This paper examines a multiperiod production economy where investors do not observe the realizations of productivity factors or security expected returns. Unlike previous work, which expresses the equilibrium conditions as functions of unobservable (to both real-world investors and empiricists) moments of the distributions of returns, we express the equilibrium real rate as a function of the observable sample paths of realizations of returns. We provide a framework for empirically testing this and other asset pricing models without outside-the-model econometric assumptions needed for producing the unobservable moments of returns. We construct versions of the restrictions for any time interval between observations. 相似文献
This paper uses an innovation production function to relate the presence of geographically-mediated complementary knowledge resources to the innovative activity of small and large firms. The empirical results suggest that small firm innovation appears to benefit from the presence of external institutions and resources. Although large firm innovative activity benefits from the presence of knowledge resources, location appears to be especially beneficial to small firm innovative activity. 相似文献
Aims: To develop a budget impact model (BIM) for estimating the financial impact of formulary adoption and uptake of calcipotriene and betamethasone dipropionate (C/BD) foam (0.005%/0.064%) on the costs of biologics for treating moderate-to-severe psoriasis vulgaris in a hypothetical US healthcare plan with 1 million members.
Methods: This BIM incorporated epidemiologic data, market uptake assumptions, and drug utilization costs, simulating the treatment mix for patients who are candidates for biologics before (Scenario #1) and after (Scenario #2) the introduction of C/BD foam. Predicted outcomes were expressed in terms of the annual cost of treatment (COT) and the COT per member per month (PMPM).
Results: At year 1, C/BD foam had the lowest per-patient cost ($9,913) necessary to achieve a Psoriasis Area and Severity Index (PASI)-75 response compared with etanercept ($73,773), adalimumab ($92,871), infliximab ($34,048), ustekinumab ($83,975), secukinumab ($113,858), apremilast ($47,960), and ixekizumab ($62,707). Following addition of C/BD foam to the formulary, the annual COT for moderate-to-severe psoriasis would decrease by $36,112,572 (17.91%, from $201,621,219 to $165,508,647). The COT PMPM is expected to decrease by $3.00 (17.86%, from $16.80 to $13.80).
Limitations: Drug costs were based on Medi-Span reference pricing (January 21, 2016); differences in treatment costs for drug administration, laboratory monitoring, or adverse events were not accounted for. Potentially confounding were the definition of “moderate-to-severe” and the heterogeneous efficacy data. The per-patient cost for PASI-75 response at year 1 was estimated from short-term efficacy data for C/BD foam and apremilast only.
Conclusions: The introduction of C/BD foam is expected to decrease the annual COT for moderate-to-severe psoriasis treatable with biologics by $36,112,572 for a hypothetical US healthcare plan with 1 million plan members, and to lower the COT PMPM by $3.00. 相似文献
AbstractThe aim of this paper is to explore the contrasting views of inflation, exchange rate misalignments and determinants of gold flows held by different branches of the classical school during the first half of the nineteenth century. The properties of money neutrality and money endogeneity within the classical system are studied by reinterpreting these controversies through the analytical framework of the surplus approach as reconstructed by Sraffa [Production of Commodities by Means of Commodities. Cambridge: Cambridge University Press, 1960] and his followers. 相似文献
In this paper we present an alternative framework to neoclassical theory of international trade and exchange rate determination. Our model, inspired in the classical tradition, provides support for the assertion that an exchange rate policy aiming to improve national competitiveness and to bring about a sustained trade surplus is a viable option. In fact, the success of this strategy does not depend on the effectiveness of monetary sterilization —as many argentinean heterodox authors claim— but on the ability to overcome the boundaries imposed by the evolution of the domestic wage rate and the potential emergence of competitive devaluations. In the particular case of Argentina, the introduction of export taxes on land-intensive commodities, in which the economy has absolute advantages, brings an additional policy tool that can make both the exchange rate target and the workers claims consistent. 相似文献
We use the theory of probability metrics to study the asymptotic normality of the collison resolution intervals in the CTM multi-access protocol under general conditions on the number of retransmitted messages and of new arrivals during the collision slots. Our main result establishes stability of the central limit theorem for the CTM algorithm. We provide extensive simulation results investigating the extent to which the mean of the collision resolution interval eventually becomes unstable for increasing values of n , the number of users who initially collide. The normal fit is numerically investigated and is shown to be quite satisfactory and stable with respect to moderate perturbations and n ≥50. 相似文献
The recent interest in cultural analysis of organizations is based on the belief that organizations have symbolic aspects that affect organizational behaviour. Underlying this research, however, are different assumptions about the nature of symbols and the role they play in organizations. The majority of writers have assumed that symbols perform an expressive function and are used in a type of action they call 'symbolic action’which they contrast with ‘substantive action’. This dichotomy between symbolic and substantive action has resulted in the development of models that assume culture is a causal factor in organizational change, and should be controlled by the management of symbols. In this article, this approach - the management as symbolic action approach - is examined and found to be inadequate. An alternative approach is developed - the culture-as-context approach - that assumes all actions have a symbolic aspect, all actions are value-laden, symbols are meaningful only in terms of their relations with other symbols, and symbols are dispositions to action, not causes of it. The study of culture is seen, then, as the explication of action in terms of the system of symbolic forms - goals, plans, ideas, roles and traditions - that people use to give meaning and order to their experience. This approach is applied to the interactions of the members of the‘Transition Team’in a Bell Telephone operating company preparing for the deregulation of the American Telephone and Telegraph Company, its parent corporation, in 1981. It is demonstrated empirically and explained conceptually that culture leads to a certain class of possible actions which makes certain attempts at change, or reactions to change, probable in a given situation. 相似文献