Asset prices are determined by investors’ risk preferences and by the distributions
of assets’ risky future payments. Economists refer to these two bases
of prices as investor "tastes" and the economy’s "technologies" for generating
asset returns. A satisfactory theory of asset valuation must consider how individuals
allocate their wealth among assets having different future payments.
This chapter explores the development of expected utility theory, the standard
approach for modeling investor choices over risky assets....
The Affordable Care Act establishes Affordable Insurance Exchanges (Exchanges) to provide
individuals and small business employees with access to health insurance coverage beginning January
An Exchange is an entity that both facilitates the purchase of Qualified Health Plans (QHP)
by qualified individuals and provides for the establishment of a Small Business Health Options Program
(SHOP), consistent with Affordable Care Act 1311(b) and 45 CFR 155.20.
In this activity, you will use the provided use cases and usage scenarios for the
client-billing process, along with the Ferguson and Bardell, Inc. case study, to
create future-state use cases and usage scenarios.
First, as a class, you will review the information provided in the case study.
Next, you will create future-state use cases for the client-billing process.
Next, you will create future-state usage scenarios for the solution required by
Ferguson and Bardell, Inc.
The regression results also imply that expected inflation has a substantial effect on
expected long-run real equity returns. In other words, in addition to the negative effect on stock
prices associated with its effect on expected earnings, higher expected inflation also raises long-
run required returns. Roughly speaking, a one percentage point increase in expected inflation
increases required long-run real stock returns about a percentage point; equivalently, it reduces
the current price of stocks about 20 percent.
Included in the SME interest margin charged by banks is an element of price that
reflects the probability, from the banks’ experience and data, that some of its SME
customers will not be able to repay the debt. The methodology and calculations used to
determine the cost associated with the risk of lending are set out under international
rules by the Basel Regulatory Framework4
. Regulators also give guidance to banks
with regard to the buffers needed to protect banks in the event of shocks to the
In the late 1970s and early 1980s, when crude oil prices were high, government and private-sector energy experts took a hard look at the costs and benefits of extracting oil from the vast deposits of oil shale that lie beneath the western United States (much of it under government land). Oil prices soon subsided, and interest
A comparative study of HIV associated
pulmonary tuberculosis (HIV-PTB) was
carried out in Chest Clinics situated in Benin
and Irrua environs of Edo State, Nigeria,
using microscopical and serological
methods. In Irrua environs, HIV-PTB coinfection
is higher in females (12.5%) than in
males (9.2%) but not statistically significant
(P 0.05). In Benin, HIV-PTB is also higher
in females (11.3%) than in males (7.2%) but
not statistically significant (P 0.05). In
Benin, PTB is statistically high among 0.05)....
One of the key areas the Board wants to pursue in the coming years continues to be Clinical Skills
Assessment. This testing procedure would measure the clinical skills not only of new doctors, but
of physicians coming into the state from elsewhere, who have been away from practice for an
extended period or who may have had multiple medical malpractice payments or other problems. In
2004, the National Medical Board of Examiners began requiring all new physicians to pass a
clinical skills exam. But there are only five locations nationwide where such physicians may take
Founded in 1807, John Wiley & Sons is the oldest independent publishing company in
the United States.With offices in North America, Europe,Australia and Asia,Wiley is
globally committed to developing and marketing print and electronic products and ser-
vices for our customers’ professional and personal knowledge and understanding.
The Wiley Trading series features books by traders who have survived the market’s ever
changing temperament and have prospered—some by reinventing systems, others by
getting back to basics.
While the stochastic volatility (SV) generalization has been shown to
improve the explanatory power over the Black-Scholes model, empirical
implications of SV models on option pricing have not yet been adequately
tested. The purpose of this paper is to ﬁrst estimate a multivariate SV
model using the efﬁcient method of moments (EMM) technique from
observations of underlying state variables and then investigate the respective
effect of stochastic interest rates, systematic volatility and idiosyncratic
volatility on option prices....
The automobile has come to symbolize the essence of a modern industrial society. Perhaps more than any other single icon, it is associated with a desire for independence and freedom of movement; it is an expression of economic status and personal style. Automobile production is also critically important to the major industrial economies of the world. In the United States, for instance, about 5 percent of all workers are employed directly (including fuel production and distribution) by the auto industry.
The tax rules of the United States and of foreign countries affect multinational
corporations in a variety of ways. Researchers at the National Bureau of Eco-
nomic Research have been studying the impact of taxation on multinational
corporations for several years. From time to time, the results of this research
have been presented at NBER conferences and subsequently published in
NBER volumes. The papers in the current volume, which were presented at
such a conference in January 1994, were the result of studies during the previ-...
The marketing mix concept is one of the core concepts of
marketing theory. However, in recent years, the popular
version of this concept McCarthy’s (1964) 4Ps (product,
price, promotion and place) has increasingly come under
attack with the result that different marketing mixes
have been put forward for different marketing contexts.
While numerous modifications to the 4Ps framework
have been proposed (see for example Kotler, 1986;
Mindak and Fine, 1981; Nickels and Jolson, 1976;
Waterschoot and Bulte. 1992) the most concerted
criticism has come from the services marketing area.
For States that do not seek to operate a State-based Exchange or a Partnership with the Federally-
facilitated Exchange, HHS will establish and operate a Federally-facilitated Exchange. In such
instances, a State may elect to run reinsurance and may elect to coordinate with CMCS on decisions
and protocols for either an eligibility assessment or eligibility determination model in the Federally-
E very antiaircraft gun in Richmond seemed to thunder at once. The sky above the capital of the
Confederate States filled with black puffs of smoke. Jake Featherston, the President of the CSA, had
heard that his aviators called those bursts nigger-baby flak. They did look something like black dolls—
and they were as dangerous as blacks in the Confederacy, too.
U.S. airplanes didn’t usually come over Richmond by daylight, any more than Confederate aircraft
usually raided Washington or Philadelphia or New York City when the sun was in the sky.
Within half a century, a new branch of mathematics mathematical theory of planning-formed and flourished due to economic urgently required to implement the optimal targets: most, least, the fastest, cheapest, best, ... today, the rapid development of electronic computer engineering have made it possible to practice for design automation in many areas.
Empirical evidence regarding international relative prices at the consumer level suggests that
arbitrage in international markets is not rapid and that these markets are highly segmented.
In fact, even markets for traded goods appear to be highly segmented internationally: In the
data, both real exchange rate movements and deviations from the law of one price for traded
goods are large and persistent.
I could not have written this book without the support of many people and
agencies. University of Oregon College of Arts and Sciences Distinguished Pro-
fessor James C. Mohr has made the transition with me from graduate advisor
to colleague and friend. His unwavering support and encouragement for this
project supported me when my own enthusiasm failed. Whatever contribution
this book may make to the ﬁeld originated in his graduate seminar on state
government. He deserves credit for the best parts of this book. Its errors re-
main my own....
Trade is the exchange activity of wealth, goods, services, knowledge, money, etc. between two or more partners, and can receive a certain value (in cash through the price) or by row goods and services such as in the form of barter trade (barter). In this process, vendors who provide the wealth and goods and services ... the buyer, the buyer in exchange for the seller to pay a certain equivalent value.
In response to such changes we need a multifaceted, multi-agency
approach based on strengthening individuals, families and
communities, while at the same time improving the infrastructure and
access to services. Midwives and midwifery services have a particular
part to play in this. We could go a long way to achieving improvements
in health and social outcomes by giving more people, particularly
women and children, better life chances8.