International yield curve comovements: impact of the recent financial crisis

Empirical evidence on international yield comovement is sparse and lacks consensus. Employing a dynamic correlation approach, we show that during the recent global financial crisis, euro area yields have ceased to comove with the yields of the other international markets – Canada, UK and US. Some implications of our results are discussed.     

Heterogeneity,impatience, and dynamic private provision of a discrete public good

We analyze dynamic private provision of a discrete public good by heterogeneous agents, who differ in terms of their levels of impatience, in a differential game framework. In contrast to the strategic complementarity result for homogeneous individuals, we show that an asymmetric completion Markov perfect equilibrium exists, where the individual contributions and the strategic behaviors depend crucially on an impatience differential: the difference in rates of time preference across groups of individuals. When this differential is insignificant, contributions of both types of individuals are strategic complements. On the other hand, when this impatience differential exceeds a threshold, the contributions of impatient individuals become strategic substitutes, whereas the contributions of patient individuals remain strategic complements. We show that group size has an interesting role to play in the strategic behavior: increasing the number of patient individuals aggravates the incentives to free‐ride by the impatient agents. We also derive a condition under which all the socially beneficial projects get completed in the equilibrium.     

Economic burden of comorbid chronic kidney disease and diabetes

Objective: To estimate real-world healthcare utilization and expenditures across the spectrum of chronic kidney disease (CKD), as determined by estimated glomerular filtration rate (eGFR) categories in patients with diabetes.

Methods: This study employed a retrospective cohort study design using the Truven Healthcare and Claims Dataset from 2009–2012. Index date was defined as the first eGFR value during a continuous enrollment period of 24 months. Cohorts of patients were stratified by Kidney Disease: Improving Global Outcomes CKD stage based on eGFR (stages 1: ≥90?mL/min/1.73?m²; 2: 60–89; 3A: 45–59; 3B: 30–44; 4: 15–29; 5: <15). Healthcare expenditures (total patient and payer paid claims) and utilization (number of claims or visits) were estimated 12-months post-index date using generalized linear modeling and negative binomial modeling, respectively, after adjusting for baseline characteristics.

Results: Of 130,098 patients with an index eGFR value and 24-months continuous enrolment, 64,521 (49.59%) were in stage 1 CKD, 47,816 (36.75%) were in stage 2, 13,377 (10.28%) were in stage 3A, 3,217 (2.47%) were in stage 3B, 898 (0.69%) were in stage 4, and 269 (0.21%) were in stage 5. Patients in stages 3A, 3B, and 4 CKD had 1.32 (95% CI?=?1.22–1.43), 1.59 (95% CI?=?1.41–1.80), and 2.65 (95% CI?=?2.23–3.14) times higher rates of diabetes-associated inpatient visits, respectively, compared with stage 1 CKD patients. Patients in stages 3A, 3B, and 4 CKD had increased incremental total annual healthcare expenditures of $1,732 (95% CI?=?$1,109–$2,356), $2,632 (95% CI?=?$1,647–$3,619), and $6,949 (95% CI?=?$5,466–$8,432), respectively, compared with stage 1 CKD patients.

Limitations: The claims data were generated for billing and reimbursement, not for research purposes.

Conclusions: These real-world data suggest an incremental and significant increase in economic burden in diabetes as kidney function declines, starting with moderate (stage 3A) CKD.     

Development of a sustainable consumption measurement scale

Sustainable consumption has been recognized since the 1990s; however, advances in the studies have been modest and have not yielded significant breakthroughs. The urgent need to adopt sustainable consumption has been emphasized by consumers, practitioners, and researchers, but despite efforts by social and government agencies, progress in relation to adoption remains insufficient. The multivariate nature of sustainable consumption is one reason for this insufficient progress. Previously developed literature-based instruments have been univariate or limited in their dimensions and inadequate for measuring the phenomena they purport to measure. Hence, in this study, we develop a measurement scale to address this gap. The scale encompasses dimensions relevant to contemporary society and is informed by prior research and primary data. Data were collected through in-depth interviews with sustainability specialists, a nominal group technique with engaged consumers, a survey of 255 students, and a survey of 808 consumers from diverse regions of Brazil, all resulting in a heterogeneous sample. The final data analysis included an exploratory factor analysis and a confirmatory factor analysis, which resulted in a final model that comprised eight dimensions: activism, personal sacrifice, communitarianism, environmental concern, healthy food, perceived consumer effectiveness, search for information, and social concern. Of these dimensions, personal sacrifice, environmental concern, and social concern are the archetypes of the present generation. The variables of these dimensions have not been accounted for in previous scales, making our new scale more comprehensive and contributing to a better understanding of sustainable consumption. This new comprehensive scale will aid future studies in sustainable consumption, contributing to a better understanding of this construct. We expect that this scale will help improve the monitoring of the progress made in sustainable behavior and the assessment of management practices of sustainable consumption. Future studies should be carried out to validate the dimensions in different cultural contexts.     

ON URBAN RE-ARRANGEMENTS: A Suite in Five Movements

This movement introduces the ethos of the collective project: its conceptual and practical preoccupations. It focuses on our concern with urban processes on the cusp of change, in the midst of being re-arranged, and thus homes in on the various polyrhythms of intersections, how things come together and diverge, how possibilities open and close in urban contexts of continuously shifting horizons.