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1.
Jay R. Corrigan Catherine L. Kling Jinhua Zhao 《Environmental and Resource Economics》2008,40(2):285-298
In a static setting, willingness to pay for an environmental improvement is equal to compensating variation. In a dynamic
setting, however, willingness to pay may also contain a commitment cost. In this paper we incorporate the dynamic nature of
the value formation process into a stated preference study designed to test whether there is an important dynamic component
(commitment cost) in stated preference values. The results clearly indicate that stated preference values can contain commitment
costs and that these can be quite large: respondents offered the opportunity to delay their purchasing decisions until more
information became available were willing to pay significantly less for improved water quality than those facing a now-or-never
decision. These results have important consequences for the design and interpretation of stated preference data. 相似文献
2.
The stigma associated with mental illness is not usually an issue that managers include in their portfolio of everyday concerns. However, published data from multiple sources makes it clear that the costs of doing business for any organization are increased when the very common conditions characterized as mental illnesses are stigmatized. Denial, fear of discovery, and insurance inadequacy among an organization's employees often delay treatment, harming organizational productivity and raising health care costs related to both the mental illness itself and other associated medical conditions. Additional costs to businesses range from the possibility of increased liability to higher taxes. To counter stigma among employees, the authors recommend personal communication with co-workers diagnosed with a mental illness, or with members of their families, to create new associations for these illnesses, which is a more effective approach than either education or anti-stigma messages. They also recommend communication to constituencies beyond one's own organization, joining with other companies to demonstrate actions aimed at community-wide stigma reduction, and offering consulting services to organizations promoting mental health. 相似文献
3.
Debt valuation, renegotiation, and optimal dividend policy 总被引:9,自引:0,他引:9
The valuation of debt and equity, reorganization boundaries,and firm's optimal dividend policies are studied in a frameworkwhere we model strategic interactions between debt holders andequity holders in a game-theoretic setting which can accommodatevarying bargaining powers to the two claimants. Two formulationsof reorganization are presented: debt-equity swaps and strategicdebt service resulting from negotiated debt service reductions.We study the effects of bond covenants on payout policies anddistinguish liquidity-induced defaults from strategic defaults.We derive optimal equity issuance and payout policies. The debtcapacity of the firm and the optimal capital structure are characterized. 相似文献
4.
A Markov model for the term structure of credit risk spreads 总被引:31,自引:0,他引:31
This article provides a Markov model for the term structureof credit risk spreads. The model is based on Jarrow and Turnbull(1995), with the bankruptcy process following a discrete statespace Markov chain in credit ratings. The parameters of thisprocess are easily estimated using observable data. This modelis useful for pricing and hedging corporate debt with imbeddedoptions, for pricing and hedging OTC derivatives with counterpartyrisk, for pricing and hedging (foreign) government bonds subjectto default risk (e.g., municipal bonds), for pricing and hedgingcredit derivatives, and for risk management. 相似文献
5.
E. Gerald Corrigan 《De Economist》1990,138(4):464-470
Summary In the 1980s the pattern of international savings flows changed dramatically and this is reflected in huge international imbalances in trade and finance and in the U.S. savings gap. Therefore, the U.S. has had to absorb hundreds of billions of savings from the rest of the world. For a variety of reasons, fiscal rather than monetary policy should eliminate the budget deficit thereby both solving the savings gap problem and creating a stable economic environment.Remarks before the 68th Annual Meeting of the Bankers Association for Foreign Trade, Boca Raton, Florida, Wednesday, May 2, 1990 相似文献
6.
In most experimental auctions, researchers ask participants to bid on the same item in multiple potentially binding rounds, posting the price submitted by the top bidder or bidders after each of those rounds. If bids submitted in later rounds are affiliated with posted prices from earlier rounds, this practice could result in biased value estimates. In this article, we discuss the results of an experiment designed explicitly to test whether posted prices affect bidding behavior. We find that for familiar items, high posted prices lead to increased bids in subsequent rounds. Our results have implications for researchers conducting experimental auctions. 相似文献
7.
Corrigan R 《National journal》1982,14(13):542-3 contd
8.
Researchers use practice rounds to familiarize participants with experimental auction mechanisms. We find a positive correlation between practice bids and bids submitted in later rounds. We consider three explanations for this correlation: a behavioral anchoring effect, a tendency for some auction participants to be more free-spending, and misconception of the experimental auction’s demand revealing qualities. 相似文献
9.
The extent and magnitude of formalin adulteration in fish sold in domestic markets of Bangladesh: a literature review
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Sayeeda Rahman Md Anwarul Azim Majumder Rabiul Ahasan SM Moslehuddin Ahmed Palash Das Nuzhat Rahman 《International Journal of Consumer Studies》2016,40(2):152-159
Bangladesh has been suffering from rampant food adulteration for the last few decades. Dishonest businessmen use formalin illegally as preservative to prevent spoilage and increase shelf‐life of fish. Prolonged consumption of formalin adulterated fish may cause serious health hazards (i.e. cancers) which lead to increased morbidity and mortality. The aim of the review was to examine the extent and magnitude of illegal formalin treatment in fish sold in domestic markets of Bangladesh. A systematic review was conducted using conventional databases and non‐conventional approaches to identify the relevant studies. Out of nine studies, eight confirmed the presence of formalin in fish collected from the markets of four main cities. Large and imported fishes were found to be mainly affected. Formalin adulterated fish was reported in seven studies. The fish were tested using a locally developed kit, and the amount of formalin treated fish ranged between 0.5 and 50%. Two other studies used the spectrophotometric method and reported specific formalin levels. The study conducted in Dhaka found mean levels of formalin to be 402.35 mg/kg in imported fishes and 118.60 mg/kg in local fishes which were much higher than the WHO recommended levels. In another study conducted in Mymensingh, formalin levels ranged between 1.4 and 7.3 mg/kg in both marketed and freshly caught pond fishes. The use of accurate, simple, specific and sensitive techniques is therefore highly recommended. The government and other agencies should address the issue as a priority basis by formulating effective policies and programs to safeguard the health of the public. 相似文献
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