Chapter 1: We provide first evidence of a link from daily air pollution exposure to sleep loss in a panel of Chinese cities. We develop a social media-based, city-level metric for sleeplessness, and bolster causal claims by instrumenting for pollution with plausibly exogenous variations in wind patterns. Estimates of effect sizes are substantial and robust. In our preferred specification, a one standard deviation increase in AQI causes an 11.6% increase in sleeplessness. The results sustain qualitatively under OLS estimation but are attenuated. The analysis provides a previously unaccounted-for benefit of more stringent air quality regulation. It also offers a candidate mechanism in support of recent research that links daily air quality to diminished workplace productivity, cognitive performance, school absence, traffic accidents, and other detrimental outcomes. Chapter 2: We provide linear and non-parametric estimates of the causal impact of short-term exposure to polluted air on the prevalence of cough in a panel of a hundred Chinese cities. In our central estimate, which exploits plausibly-exogenous variations in the number of agricultural fires burning in the vicinity as an instrument, we find that a one standard deviation increase in airborne pollution causes a roughly 5% increase in the prevalence of cough in the affected city. Amongst pollutants the effect can be tied specifically to particulate matter (PM2.5). The results prove resilient in a series of robustness tests and falsification exercises. Chapter 3: We provide the first study of the relationship between air pollution and students' migration intentions for higher education. Young people's interest in local study is proxied by their Baidu search index for local universities. The IV method is supplemented to identify the causal link by instrumenting for particular matter with plausibly exogenous variations in temperature inversion strength. The estimates of effect sizes are substantial and robust. When air quality in Beijing moves from good-day level to moderately-polluted level, people's search for local education decreases by 3.8% under OLS and 11.8% under IV. The results release the signal that people lost their interest in local universities due to the elevated air pollution. There could be future out-migration to cleaner cities for higher education.

The link between the cost of equity and reinsurance purchased by insurers is examined in this study. This work extends the research on the economic value implications of corporate risk management practices. Utilising a framework based on the theory of optimal capital structure, this study puts forward two hypotheses to test empirically the cost of equity – reinsurance relation in the United Kingdom’s non-life insurance market. The first hypothesis tests the effect of the decision to reinsure on the insurers’ cost of equity, whereas the second hypothesis focuses on the link between the extent of reinsurance purchased and the cost of equity. Panel data samples drawn from 469 non-life insurance companies conducting business in the UK insurance market between 1985 and 2010 are used to test these hypotheses. The study employs a modified version of the Rubinstein-Leland (R-L) model to estimate the cost of equity. Both the hypotheses put forward are supported by the empirical evidence obtained through regression analysis. The empirical results suggest that, on average, users of reinsurance have a lower cost of equity than their counterparts who do not reinsure. The results also suggest that the relationship between the cost of equity and the level of reinsurance purchased is non-linear. It is inferred from this result that reinsurance can lower the cost of equity for primary insurers provided the cost of reinsuring is lower than the reduction in frictional costs achieved through reinsurance. This finding validates the use of the theory of optimal capital structure as the appropriate framework to guide this research. Robustness and sensitivity tests confirm that the influence of multicollinearity and endogeneity on the estimates is negligible. This study thus provides new and important insights on the impact of reinsurance (risk management) on firm value through its influence on the cost of equity. These findings are deemed useful to various stakeholders in insurance companies, including investors, managers, regulators, credit rating agencies and policyholder-customers.

Thesis. 1979. M.S.--Massachusetts Institute of Technology. Alfred P. Sloan School of Management. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND DEWEY. / Includes bibliographical references. / M.S.

