In this paper we address the importance of distributive effects in the social valuation of QALY's. We propose a social welfare function that generalises the functions traditionally used in the health economic literature. The novelty is that, depending on the individual health gains, our function...

In this paper we address the importance of distributive effects in the social valuation of QALY's. We propose a social welfare function that generalises the functions traditionally used in the health economic literature. The novelty is that, depending on the individual health gains, our function...

The Person Trade-Off (PTO) is a methodology aimed at measuring the social value of health states. The rest of methodologies would measure individual utility and would be less appropriate for taking resource allocation decisions. However few studies have been conducted to test the validity of the...

In cost-effectiveness analysis (CEA) it is usually assumed that a quality-adjusted life-year (QALY) is of equal value to everybody, irrespective of the patient's age. However, it is possible that society assigns different social values to a QALY, according to who gets it. In this paper, we...

Starting from a finite or countable set of states of health, and assuming the existence of an objective transitive preference relation on that set, we propose a way of performing interpersonal comparisons of states of health. In so doing, we first consider the population divided into types, and...

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In cost-effectiveness analysis (CEA) it is usually assumed that a QALY is of equal value to everybody, irrespective of the patient's age. However, it is possible that society assigns different social values to a QALY according to who gets it. In this paper we discuss the possibility of weighting...

This paper proposes a framework to implement regression-based tests of predictive ability in unstable environments, including, in particular, forecast unbiasedness and efficiency tests, commonly referred to as tests of forecast rationality. Our framework is general: it can be applied to...

We analyze holdings of public bonds by over 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults over 1998-2012. Banks hold many public bonds (on average 9% of their assets), particularly in less financially-developed countries. During sovereign defaults, exposure...

This paper studies exchange rate policy in a small open economy model featuring an occasionally binding collateral constraint and Fisherian deflation. The goal is to evaluate the performance of alternative exchange rate policies in sudden stop-prone economies. The key element of the analysis is...