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Ernst R. Berndt et Pierre Dubois
n° 12-283, mars 2012
Cross-country variability in regulatory frameworks, industrial policy, physician/pharmacy autonomy, brand/generic distinctions, and in the practice of medicine contributes to ambiguous interpretations of pharmaceutical cost comparisons. Here we report cross-country comparisons that: (i) focus on 11...
Patrick Fève et Ahmat Jidoud
n° 12-287, mars 2012
This paper investigates the reliability of SVARs to identify the dynamic effects of news shocks. We show analytically that the dynamics implied by SVARs, using both long–run and short–run restrictions, are biased. However, the bias vanishes as long as news shocks account for most of the variability...
n° 12-286, mars 2012
This paper assesses SVARs as relevant tools at identifying the aggregate effects of news shocks. When the econometrician and private agents’ information sets are not aligned, the dynamic responses identified from SVARs are biased. However, the bias vanishes when news shocks account for the bulk of...
Matthew Adler, James K. Hammitt et Nicolas Treich
n° 12-292, mars 2012
We examine how different welfarist frameworks evaluate the social value of mortality riskreduction. These frameworks include classical, distributively unweighted cost-benefit analysis—i.e., the “value per statistical life” (VSL) approach—and three benchmark social welfare functions (SWF): a...
James K. Hammitt
n° 12-293, mars 2012
Expert judgment (or expert elicitation) is a formal process for eliciting judgments from subject-matter experts about the value of a decision-relevant quantity. Judgments in the form of subjective probability distributions are obtained from several experts, raising the question how best to combine...
Sébastien Pouget et Stéphane Villeneuve
n° 12-306, mars 2012, révision août 2016
This paper proposes a dynamic model of financial markets where some investors are prone to the confirmation bias. Following insights from the psychological literature, these agents are assumed to amplify signals that are consistent with their prior views. In a model with public information only,...
Christian Gollier
mars 2012
Philippe Besse, Eve Leconte et Marie Walschaerts
n° 12-486, mars 2012
The instability in the selection of models is a major concern with data sets containing a large number of covariates. This paper deals with variable selection methodology in the case of high-dimensional problems where the response variable can be right censored. We focuse on new stable variable...
n° 720, mars 2012, révision août 2016
Liran Einav, Dan Knoepfle, Jonathan Levin et Neel Sundaresany