在互聯網上的主機(或節點)經常面對比如病毒和蠕蟲攻擊這一類能夠傳播的風險。儘管對這種風險的已經知曉，並且網絡/系統的安全非常重要，對於安全防護的投入依然很少，因此這種傳播式風險依然非常普遍。決定是否對安全保護進行投入是一個相互影響的過程:一個節點關於安全保護的投入會影響到其他節點所遭受的安全風險，因此也會影響它們關於安全保護投入的決定。我們的第一個目標是要了解“網絡外部性"和“節點異質性"如何影響安全投入。每個節點通過評估所受到的安全威脅和預期損失來做出決定。我們把它刻畫成一個貝葉斯博弈，在這個博弈裡面，每個節點只知道局部的信息，例如，自身有多少個鄰節點，和一些很少的全局信息，比如網絡中節點的度分佈。我們的第二個目標是研究一種叫做網絡保險的新的風險管理方式。我們探討競爭的網絡保險市場存在對於安全投入有什麼影響。通過分析，我們發現如果網絡保險提供商能夠觀察到節點的安全狀況，當節點所採取的保護措施質量不是很高時，網絡保險市場對於促進安全保護投入有積極的作用。我們還發現網絡保險對於度數高的節點的激勵程度更好。相反，如果網絡保險提供商不能觀察到節點的安全保護狀況，我們驗證了部分保險可以起到一個非負的激勵效用，雖然不是一種激勵，但是能夠提高節點的效用。 / Hosts (or nodes) in the Internet often face epidemic risks such as virus and worms attack. Despite the awareness of these risks and the importance of network/system security, investment in security protection is still scare, and hence epidemic risk is still prevalent. Deciding whether to invest in security protection is an interdependent process: security investment decision made by one node can affect the security risk of others, and therefore affect their decisions also. Our first goal is to understand how "network externality" and "nodes heterogeneity" may affect security adoption. Nodes make decisions on security investment by evaluating the epidemic risk and the expected loss. We characterize it as a Bayesian network game in which nodes only have the local information, e.g., the number of neighbors, and minimum common information, e.g., degree distribution of the network. Our second goal is to study a new form of risk management, called cyber-insurance. We investigate how the presence of competitive insurance market can affect the security adoption and show that if the insurance provider can observe the protection level of nodes, the insurance market is a positive incentive for security adoption if the protection quality is not very high. We also find that cyber-insurance is more likely to be a good incentive for nodes with higher degree. Conversely, if the insurance provider cannot observe the protection level of nodes, we verify that partial insurance can be a non-negative incentive, improving node’s utility though not being an incentive. / Detailed summary in vernacular field only. / Yang, Zichao. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2012. / Includes bibliographical references (leaves 59-65). / Abstracts also in Chinese. / Abstract --- p.i / Acknowledgement --- p.iv / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Mathematical Models --- p.6 / Chapter 2.1 --- Epidemic Model --- p.6 / Chapter 2.2 --- InvestmentModel --- p.8 / Chapter 2.3 --- Bayesian Network Game --- p.11 / Chapter 3 --- Analysis for Strategic Security Adoption --- p.13 / Chapter 3.1 --- General Case --- p.13 / Chapter 3.1.1 --- Estimating the Probability --- p.14 / Chapter 3.1.2 --- Security Adoption. --- p.17 / Chapter 3.2 --- Analysis of Node Heterogeneity: Two Types Case --- p.25 / Chapter 4 --- Analysis for Cyber-insurance Market --- p.30 / Chapter 4.1 --- Supply of Insurance --- p.30 / Chapter 4.2 --- Cyber-insuranceWithoutMoral Hazard --- p.34 / Chapter 4.2.1 --- Security Adoption with Cyber-insurance Market --- p.34 / Chapter 4.2.2 --- Incentive Analysis --- p.37 / Chapter 4.3 --- Cyber-insurance withMoral Hazard --- p.41 / Chapter 5 --- Simulation & Numerical Results --- p.46 / Chapter 5.1 --- Validating Final Infection Probability --- p.46 / Chapter 5.2 --- Security Adoption with Externality Effect --- p.49 / Chapter 5.3 --- Influence of Cyber-insurance --- p.52 / Chapter 6 --- Related Work --- p.53 / Chapter 7 --- Conclusion --- p.57 / Bibliography --- p.59

