Design and evaluation of road pricing: state-of-the-art and methodological advances

This article provides an in-depth review of the state-of-the-art and describes methodological advances in the design and evaluation of road network pricing schemes. A number of paradigm shifts from the two polar cases of the marginal social cost pricing of road traffic congestion and revenue-maximizing road toll pricing are analyzed, as induced by the need to address realistic design complexities and constraints. The crucial role of the joint consideration of pricing strategies with optimal capacity provision and several network management measures is manifested and an integrated evaluation framework is suggested to incorporate a wide range of road pricing impacts into the scheme design process.     

Economic cycles and downside commodities risk

We de-compose the S&P Goldman Sachs Commodity Index into its underlying commodity sub-categories and develop a modified conditional value at risk (CVaR) metric to examine downside risk linked to economic periods which are classified by their GDP growth as green, yellow, orange and red. We term this new metric economic CVaR (ECVaR). We found significant differences in the relative ECVaR rankings of different commodities over our different economic cycles.     

Model-Based Decision Support in Manufacturing and Service Networks

In this paper, we sketch some of the challenges that should be addressed in future research efforts for model-based decision support in manufacturing and service networks. This includes integration issues, taking into account the autonomy of the decision-making entities in face of information asymmetry, the modeling of preferences of the decision makers, efficiently determining robust solutions, i.e. solutions that are insensitive with respect to changes in the problem data, and a reduction of the time needed for model building and usage. The problem solution cycle includes problem analysis, the design of appropriate algorithms and their performance assessment. We are interested in a prototypical integration of the proposed methods within application systems, which can be followed up with field tests of the extended application systems. We argue that the described research agenda requires the interdisciplinary collaboration of business and information systems engineering researchers with colleagues from management science, computer science, and operations research. In addition, we present some exemplifying, illustrative examples of relevant research results.     

How much nominal rigidity is there in the US economy? Testing a new Keynesian DSGE model using indirect inference

We evaluate the Smets-Wouters New Keynesian model of the US postwar period, using indirect inference, the bootstrap and a VAR representation of the data. We find that the model is strongly rejected. While an alternative (New Classical) version of the model fares no better, adding limited nominal rigidity to it produces a ‘weighted’ model version closest to the data. But on data from 1984 onwards - the ‘great moderation’ - the best model version is one with a high degree of nominal rigidity, close to New Keynesian. Our results are robust to a variety of methodological and numerical issues.     

Real-world healthcare resource utilization related to migraine treatment failure: a panel-based chart review in France,Germany, Italy,and Spain

Abstract

Aims: This retrospective chart review examined the six-month migraine-related healthcare resource use (HRU) among European patients who had ≥4 migraine days per month and previously failed at least two prophylactic migraine treatments.

Methods: Neurologists, headache specialists, and pain specialists in France, Germany, Italy, and Spain who treated ≥10 patients with migraine in 2017 were recruited (April–June 2018) to extract anonymized patient-level data. Eligible physicians randomly selected charts of up to five adult patients with clinically-confirmed migraine, ≥4 migraine days in the month prior to the index date, and had previously failed at least two prophylactic migraine treatments. Treatment failure was defined as discontinuation due to lack of efficacy and/or tolerability. Demographic and disease characteristics as of the index date, and migraine-related HRU incurred during the 6-month study period, were recorded.

Results: A total of 104 physicians contributed 168 charts for patients (63% female). On average, patients were 38?years old and failed 2.3 prophylactic treatments as of the index date. During the study period, 83% of patients had ≥1 outpatient visit for migraine in the physician’s office, and 27% went to the ER/A&E. Approximately 5% of patients were hospitalized for migraine, with an average of one hospitalization and an average length of stay of 3 days. Approximately 39% of patients had ≥1 blood test, 22% had ≥1 magnetic resonance imaging, 17% had ≥1 electroencephalogram, and 13% had ≥1 computerized tomography scan. Visits to other healthcare providers were common.

Limitations: This study is subject to the limitations of chart review studies, such as errors in data entry.

Conclusions: Across four European countries, the HRU burden of migraine among patients who previously failed at least two prophylactic treatments was high, indicating a need for more effective prophylactic treatments to appropriately manage migraine and reduce the HRU burden attributable to this common disorder.     

Intangible capital distribution in China

This paper aims to examine the distribution dynamics of intangible capital investment across Chinese regions and hence contributes to the understanding of China’s regional development. A nonparametric approach is adopted to investigate the long-run distribution dynamics. Intertemporal dynamics and spatial conditional dynamics are analysed to explore the impacts of the global financial crisis and knowledge spill-over on intangibles’ distribution. It is shown that the formation of convergence clusters persists in the long run. High levels of investment tend to be concentrated in a few coastal regions while investment in most Chinese regions is projected to be low. External shocks exert an adverse effect: The post-global financial crisis transition dynamics indicate that most regions tend to converge towards a lower level than the pre-crisis dynamics imply. Finally, knowledge spill-over in the context of intangibles is identified to be an important factor that helps mitigate regional imbalance.     

Shareholder litigation and toxic releases

We examine the environmental impact of the staggered adoption of universal demand laws by 23 U.S. states between 1989 and 2005. Universal demand laws impede derivative lawsuits and thus undermine shareholder oversight of corporate environmental performance. We find that weakened litigation rights for shareholders are positively associated with the release of toxic chemicals by firms. The effect is stronger for firms with weak governance, and environmental mismanagement by firms after the passage of the laws lead to poorer financial performance. Overall, our findings imply that derivative lawsuits by shareholders are not frivolous, as is often asserted. Rather, they act as an effective mechanism of corporate governance.     

The Role of Bank Funding Diversity: Evidence from Vietnam

This paper analyzes the impact of bank funding diversity on bank income and risk in emerging markets. We utilize a data sample which includes 37 Vietnamese banks for the period 2006–2015. We find that banks with diversified funding sources have advantages in improving profitability. However, we also find that banks with higher funding liquidity tend to participate in more risk‐taking activities. The findings contradict the notion that banks which have access to diversified funding sources are able to improve profitability without increasing their risk‐taking. The study has strong implication for banks managers and prudential authorities in emerging markets.