Blocking efficiency in an economy with asymmetric information

In this paper, we study a pure exchange atomless economy with asymmetric information and having an ordered Banach space with an interior point in its positive cone as the commodity space. An extension of the main theorem in Vind (1972) to the private core without free disposal is established. As a particular case of this result, a solution to a problem mentioned in Pesce (2010) is derived.     

Transition in Importance of Service Sector in Indian Economy: 1968–69–1993℃94

The importance of service sector in terms of its share in national income/GDP has been growing progressively in Indian economy throughout the post independence period. The objective of this paper is to make an assessment of the importance of the service sector which accounts the value added originating from service sector in total value added produced, needed directly and indirectly to produce gross output in Indian economy during the period 1968–69 to 1993–94. For this purpose, an index of vertical integration has been constructed which provides a dimension-free measure of the multiplier of each industry on the value-added originating from the service sector to total value added. Empirical part of this study shows that Trade, Other services, Electricity, Railway Transport Services, Chemicals and Construction played a role of key sector in terms of importance of Service sector as input for their production throughout the study period of the Indian economy. They provided strong stimulus to the economy by inducing greater value addition to service sector. In general, services industries appear to be the highly growth- inducing sector in so far as it helps higher value addition to other industries.

     

Robust efficiency in mixed economies with asymmetric information

In this paper, we study robustly efficient allocations in a pure exchange economy. Answering a question of Hervés-Beloso and Moreno-García (2008), we present an extension of their main result to an asymmetric information mixed economy whose commodity space is an ordered separable Banach space having an interior point in its positive cone.     

Service Intensities in the Indian Economy: 1968/9–1993/4

This paper analyses the service intensities for production of different industries in the Indian economy during the period 1968–69 to 1993–94 with an input–output approach. Two different methodologies—(1) direct service intensities and (2) direct plus indirect service intensities—have been used to calculate the service intensity of different industries using six input–output tables. It is found from the exercise that service intensities have increased in the Indian economy over 25 years. To reflect the performance and trend of service intensity of each industry over the study period, the mean and coefficient of variation of the service intensities have been calculated. The empirical part of this study shows that Metal products, Machineries, Trade, and Banking have a high mean and a low coefficient of variation. According to their service intensities they were the key sectors, with consistently the largest consumption of the output of the service sector as an input for their production.     

A cost-effectiveness analysis of denosumab for the prevention of skeletal-related events in patients with multiple myeloma in four European countries: Austria,Belgium, Greece,and Italy

Aim: The approved indication for denosumab (120?mg) was expanded in 2018 to include skeletal-related event (SRE) prevention in patients with multiple myeloma (MM). Therefore, a cost-effectiveness analysis was conducted comparing denosumab with zoledronic acid (ZA) for SRE prevention in patients with MM from the national healthcare system perspective in a representative sample of European countries: Austria, Belgium, Greece, and Italy.

Methods: The XGEVA global economic model for patients with MM was used to calculate incremental cost-effectiveness ratios (ICERs) for denosumab vs ZA over a lifetime horizon. Clinical inputs were derived from the denosumab vs ZA randomized, phase 3 study (“20090482”) in patients newly-diagnosed with MM, and comprised real-world adjusted SRE rates, serious adverse event (SAE) rates, treatment duration, dose intensity, progression-free survival (PFS), and overall survival (OS). Economic inputs comprised country-specific denosumab and ZA acquisition and administration costs, SRE and SAE management costs, and discount rates. Health utility decrements associated with MM disease progression, SRE and SAE occurrence, and route of administration were included.

Results: Estimated ICERs (cost per quality-adjusted life-year [QALY] gained) for denosumab vs ZA in Austria, Belgium, Greece, and Italy were €26,294, €17,737, €6,982, and €27,228, respectively. Using 1–3 times gross domestic product (GDP) per capita per QALY as willingness to pay thresholds, denosumab was 69–94%, 84–96%, 79–96%, and 50–92% likely to be cost-effective vs ZA, respectively.

Limitations: Economic inputs were derived from various sources, and time to event inputs were extrapolated from 20090482 study data.

Conclusions: Denosumab is cost-effective vs ZA for SRE prevention in patients with MM in Austria, Belgium, Greece, and Italy, based on often-adopted World Health Organization thresholds. This conclusion is robust to changes in model parameters and assumptions. Cost-effectiveness estimates varied across the four countries, reflecting differences in healthcare costs and national economic evaluation guidelines.     

On the core and Walrasian expectations equilibrium in infinite dimensional commodity spaces

In this paper, we establish two different characterizations of Walrasian expectations allocations by the veto power of the grand coalition in an asymmetric information economy having finitely many agents and states of nature and whose commodity space is a Banach lattice. The first one deals with Aubin non-dominated allocations, and the other claims that an allocation is a Walrasian expectations allocation if and only if it is not privately dominated by the grand coalition, by considering perturbations of the original initial endowments in precise directions.     

Economic burden of skeletal-related events in patients with multiple myeloma: analysis of US commercial claims database

Aims: To estimate incremental healthcare resource utilization (HRU) and costs associated with skeletal-related events (SREs) secondary to multiple myeloma (MM), and HRU and cost differences in patients with one vs multiple SREs.

Methods: Adults with MM diagnosis between January 1, 2010–December 31, 2014, with benefits coverage ≥12 months pre- and ≥6 months post-diagnosis were followed to last coverage date or December 31, 2015, excluding patients with prior anti-myeloma treatment or cancers. SREs were identified by diagnosis or procedure codes (pathological fracture, spinal cord compression, radiation, or surgery to the bone). SRE patients (index?=?first post-diagnosis SRE) were propensity score matched 1:1 to patients without SRE (assigned pseudo-index) using baseline characteristics, and ≥1 month of continuous enrollment after index/pseudo-index date was required. Per-patient-per year (PPPY) HRU and costs (2016?US$) were determined for inpatient, outpatient, emergency department (ED), and outpatient pharmacy services during follow-up. Wilcoxon signed rank for means and McNemar’s tests for proportions were used to assess differences. Negative binomial regression and generalized linear regression analyses estimated differences in HRU and costs, respectively, for the comparison of single vs multiple SREs.

Results: Each cohort included 848 patients (mean age?=?61 – 62 years, 57% male) with no significant differences in pre-index demographic or clinical characteristics between matched cohorts. Versus non-SRE patients, SRE patients had significantly higher PPPY use (p?<?.0001) of inpatient hospitalizations, ED visits, outpatient pharmacy, and higher direct medical costs ($188,723 vs $108,160, p?<?.0001). Adjusted PPPY total costs were $209,820 in patients with multiple SREs; $159,797 in patients with one SRE.

Limitations: SRE misclassification and residual confounding are possible.

Conclusions: Among patients with MM, average annual costs were substantially higher in patients with SRE compared with matched non-SRE patients. The economic burden of SRE increased further with multiple events.