nÃo hà / A presente dissertaÃÃo tem como objetivo principal investigar uma estrutura financeira otimizada, atravÃs de suas formas de pagamentos, que amenize os efeitos decorrentes da assimetria de informaÃÃes nos custos de transaÃÃes. Reduzir custo de transaÃÃo para empresas varejista se justifica pelo fato de se estar vivendo a era da competitividade, onde empresas, cada vez mais, buscam por alternativas de alta produtividade e por novos modelos de gestÃo. Em uma economia estÃvel, onde os custos de produÃÃo nÃo oscilam a ponto de comprometer as empresas, a âguerraâ se foca para a administraÃÃo de preÃos. Assim, com polÃticas de reduÃÃo de preÃos para conquistar cada vez mais clientes, a conseqÃÃncia à inevitavelmente a perda da rentabilidade da operaÃÃo como um todo. O contra-ponto desse contexto à a reduÃÃo sistemÃtica e continuada dos custos operacionais e financeiros. à com este enfoque que serÃo abordadas as relaÃÃes entre as diversas formas de pagamentos dos clientes aos lojistas e seus impactos na estrutura de custos, assim como sobre um dos provÃveis causadores destes distÃrbios, reconhecido aqui como a assimetria de informaÃÃo entre os agentes envolvidos nas transaÃÃes varejistas. / The present dissertation has as its main objective to investigate an optimized financial structure, through its forms of payments, that softens the effects of asymmetric information on the costs of transactions. To reduce transaction costs for retailer companies is justified for the fact of todayâs era of competitiveness, where companies, more and more, look for alternatives linked to high productivity, and for new management models. In a stable economy, where production costs do not oscillate to the point of harming the companies, the âwarâ is to focus on price administration. This, with prices always in fall to more and more conquer customers, the consequence is unavoidably the loss of profitability of the firms operation. The counter-point of that context is the systematic and continuous reduction of operational and financial costs. This dissertation focus on the relationship between ways of payment and the finantial cost structure. It is recognized the importance of asymmetry information as a major factor that increass the sales cost.

