Case study of agri-environmental payments: The United Kingdom

The Environmentally Sensitive Areas (ESA) program, when launched in the United Kingdom (UK) in 1986, was the first agri-environmental program in the European Union (EU). This program grew to a total of 43 designated ESA schemes in the UK as a whole, 22 of which were in England. A variety of agri-environmental payments programs were created to supplement and complement the ESA schemes in years to follow. The most prominent of these in England was the Countryside Stewardship Scheme (CSS), established in 1991. The CSS was available to farmers outside the ESAs, and like the ESA program, was intended to protect valued landscapes and habitats and to improve public enjoyment of the countryside. By 2003, over 10% of England's agricultural land was enrolled in either ESA or CSS agreements. These voluntary agreements were long-term contracts (usually for 10 years) between the government and farmers to provide environmental services. Several major evaluations of the ESA program and the CSS were conducted over the years, and the results of many of those evaluations and the lessons derived are synthesized and summarized in this article. Both the ESA program and the CSS proved to be generally effective in enrolling many farmers in the entry-level contract tiers, thereby halting or slowing degradation of rural landscape and other environmental features. However, the schemes did not generally offer sufficient economic incentives to attract high levels of enrollment in the intensive farming areas. Also, the schemes were limited in their success in enrolling farmers in higher payment tiers, tiers that required more substantial changes in farming practices. The high crop and livestock-related payments received by farmers under the EU's Common Agricultural Policy (CAP) contributed to the disincentives to participate, especially in higher tiers. Following the latest (2003) reforms of the EU's CAP, England's ESA program and CSS are being replaced by a new, consolidated package of schemes that draws on lessons learned over the past 15-20 years with these two flagship programs.     

On the use of labels in credence goods markets

We analyze credence goods markets in the case of two firms. Consumers know that the quality of the good varies but do not know which firm is of high quality. First, we show that the high quality producer may be unable to monopolize the market, or even to survive in some cases, in situations where it is efficient and trusted by all consumers. Second, although a label restoring full information improves welfare, it may also reduce both firms’ profits by intensifying competition. Since even the high quality producer may not wish to label its product, in such cases the label must be mandatory. Third, an imperfect label which moves everybody’s beliefs closer to the truth without restoring full information may produce adverse results on market structure and welfare, either by increasing or by reducing the variance of beliefs.      

寻租、权力腐败与社会福利——基于公共品供给的视角

激励与监督机制缺失是委托代理问题产生的根源所在,由此不但容易模糊政府之间的权力边界,造成上下级政府间垂直监督的缺位,而且也会对民主监督功能的发挥产生抑制,从而诱发政府官员的权力腐败以及社会福利的损失.基于这一逻辑关系,文章在引入寻租因素后,建立了一个完整的分析框架,从公共品供给视角讨论了委托代理、政府寻租与社会福利三者之间的关系,借此对我国政治体制改革中官员权力腐败的成因、过程及其对经济发展的影响做出了系统的解释.     

基于后悔规避的投资组合模型及其实证分析

由于人的情感、认知等因素对投资活动有直接影响,本文在投资活动中引入人的情感因素,提出了基于后悔规避的投资者效用函数,该效用函数是期末财富和预期财富的函数。建立了存在无风险资产时的最优投资组合模型,发现基于后悔规避投资组合模型的组合前沿存在两基金分离的现象。对我国上海股票市场进行了实证分析,得到了基于后悔规避投资组合模型的组合前沿,并验证了组合前沿存在两基金分离现象的结论。     

林改在福建林区社会主义新农村建设中的效用分析

福建省目前所开展的新一轮林改与林区的新农村建设密切相关,林改对于新农村建设的效用显著。林改不仅促进了林区的生产发展,增加了林农的收入,使其生活更加宽裕,还促进了林区文明乡风的形成,改善了林区的生产和生活环境,并促进了村容整洁,加快了林区的民主管理进程。     

Individual Differences in the Disposition Effect

The authors model the role of personality traits in explaining the disposition effect building on realization utility theory and Big 5 model and moving from an aggregate level to interindividual differences. The experimental analysis, combining NEO Revised Personality Inventory measures with individual financial data from a trading simulation run by 230 individuals in China and Italy, shows that the disposition effect is driven by 2 distinct psychological processes, one related to holding losers and the other to selling winners. These 2 behavioral mechanisms are uncorrelated and influenced by different personality traits. Controlling for different demographic variables, the authors show (a) a greater sensitivity of the rewarding system that motivates “extroverts” to quickly sell the stock at gain to receive a burst of utility; (b) a tendency for “conscientious” subjects to suppress impulsivity, patiently waiting for higher cumulative returns; and (c) the importance of “openness to experience” to better value information to achieve higher outcomes.     

