European raw materials policy — past and current development

In world-wide negotiations and agreements on raw material problems the Community is either taking part as such or represented by the member state providing the Chairman of the Council. Admittedly it has often been difficult to work out the required common position for the member states, and only insofar as a consensus has been reached between them can therefore be talked of a European Raw Material Policy.

     

Market life,age structure and renewal—an analysis of pharmaceutical specialities and substances in Sweden 1960–82

The assortment of drugs on the Swedish market has been analysed in order to illustrate its current structure and its qualitative and quantitative changes. The analysis comprises both active substances and pharmaceutical specialities, and it has in several cases been divided into different pharmacological groups and into Swedish and imported products. The main aspects are: market life of products introduced since 1960; withdrawal of drugs; age of the current assortment of drugs; structural changes during 15 years; new drugs introduced since 1960; combinations; synonyms.     

Optimal asset allocation for a large number of investment opportunities

This paper introduces a stock‐picking algorithm that can be used to perform an optimal asset allocation for a large number of investment opportunities. The allocation scheme is based upon the idea of causal risk. Instead of referring to the volatility of the assets time series, the stock‐picking algorithm determines the risk exposure of the portfolio by concerning the non‐forecastability of the assets. The underlying expected return forecasts are based on time‐delay recurrent error correction neural networks, which utilize the last model error as an auxiliary input to evaluate their own misspecification. We demonstrate the profitability of our stock‐picking approach by constructing portfolios from 68 different assets of the German stock market. It turns out that our approach is superior to a preset benchmark portfolio. Copyright © 2005 John Wiley & Sons, Ltd.     

Strukturwandlungen der deutschen Volkswirtschaft

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Correcting externalities through taxes on/subsidies to related goods

Optimal corrective taxation is considered in the presence of externalities in cases where only related goods, i.e. complements to or substitutes for externality-creating goods, can be taxed. In the context of identical individuals and separable externalities, taxing and subsidizing complements and substitutes to externalities are analyzed. First, the circumstances under which it is optimal to operate on one market only for a related good are examined. Second, cases are identified where optimality requires taxes on substitutes for (or subsidies to complements to) a good which generates negative externalities.     

Neuere Literatur über die Wirtschaft in Mitteleuropa

Ohne Zusammenfassung