Kuok, Chiu Fai. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2009. / Includes bibliographical references (leaves 139-154). / Abstract and appendix also in Chinese. / Abstract --- p.i / Abstract (in Chinese) --- p.iv / Acknowledgements --- p.vi / Table of Contents --- p.vii / List of Tables --- p.xi / List of Figures --- p.xiv / List of Abbreviations --- p.xv / Chapter Chapter 1 --- Introduction / Chapter 1.1 --- Introduction --- p.1 / Chapter 1.2 --- The Impact of Malignant Diseases and Multiple Myeloma --- p.4 / Chapter 1.3 --- Pharmacoeconomics --- p.6 / Chapter 1.4 --- Macao Healthcare System --- p.9 / Chapter 1.5 --- Study Hypothesis --- p.12 / Chapter 1.6 --- Study Objectives --- p.12 / Chapter 1.7 --- Perspective of the Study --- p.13 / Chapter Chapter 2 --- Literature Review / Chapter 2.1 --- Hematopoietic System --- p.14 / Chapter 2.1.1 --- Specific Blood Cell Lineages and Blood Cells --- p.15 / Chapter 2.1.2 --- Bone Marrow Microenvironment --- p.19 / Chapter 2.2 --- The Hematologic Malignancies --- p.20 / Chapter 2.2.1 --- Leukemia --- p.21 / Chapter 2.2.2 --- Lymphoma --- p.23 / Chapter 2.2.3 --- Plasma Cell Disorders --- p.24 / Chapter 2.3 --- Multiple Myeloma --- p.25 / Chapter 2.3.1 --- Epidemiology --- p.26 / Chapter 2.3.2 --- Pathology --- p.29 / Chapter 2.3.3 --- Clinical Presentation and Disease Complications --- p.31 / Chapter 2.3.4 --- Classification and Diagnostic Criteria --- p.35 / Chapter 2.3.5 --- Disease Staging and Prognosis --- p.42 / Chapter 2.3.6 --- Treatment --- p.45 / Chapter 2.3.6.1 --- Treatment Regimens and Strategies --- p.47 / Chapter 2.3.6.1.1 --- Standard Chemotherapy --- p.48 / Chapter 2.3.6.1.1.1 --- Melphalan-based Regimens --- p.51 / Chapter 2.3.6.1.1.2 --- VAD-based Regimens --- p.52 / Chapter 2.3.6.1.1.3 --- High-dose Glucocorticoid Regimens --- p.53 / Chapter 2.3.6.1.2 --- Treatment Strategies --- p.53 / Chapter 2.3.6.1.2.1 --- Initial Chemotherapy --- p.53 / Chapter 2.3.6.1.2.2 --- High-dose Chemotherapy --- p.55 / Chapter 2.3.6.1.2.3 --- Newer Therapeutic Agents for Multiple Myeloma --- p.58 / Chapter 2.3.6.1.2.4 --- Salvage Chemotherapy --- p.60 / Chapter 2.3.6.2 --- Treatment Responses --- p.63 / Chapter 2.3.6.3 --- Treatment for Disease Complications --- p.66 / Chapter Chapter 3 --- Methodology / Chapter 3.1 --- Study Design --- p.69 / Chapter 3.2 --- Patients Selection Criteria --- p.71 / Chapter 3.2.1 --- For Retrospective Cost Analysis --- p.71 / Chapter 3.2.2 --- For Health-related Quality of Life Measurement --- p.71 / Chapter 3.3 --- Patient Screening --- p.72 / Chapter 3.4 --- Data Collection --- p.72 / Chapter 3.5 --- Overview of Assessment Methods --- p.73 / Chapter 3.5.1 --- Outcomes --- p.73 / Chapter 3.5.2 --- Cost Analysis --- p.74 / Chapter 3.5.3 --- Cost Effectiveness Analysis --- p.74 / Chapter 3.5.4 --- Cost Utility Analysis --- p.75 / Chapter 3.5.5 --- Health-related Quality of Life Assessment --- p.75 / Chapter 3.6 --- Statistical Analysis --- p.76 / Chapter 3.7 --- Ethic approval --- p.77 / Chapter Chapter 4 --- Results / Chapter 4.1 --- Study Population --- p.78 / Chapter 4.1.1 --- Cost and Pharmacoeconomic Analysis --- p.78 / Chapter 4.1.2 --- Health-related Quality of Life Assessment --- p.79 / Chapter 4.2 --- Study Results --- p.81 / Chapter 4.2.1 --- Comparison of All Patients --- p.81 / Chapter 4.2.1.1 --- Differences in Treatment Protocols --- p.81 / Chapter 4.2.1.2 --- Differences in Treatment Responses --- p.82 / Chapter 4.2.1.3 --- Differences in Treatment Outcomes --- p.82 / Chapter 4.2.1.4 --- Differences in Treatment Costs --- p.84 / Chapter 4.2.2 --- Comparison for Patients Treated by Melphalan-based Regimens and VAD-based Regimens --- p.90 / Chapter 4.2.2.1 --- Differences in Treatment Responses --- p.90 / Chapter 4.2.2.2 --- Differences in Treatment Outcomes --- p.90 / Chapter 4.2.2.3 --- Differences in Treatment Costs --- p.93 / Chapter 4.2.3 --- Melphalan-based Regimens Versus VAD-based Regimens by Patients with Different DS Staging --- p.96 / Chapter 4.2.3.1 --- Patients in Stage 3-A MM --- p.96 / Chapter 4.2.3.2 --- Patients in Stage 3-B MM --- p.98 / Chapter 4.2.4 --- Melphalan-based Regimens versus VAD-based Regimens in Patients with Different IS Staging --- p.101 / Chapter 4.2.4.1 --- Patients in Stage I MM --- p.101 / Chapter 4.2.4.2 --- Patients in Stage II MM --- p.104 / Chapter 4.2.4.3 --- Patients in Stage III MM --- p.107 / Chapter 4.2.5 --- Comparison for Patients with and without Transplantation --- p.110 / Chapter 4.2.6 --- Cost-effectiveness Assessment --- p.117 / Chapter 4.2.7 --- Cost-utility Assessment --- p.118 / Chapter 4.2.8 --- Sensitivity Analysis --- p.119 / Chapter 4.2.9 --- Health-related Quality of Life Assessment --- p.120 / Chapter Chapter 5 --- Discussion and Conclusion / Chapter 5.1 --- Summary of Results --- p.123 / Chapter 5.2 --- Implication for Treatment --- p.126 / Chapter 5.3 --- Economic Evaluation --- p.129 / Chapter 5.4 --- Health-related Quality of Life --- p.132 / Chapter 5.5 --- Limitations of the Study --- p.134 / Chapter 5.6 --- Conclusion and Implications for Future Studies --- p.135 / Appendix --- p.137 / References --- p.139

The estimated value of the U.S. transportation infrastructure is over $7.0 trillion. The challenge is preserving the quality of the investment. State and federal departments of transportation have methods and procedures for best quality, but vary significantly. With the variations comes opportunity to assess the cost-effectiveness of different strategies and make recommendation on practices that are most successful. A survey was created and sent to all 50 states and the District of Columbia. The survey was aimed to capture information on construction finished product testing methods, optimized/reduced sampling techniques, innovative QA practices that measure multiple performance criteria and QA processes that are rapid and cost effective. There are many testing methods and procedures being used throughout the U.S. This thesis will allow state and federal transportation agencies to look at the findings and possibly implement them into their own agency with hopes of saving time and money for future projects.

