Bij het Rijksinstituut voor Volksgezondheid en Milieuhygiëne (RIVM) is ten behoeve van de kwantitatieve toekomstverkenningen een Integraal VolksgezondheidsModel (IVM) in ontwikkeling. Aan MERIT is in september 1994 door het RIVM de opdracht gegeven om op korte termijn bij te dragen aan de...

We experimentally investigate if theoretically superior non-monotonic repayment contracts yield superior results in the laboratory. We find replacing standard debt contracts with repayment-equivalent non-monotonic contracts increases entrepreneurial income by 170% and total surplus by 30%.

Prediction markets serve as popular devices to aggregate beliefs and to assess market estimated probabilities. By looking at the interaction between real- and play-money prediction markets, this paper shows that traded volume has a significant positive effect on the probability of real- and...

Firms interested in a direct investment in a transition countries often face difficulties in obtaining external finance. In this study Dutch survey data are used to check if financial obstacles are an important argument for Dutch firms not to engage in an FDI or if other nonfinancial arguments...

In drawing on modern finance theory, this note demonstrates the importance of financial instruments for large public sector projects. An explicit link to the theory of Henry George is made, and a public sector financing approach is being demonstrated by using the example of the Oder floodings in...

An example shows that for sophisticated consumers with changing preferences it can be perfectly rational not to seize arbitrage opportunities in markets without frictions.

We investigate the driving forces of corporate liquidity for a balanced panel of large Dutch non-financial firms during the period 1986-1997 using an error-correction framework. This framework allows a crucial distinction between short-run and long-run determinants of corporate liquidity. We...

This paper introduces a new generation of Early Warning Systems (EWS) which takes into account dynamics within a system composed by binary variables. We elaborate on Kauppi and Saikonnen (2008), which allows to consider several dynamic specifications and to use an exact maximum likelihood...

This paper proposes to investigate the threshold effects of the productivity of infrastructure investment in developing countries within a panel data framework. Various speci.cations of an augmented production function that allow for endogenous thresholds are considered. The overwhelming outcome...

In this paper we investigate the economic integration - industrial specialization nexus and unravel the relationship between trade and financial openness and industrial specialization. For a panel of 31 countries over the period 1970 to 2005, we find that trade integration relates negatively to...