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5 results

  • 63 - Economic Analysis of Arbitration

  • from Part XIII - Arbitration and Related Fields
  • Edited by Stefan Kröll, Andrea K. Bjorklund, McGill University, Montréal, Franco Ferrari, New York University
  • Book:
    Cambridge Compendium of International Commercial and Investment Arbitration
    Published online:
    18 February 2023
    Print publication:
    02 March 2023, pp 1910-1935

  • Summary

    From an economic point of view, the substantive law is a mechanism to generate incentives towards efficient behaviour, i.e. behaviour that maximizes the social surplus. The same applies to the legal rules that the parties agree in the contracts they make. The behavioural response that legal rules aim for depends on accurate enforcement. Litigation, arbitration and other mechanisms of dispute settlement must be viewed and evaluated as tools for the accurate enforcement of legal rules. This contribution analyzes arbitration as an efficient enforcement mechanism that may be used by the parties to maximize the surplus they jointly reap from their transactions. The paper addresses the decision to be made by the parties in choosing arbitration over litigation and other tools of ADR, but also the choice between institutional and ad hoc arbitration. As it turns out, the parameters that influence these choices differ, depending on the domestic or international nature of the given transaction. However, the economics of arbitration are not only about the choices to be made by the parties. Thus, the paper also looks at the incentives faced by the arbitrators.

  • Modelling the burden of long-term care for institutionalised elderly based on care duration and intensity

  • Martin Bladt, Michel Fuino, Aleksandr Shemendyuk, Joël Wagner
  • Journal:
    Annals of Actuarial Science / Volume 17 / Issue 1 / March 2023
    Published online by Cambridge University Press:
    15 August 2022, pp. 83-117
    • Article
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  • The financing of long-term care and the planning of care capacity are of increasing interest due to demographic changes and the ageing population in many countries. Since many care-intensive conditions begin to manifest at higher ages, a better understanding and assessment of the expected costs, required infrastructure, and number of qualified personnel are essential. To evaluate the overall burden of institutional care, we derive a model based on the duration of stay in dependence and the intensity of help provided to elderly individuals. This article aims to model both aspects using novel longitudinal data from nursing homes in the canton of Geneva in Switzerland. Our data contain comprehensive health and care information, including medical diagnoses, levels of dependence, and physical and psychological impairments on 21,758 individuals. We build an accelerated failure time model to study the influence of selected factors on the duration of care and a beta regression model to describe the intensity of care. We show that apart from age and gender, the duration of stay before death is mainly affected by the underlying diseases and the number of different diagnoses. Simultaneously, care intensity is driven by the individual level of dependence and specific limitations. Using both evaluations, we approximate the overall care severity for individual profiles. Our study sheds light on the relevant medical, physical, and psychological health indicators that need to be accounted for, not only by care providers but also by policy-makers and insurers.

Rethinking Macroeconomics with Endogenous Market Structure
  • Marco Mazzoli, Matteo Morini, Pietro Terna
  • Published online:
    07 December 2019
    Print publication:
    19 December 2019
  • The birth and death of firms is one of the main features of the business cycle. Yet mainstream DGSE macroeconomic models mostly ignore this phenomenon, thereby excluding any potential impact of economic policy on the probability of the birth and death of firms. Those DGSE models that do allow for this phenomenon do so at the cost of drastic simplifications, which effectively rule out causal links between the strategic interaction of industrial firms and the macroeconomy. This innovative new book develops a bottom-up, agent-based framework that shows how strategic interactions at the level of oligopolistic firms, and even at the level of individuals, affect entire industrial sectors and the equilibrium of the macroeconomy. It will appeal to academic researchers and graduate students working in computational economics, agent-based modelling and econophysics, as well as mainstream economists interested in learning more about alternatives to DGSE models in macroeconomics.

  • 10 - Bilingualism beyond language: On the impact of bilingualism on executive control

  • from Part I - Language development
  • Edited by Cedric Boeckx, Kleanthes K. Grohmann, University of Cyprus
  • Book:
    The Cambridge Handbook of Biolinguistics
    Published online:
    05 May 2013
    Print publication:
    14 February 2013, pp 160-178

  • Summary

    This chapter presents a historical sketch of biolinguistics. It explains the knowledge of language, and explores how language develops in a child, and how language evolves in a species. These three questions are interrelated in a particular way. The question of how language develops in the child depends on understanding what the properties of the language system are, the answer to the question about what knowledge of language is. The third question about how language evolved in the species, depends crucially on the answers to the first two questions. In practice, one only has partial answers to all three questions, so that it becomes necessary to study all the questions in parallel, constantly revising the answers as new empirical data becomes available. A conceptual breakthrough was achieved with the development of the principles and parameters approach to language acquisition.