1,721,089 research outputs found
Decision Making Under Uncertainty and Irreversibility: a Rational Approach to the Precautionary Principle
No full textHow to Measure the Economic Impact of Vector-Borne Diseases at Country Level
No full textVector-borne diseases (VBDs) are widespread in less developed countries and reemerging
in developed ones. Available economic studies agree that VBDs have significant effects on countries’
economic outcomes, and affirm that a systematic evaluation of such effects is crucial for the efficient
allocation of resources to health-related priorities. This paper provides a comparative assessment of
available methodologies for measuring the economic impact of VBDs at national level. We review
both macroeconometric and micro-based approaches, and examine advantages and disadvantages of
current methods. We conclude by suggesting possible areas for future research
Cost Efficiency of Italian Investment Firms
No full textThis paper estimates cost efficiency of Italian investment firms during the period 1998-2002, following the stochastic frontier function approach. Results indicate a significative inefficiency for Italian investment firms (with a high standard deviation across sample)
Quasi-option value under ambiguity
Full text linkReal investments involving irreversibility and ambiguity embed a positive quasi−option value under ambiguity (q.o.v.a.), which modifies the evaluation of an investment decision involving depletion of natural resources by increasing the value of delaying. Q.o.v.a. depends on the specific decision−maker attitude towards ambiguity, expressed by a capacity on the state space. An empirical measure of q.o.v.a. is pointed out. Exploiting the properties of a capacity and its conjugate, the relationship has been established between the upper and lower Choquet integral with respect to a subadditive capacity and the bid and ask price of the underlying asset (output) of the investment decision. The empirical measure of q.o.v.a. is defined as the upper bound of the opportunity value. As an example, q.o.v.a. is applied to evaluate an off−shore petroleum lease under ambiguity
Financial markets and Keynes's long-term expectations
No full textThis paper presents an intuitive way to represent Keynes's theory of expectations and its implications for financial markets. Further to a suggestion by Ellsberg, a coherent expectational function for the valuation of assets under Keynesian uncertainty is derived. By following the thread that goes from the non-numerical probabilities of the Treatise on Probability to the expectations of the General Theory, this paper suggests that a function accounting for Keynesian expectations can be modelled by using a class of the so-called ε-contaminated probability priors, where the parameter ε is suggestive of the quality of information about the relevant odds
Constitutional Constraints under Ambiguity: a Game-Theoretic Approach
No full textIn the paper a game between private and public individuals is set in order to study under which conditions the former would like to limit ex-ante the choices of the latter. Ambiguity, as distinguished from risk, is explicitly introduced by means of capacities and Choquet Expected Utility. It is shown that constitutional constraints are necessary to prevent private individuals from being exploited by public individuals whenever citizens feel a too high level of ambiguity
Quasi-option value under ambiguity
Full text linkReal investments involving irreversibility and ambiguity embed a positive quasi−option value under ambiguity (q.o.v.a.), which modifies the evaluation of an investment decision involving depletion of natural resources by increasing the value of delaying. Q.o.v.a. depends on the specific decision−maker attitude towards ambiguity, expressed by a capacity on the state space. An empirical measure of q.o.v.a. is pointed out. Exploiting the properties of a capacity and its conjugate, the relationship has been established between the upper and lower Choquet integral with respect to a subadditive capacity and the bid and ask price of the underlying asset (output) of the investment decision. The empirical measure of q.o.v.a. is defined as the upper bound of the opportunity value. As an example, q.o.v.a. is applied to evaluate an off−shore petroleum lease under ambiguity
Cost Efficiency and Returns to Scope in Italian Investment Firms
No full textThis paper estimates cost efficiency and returns to scope of Italian investment firms during the period 1998-2002, following the stochastic frontier function approach. Results indicate a large inefficiency for Italian investment firms (with a high standard deviation across sample) and the absence of significant returns to scope
Ambiguity and Portfolio Inertia
No full textIn this paper the Portfolio Choice problem is studied under ambiguity, formalized by means of the Choquet Expected Utility. Agents are supposed to be Choquet Expected Utility maximizers and are split into two categories: optimists, who hold a concave capacity, and pessimists, who hold a convex one. Portfolio inertia is defined and analyzed. Necessary and sufficient conditions are established between a specific structure of agents' beliefs, namely belief commonality, and Portfolio Inertia
Cost Efficiency of Italian Investment Firms
No full textThis paper estimates cost efficiency of Italian investment firms during the period 1998-2002, following the stochastic frontier function approach. Results indicate a significative inefficiency for Italian investment firms (with a high standard deviation across sample)
- …
