For Bayesian incentive compatibility, the protocol may need to hide some information from the agents to prevent deviations contingent on the information. In both settings with selfish agents, the communication cost can be higher than in the case in which the agents are honest and can be relied upon to report truthfully. The increase is the “communication cost of selfishness.” We provide an exponential upper bound on the increase. We show that the bound is tight in the Bayesian setting, but we do not know this in the ex post setting. We describe some cases where the communication cost of selfishness proves to be very low.     

The welfare cost of banking regulation

The Basel Accords promote the adoption of capital adequacy requirements to increase the banking sector's stability. Unfortunately, this type of regulation can hamper economic growth by shifting banks' portfolios from more productive, risky investment projects toward less productive but safer projects. This paper introduces banking regulation in an overlapping-generations model and studies how it affects economic growth, banking sector stability, and welfare. In this model, a banking crisis is initiated by an aggregated shock (in the risky sector) in a banking system with implicit bailout, and banking regulation is modeled as a constraint on the maximal share of banks' portfolios that can be allocated to risky assets. This model allows us to evaluate quantitatively the key trade-off, inherent in this type of regulation, between ensuring banking stability and fostering economic growth. The model implies an optimal level of regulation that prevents crises but at the same time is detrimental to growth. We find that the overall effect of optimal regulation on social welfare is positive when productivity shocks are sufficiently high (for example, in the subprime banking crisis episode) and economic agents are sufficiently risk-averse. Finally, we find that there is a trade-off between regulating the economy upfront (i.e. before the shock) and facing the challenge of making a huge bailout after the crisis.     

The social cost of living index

Household cost of living indexes reflect household preferences; analogous indexes for groups of households require a corresponding concept of group preferences. In this paper I investigate the ‘social cost of living index’, a group index based on the Bergson-Samuelson social welfare function. I first define the index and examine its properties under the assumption that the investigator constructing it expresses his distributional judgments in an explicit Bergson- Samuelson social welfare function; I then examine the ‘maximizing society’ and the ‘independent society’, two cases in which the index can be constructed from the information contained in the market demand functions. In these two cases a Laspeyres index (i.e. the fixed weight index based on the reference consumption pattern) is an upper bound on the exact social cost of living index. In general, however, the assumptions required to place bounds on the social cost of living index are much more likely to be satisfied than those required to place analogous bounds on a household's cost of living index.     

The second-best use of social cost estimates

A significant literature has developed to estimate the damages to third parties from new electricity generation technologies. This paper focuses on how such estimates can be profitably used in the present regulatory environment, and in the potential new environment that may result from restructuring in the electricity industry.     

优化成本管理的方向

<正> 投资银行和其他经济领域一样,在其发展初期往往以积极扩张的战略为主,抢占市场份额、形成垄断优势是该时期的主要目的。高额的垄断利润抵消了庞大的费用支出对公司财务状况的影响。但是,随着行业发展逐步走向成熟,其他公司的进入逐步削弱了传统领域的垄断优势,钱变得越来越难赚,巨额费用支出则显得更具有刚性。要想在激烈竞争中保持利润的相对稳定,将公司成本控制在一个相对合理的水平上就成为公司发展的首要原则。国际投资银行近百年的发展历史向我们展示了公司管理重心从收人扩张到成本控制的变化过程。我国证券公司虽然从产生至今仅有十几年的历史,但就其发展过程     

The cost of diabetes and obesity in Australia

Aims: To assess and compare the direct healthcare and non-healthcare costs and government subsidies by body weight and diabetes status.

Methods: The Australian Diabetes, Obesity and Lifestyle study collected health service utilization and health-related expenditure data at the 2011–2012 follow-up surveys. Costing data were available for 4,409 participants. Unit costs for 2016–2017 were used where available or were otherwise inflated to 2016–2017 dollars. Age- and sex-adjusted costs per person were estimated using generalized linear models.

Results: The annual total direct cost ranged from $1,998 per person with normal weight to $2,501 per person with obesity in participants without diabetes. For those with diabetes, total direct costs were $2,353 per person with normal weight, $3,263 per person with overweight, and $3,131 per person with obesity. Additional expenditure as government subsidies ranged from $5,649 per person with normal weight and no diabetes to $8,085 per person with overweight and diabetes. In general, direct costs and government subsidies were higher for overweight and obesity compared to normal weight, regardless of diabetes status, but were more noticeable in the diabetes sub-group. The annual total excess cost compared with normal weight people without diabetes was 26% for obesity alone and 46% for those with obesity and diabetes.

Limitations: Participants included in this study represented a healthier cohort than the Australian population. The relatively small sample of people with both obesity and diabetes prevented a more detailed analysis by obesity class.

Conclusion: Overweight and obesity are associated with increased costs, which are further increased in individuals who also have diabetes. Interventions to prevent overweight and obesity or reduce weight in people who are overweight or obese, and prevent diabetes, should reduce the financial burden.     

The cost of capital for a multinational corporation

Evaluating foreign investments requires as inputs the costs of various sources of financing. A multinational firm could raise both debt and equity in capital markets located in different countries. This paper derives the required rates of return for a foreign investment from: domestic bonds, domestic equity, foreign bonds and foreign equity from both the domestic and foreign investors' perspectives. These required returns serve as the basic components in the calculation of the weighted cost of capital for a foreign project.     