En el presente trabajo se abordan temas enfocados al estudio de la prima de riesgo de mercado considerando la siguiente estructura: En primera instancia desarrollaremos los antecedentes vinculados a la prima de Riesgo de Mercado y los modelos que utilizan esta variable para el cálculo de rendimientos futuros. En el segundo lugar, abordaremos los enfoques relacionados a la Prima de Riesgo de Mercado, donde detallaremos en orden cronológico las diferentes teorías que han ido emergiendo a lo largo del tiempo tales como el teorema de portafolios de Markowitz, el modelo CAPM de Sharpe, entre otros. Seguidamente estudiaremos los métodos aplicados para el cálculo de la Prima de Riesgo de Mercado y las variables que se utilizan. Ahondaremos en los criterios de autores que están a favor del cálculo de la prima de riesgo de mercado tales como Ibbotson y Goetzmann (2005), Gordon y Shapiro (1956), Damodaran (2015) y posteriormente analizamos la elección del aspecto de la prima de riesgo de mercado basado en mercados futuros. Asimismo, presentamos la controversia, en la cual hacemos mención al enfoque de Pablo Fernández, quien tiene una opinión distinta sobre el tema principal. Finalmente, precisamos nuestras conclusiones respecto del método que se debe utilizar para estimar la prima de riesgo de mercado. / In this paper, we will address issues focused on the study of the market risk premium considering the following structure: In the first instance, we will develop the antecedents linked to the Market Risk premium and the models that use this variable to calculate future returns. In the second we will detail the approaches related to the Market Risk Premium, where we will detail in chronological order the different theories that have been emerging over time such as the Markowitz portfolio theorem, the Sharpe CAPM model among others. Next, we will study the methods applied to calculate the Market Risk Premium and the variables that are used. We will delve into the criteria of authors who are in favor of calculating the market risk premium such as Ibbotsson, Gordon and Shapiro, Damodaran and then analyze the choice of the aspect of the market risk premium based on future markets. Likewise, we present the controversy where we mention the approach of Pablo Fernández who has a different opinion on the main topic. Finally, we need our conclusions regarding the method that should be used to estimate the market risk premium. / Trabajo de Suficiencia Profesional

Delirium in adults aged 65 and older is a common occurrence in the acute care setting and is often unrecognized by bedside nurses. Delirium can trigger a negative cascade of events resulting in an increase in morbidity and mortality, functional decline, longer length of stay, and high rates of post hospital institutionalization and has a significant socioeconomic impact. The purpose of this quality improvement project was to establish a solid foundation using scholarly literature to support the development of a delirium prevention, recognition, and treatment program in the medical-surgical acute care setting applying the program logic framework. The goal was accomplished by developing a structured program to enhance nurse education (phase 1) using a pretest/posttest design. Phase 2 will be implemented at a later date. The null hypothesis for the project was there is no difference between the pretest group knowledge of delirium scores and the posttest group scores following education. The results of the 36-paired pretests/posttests indicated a significant difference (p < 0.05) following the educational PowerPoint on delirium. Providing education and opportunities for bedside nurses to apply this new knowledge is an effective strategy to increase the identification of delirium, which can lead to improved patient outcomes, reduced socioeconomic burden associated with delirium, and increased positive social change. The economic impact of delirium is considerable with the average cost per day of delirium patients reaching nearly 3 times the cost of patients not having delirium. The elderly population is projected to continue to rise, which will have a profound impact on hospitals and health care as a whole.

The value of statistical life is an estimate of the monetary benefits of preventing an anonymous death. Society's willingness to pay to eliminate private health risks determines agencies' value-of-statistical-life estimates. Most estimates ignore society's willingness to pay to eliminate others' health risks. There are two possible reasons. First, altruism does not exist: Peter is not willing to pay to save Paul's life. The second possible reason is a bit more complicated. Certain economists argue that increasing benefit estimates to account for altruism involves double-counting. The purpose of this thesis is to evaluate these possibilities. Accounting for altruism, it turns out, is not double-counting if altruism is paternalistic. Furthermore, I empirically demonstrate that people are willing to pay to reduce others' health risks. Thus, the two justifications for ignoring altruism are, seemingly, unfounded, which indicates that analysts should increase the value of statistical life to account for altruism.