In technology adoption, herd behaviour can lead to a suboptimal outcome as shown, among others, by Choi (1997). However, empirics
find little support for the idea that a less efficient technology can conquer the market and lock out a more efficient one.
Accordingly, we improve and generalize Choi's results, by introducing an additional source of uncertainty: the economic environment.
We investigate how the economic environment can affect herding and consequently the efficiency of the technology choice. The
result is a smaller adoption bias. In the limit, firms may optimally experiment with the new technology that turns out to
be social welfare improving. 相似文献
Recent research in natural sciences shows that the dynamics in boreal forests are much more complex than what many models
traditionally used in forestry economics reflect. This essay analyzes some challenges of accounting for such complexity. It
shows that the optimal harvesting strategy for forest owners is history dependent and for some states of the forest, more
than one strategy may be optimal.This paper confirms earlier literature on shallow lakes and coral reefs and shows that this
kind of phenomena seem much more common than previously thought. They are valid for a wide range of ecosystems that cover
large surfaces and they do not depend on the choice of some specific function to model the non-linearity. There are also indications
that theses results could be obtained even for resources with concave growth if at least one species with non-linear growth
affects their dynamics. 相似文献
Background: Validation of overall survival (OS) extrapolations of immune-checkpoint inhibitors (ICIs) during the National Institute for Health and Care Excellence (NICE) Single Technology Assessment (STA) process is limited due to data still maturing at the time of submission. Inaccurate extrapolation may lead to inappropriate decision-making. The availability of more mature trial data facilitates a retrospective analysis of the plausibility and validity of initial extrapolations. This study compares these extrapolations to subsequently available longer-term data.
Methods: A systematic search of completed NICE appraisals of ICIs from March 2000 to December 2017 was performed. A targeted search was also undertaken to procure published OS data from the pivotal clinical trials for each identified STA made available post-submission to NICE. Initial Kaplan-Meier curves and associated extrapolations from NICE documentation were extracted to compare the accuracy of OS projections versus the most mature data.
Results: The review identified 11 STAs, of which 10 provided OS data upon submission to NICE. The extrapolations undertaken considered parametric or piecewise survival models. Additional data cut-offs provided a mean of 18 months of OS beyond the end of the original data. Initial extrapolations typically under-estimated OS from the most mature data cut-off by 0.4–2.7%, depending on the choice of assessment method and use of the manufacturer- or ERG-preferred extrapolation.
Conclusion: Long-term extrapolation of OS is required for NICE STAs based on initial immature OS data. The results of this study demonstrate that the initial OS extrapolations employed by manufacturers and ERGs generally predicted OS reasonably well when compared to more mature data (when available), although on average they appeared to underestimate OS. This review and validation shows that, while the choice of OS extrapolation is uncertain, the methods adopted are generally aligned with later-published follow-up data and appear appropriate for informing HTA decisions. 相似文献