The social cost of rent seeking in Europe

Direct measurement of the social cost of rent seeking is impeded by non-observable and non-reported activities. We use a dynamic stochastic general equilibrium model to compute the social cost of rent seeking in Europe. Our estimate is based on competition among interest groups for privileges provided by governments, including income transfers, subsidies, and preferential tax treatment. The model, which is calibrated to the euro area as a whole and also to individual euro member countries for 1980–2003, performs well vis-à-vis the data. We find that significant proportions of GDP are extracted as rents available to be sought by rent seekers.     

The meta-technology cost ratio: An indicator for judging the cost performance of CO2 reduction

This paper constructs an innovative ratio of meta-technology cost (MTCR) by combining the meta-frontier framework and shadow price model. This ratio is not only an indicator to account for country-specific technology heterogeneity or technology heterogeneity across a group of countries to measure improvement toward the meta-frontier. This ratio also computes the absolute value difference between the real and ideal minimum marginal abatement costs for the non-market good CO₂ to achieve specific emission reduction. An equally weighted combination of technological readiness and innovation is used to classify countries into groups. The value of the MTCR via the computation of the meta marginal abatement cost (MAC^meta) and group marginal abatement cost (MAC^group-k) allows us to identify the possible improvement of marginal abatement cost (MAC) in absolute value. That is, observation of the MTCR, along with its components the MAC^meta and MAC^group-k, provides more intuitive and comprehensive information for commanding the cost performance of CO₂ reduction than the traditional meta-technology ratio alone.     

The welfare cost of imperfect competition and distortionary taxation

The welfare cost of imperfect competition in the product and labor markets in the United States is quantified in a dynamic general equilibrium model. We find that the welfare cost of imperfect competition in the product market is 3.62 percent while it is 0.58 percent in the labor market, taking the transition path from the distorted to the optimal steady state into account. If we also take into account that the US economy is characterized by distortionary taxation, the welfare cost of the product market distortion increases to 13.51 percent and the labor market distortion to 4.35 percent.     

The cost effectiveness of a quadrivalent human papillomavirus vaccine (6/11/16/18) in Hungary

Abstract

Objective: A transmission dynamic model was used to assess the epidemiological and economic impact of a quadrivalent human papillomavirus (HPV) (6/11/16/18) vaccine in preventing cervical cancer, cervical intraepithelial neoplasia grades 2 and 3 (CIN 2/3), CIN 1 and genital warts in Hungary.

Methods: The routine vaccination of 12-year-old girls and the routine vaccination of 12-year-old girls plus a temporary catch-up programme for girls and women aged 12–24 years was evaluated.

Results: The model projected that at year 100, both strategies could reduce the incidence of HPV 6/11/16/18-related cervical cancer, CIN 2/3, CIN 1 and genital warts cases among Hungarian women by 90%, 90%, 85% and 93%, respectively. Twenty-five years after the introduction of HPV vaccination in the population, routine vaccination of girls by the age of 12 reduced the cumulative number of cases of cervical cancer, CIN 2/3, CIN 1 and genital warts by 685, 13,473, 3,423 and 163,987, respectively. The incremental cost-effectiveness ratios of the two vaccination strategies were €9,577 and €10,646 per quality-adjusted life-year (QALY) gained over a time horizon of 100 years.

Key limitations: The model did not account for the health and economic impact of other HPV diseases which may result from HPV 16, 18, 6, and 11 infections such as vaginal, vulvar, penile, anal and head-neck cancers, and recurrent respiratory papillomatosis. Epidemiological data from Hungary on these other HPV diseases as well genital warts are needed.

Conclusion: A quadrivalent HPV vaccination programme can reduce the incidence of cervical cancer, CIN and genital warts in Hungary at a cost-per-QALY ratio within the range defined as cost effective.     

决策系统的有效整合与降低摩擦成本的关系--对我国公立大学决策机制的分析

社会主义国家的公立大学,需要承担政党政治方面的社会功能。但大学是一个十分特殊的学术机构,其决策机制又不同于政权机关,为了使学校的党政决策系统有效地融为一体,从而降低摩擦成本,就需要用理智对决策机构进行有效整合。用法定制度清晰地界定大学党政机构的权力域,是降低决策成本非常重要的前提条件。在公立大学管理体制给定的情况下,降低决策成本还依赖于操作层面的制度供给。     

Technology transfer in duopoly The role of cost asymmetry

This article examines the possibility of a profitable technology transfer deal in a duopoly. We show that under a fixed fee contract, technology transfer will be always profitable if the products are sufficiently differentiated or the firms behave sufficiently cooperatively or both. Under a profit sharing contract, however, a profitable technology transfer deal always exists even in a market characterised by Cournot duopoly with homogeneous goods.     

施工组织设计对工程造价的影响

本文简述了施工组织设计与工程造价的关系,并通过施工组织设计中的一案、一表、一图等几个侧面阐述了施工组织设计对工程造价的影响,强调施工组织设计是编制工程造价的重要因素之一,编制施工组织设计要从工程本身的实际出发,考虑各方面的因素,以达到降低工程造价的目的。