Additive and Multiplicative Uncertainty Revisited: What Explains the Contrasting Biases?

above the certainty level while for additive uncertainty the price should be lower than the certainty level. This note gives an intuitive explanation for the result after first presenting a parsimonious review of the two models. We also discuss which, if either, of the two models is more realistic. Received December 14, 2001; revised version received July 16, 2002 Published online: April 30, 2003 We thank referees for helpful comments. Ciaran Driver would like to acknowledge the research facilities from ANU, Canberra for their help in writing this paper.     

Survivor Bonds: A Comment on Blake and Burrows

This article offers a critical assessment of the “survivor bonds” (SBs) proposal recently put forward by Blake and Burrows, which calls for the government to issue bonds whose coupon payments are contingent on the proportions of retirees surviving to particular ages. It suggests that the proposal has considerable merit and discusses the circumstances in which SBs would be useful risk management tools for insurance companies. It also discusses alternatives such as reinsurance, hedging with life contracts, dynamic hedging, and other forms of survivor derivative. Finally, it evaluates and rejects the argument that SBs should be issued by the state.     

山东移动爱心献社会--捐资百万援建5所希望小学

日前,山东移动通信公司向外界宣布,山东移动在网客户突破1000万,这是山东省移动通信发展史上的里程碑,标志着山东省移动通信事业从此进入规模发展的新阶段。同时,山东移动将出资100万元,在鄄城、东明、苍山、临沭、五莲5县援建5所希望小学,支持经济欠发达地区基础教育事业的发展。客户突破1000万,意味着山东全省9000万人口中每9个人拥有一部山东移动的手机。从1991年山东省第一部移动电话开通至今,在短短的12年时间里,山东移动实现了从1到1000万的突破,昔日作为身份象征的"大哥大",如今已飞入寻常百姓家,成为人们工作、生活不可缺少的重要工具。移动通信技术的广泛应用,深刻地改变了人们的生活方式和     

香港与新加坡综合竞争力比较

香港与新加坡有太多相似的地方.两个城市同属东南亚地区,相距2660km,飞机航行时间仅3小时40分.香港处于东经113.52～114.30度,新加坡处于103度,同属一个时区.香港处于北纬22.9～22.37度,而新加坡处于北纬1度,由此新加坡属热带,香港属亚热带.     

Hazardous waste disposal: A comparative analysis of regulation,taxes and subsidies

This paper contains a critique of existing legislation which deals with hazardous waste disposal and expands on the efforts made by the Office of Technology Assessment and other economists to develop a public policy which will deal effectively with the problems associated with hazardous waste generation and disposal. A new policy is set forth here which encourages both waste reduction and safe disposal while providing revenue to pay for cleanups at Superfund sites.     

Auctioning the Airwaves: The Contest for Broadband pcs Spectrum

The House and Senate of the United States Congress recently passed legislation that directs the FCC to establish a system for using auctions to allocate the use of radio spectrum for personal communications services. There is a unique and unprecedented set of issues that arise in this context, which are of interest to economists, industry analysts, regulators, and policymakers. We discuss these issues and evaluate their likely impact on the outcome of the spectrum auctions. In addition, we argue that there may be pitfalls in the auction procedure adopted by the FCC, and we discuss possible alternative procedures.