数字经济背景下ICT货物贸易的影响因素分析——以"一带一路"沿线国家(地区)为例

本文在阐述“一带一路”沿线国家(地区)ICT(信息通信技术)货物贸易现状的基础上,利用2007~2019年贸易流量数据与空间杜宾模型,实证分析贸易格局与国家产业基础、资源禀赋、营商环境等因素的关系。研究发现:(1)“一带一路”沿线国家(地区)ICT货物贸易呈现出两边高-中间低的空间格局,产业基础是主要影响因素,并存在正向的空间溢出效应;(2)改善本国营商环境、提高城市化水平、扩大经济体量是每个沿线国家(地区)改变其ICT贸易格局的有利举措。同时需要注意对外直接投资、汇率及关税的调节作用,重视经济合作组织的影响;(3)我国应充分发挥贸易的直接和间接效应,积极拓展ICT产业新型基础设施建设,满足人们日益增长的带宽需要及通信需求。     

Health state utility values associated with advanced gastric,oesophageal, or gastro-oesophageal junction adenocarcinoma: a systematic review

Abstract

Objectives:

To systematically identify utility values associated with advanced gastric cancer (GC), oesophageal cancer (OC), or gastro-oesophageal junction (GEJ) cancer. Utility values relating to health states are an essential component for cost-utility analysis (CUA).     

Cost effectiveness of deferasirox compared to desferrioxamine in the treatment of iron overload in lower-risk,transfusion-dependent myelodysplastic syndrome patients

Abstract

Objective:

The study evaluated the cost effectiveness of deferasirox (Exjade) compared to non-proprietary desferrioxamine (DFO) for the control of transfusional iron overload in lower risk myelodysplastic syndromes (MDS) patients. A UK National Health Service perspective was adopted.

Methods:

Recent clinical evidence has demonstrated the efficacy and safety of deferasirox in transfusion-dependent MDS patients with elevated serum ferritin levels. An economic model was used to extrapolate the clinical benefits of iron chelation therapy (ICT) in a cohort of lower risk MDS patients. Costs for drug acquisition, drug administration and monitoring, and quality of life (utility) outcomes associated with mode of drug administration were derived from a variety of sources. The incremental cost per QALY gained for deferasirox was estimated. Costs and outcomes were discounted at 3.5% in line with UK standards.

Results:

The base-case cost effectiveness of deferasirox versus DFO was estimated to be £20,822 per QALY gained, the key driver being the additional quality of life benefits associated with a simpler mode of administration for deferasirox. A mean survival benefit for both forms of ICT of 4.5 years was estimated. The results were sensitive to drug dose, days of DFO administration, and patient weight.

Conclusions:

In the UK, a cost per QALY below £20,000–30,000 is considered cost effective. Hence, the results from this economic analysis suggest deferasirox is cost effective in lower risk, transfusion-dependent, MDS patients. Limitations with the analysis include a lack of comparative randomised controlled trial evidence, in particular to differentiate survival and clinical outcomes for deferasirox and DFO.     

从公共产品的视角看上海合作组织能源俱乐部发展前景

随着欧亚区域一体化的不断增进,上海合作组织能源俱乐部成立的条件正趋于成熟,其区域性公共产品特性已基本显现。作为未来能源俱乐部的主要行为体,中国与俄罗斯两国既有推动能源俱乐部这一区域性公共产品向前发展的实力,更有发挥领导力的意愿,且中俄在能源俱乐部中的合作意愿正在增强。本地区内其他行为体对能源俱乐部的积极态度也为上海合作组织能源俱乐部的成立与顺利运行提供了可能。