The incidence of essential or primary hypertension is increasing, especially in the northern hemisphere, but although the disease displays clear symptoms, its aetiology appears very complex, and thus no causal treatment is available yet. In the 1990's, genetically modified animals (GMO) were considered to be the key to solving this problem of high complexity. However, until now, although a few ...

Genetically engineered mouse models have contributed extensively to the field of cancer research. The ability to manipulate the mouse germline affords numerous approaches toward understanding the complexities of this disease, possibly providing accurate preclinical models for therapeutic and diagnostic advances. This review highlights some of the current strategies for modeling cancer in the mo...

The University of Kent at Canterbury PSSRU Cornwallis Building, University of Kent at Canterbury, Canterbury, Kent CT2 7NF Tel: 01227 823963 Fax: 01227 827038 Email: [email protected] Site Director: Professor Ann Netten The London School of Economics PSSRU London School of Economics, Houghton Street, London WC2 2AE Tel: 020 7955 6238 Fax: 020 7955 6131 Email: [email protected] Site Director: Profe...

We show in any economy trading options, with investors having mean-variance preferences, that there are arbitrage opportunities resulting from negative prices for out of the money call options. The theoretical implication of this inconsistency is that mean-variance analysis is vacuous. The practical implications of this inconsistency are investigated by developing an option pricing model for a ...

This paper studies the potential for liquidity crises and their impact on the course of monetary and exchange rate policies in a microfounded general equilibrium dynamic model in the tradition of Diamond and Dybvig (1983) and Chang and Velasco (2000). We produce a small open economy pure exchange overlapping generations model with random relocation along the lines of Smith (2002). The combinati...

This paper reconciles the two explanations of a financial crisis, the self-fulfilling prophecy and the fundamental causes, in an empirically-relevant framework, by explicitly modeling the costly voluntary acquisition of information about fundamentals in a variant of Diamond and Dybvig (1983). In the “run” equilibrium investors engage in costly evaluation of projects, so that banks with lower-re...

In a finite-trader version of the Diamond-Dybvig (1983) model, the symmetric, ex-ante efficient allocation is implementable by a direct mechanism (i.e., each trader announces the type of his own ex-post preference) in which truthful revelation is the strictly dominant strategy for each trader. When the model is modified by formalizing the sequential-service constraint (cf. Wallace, 1988), the t...

We study the Diamond-Dybvig model of financial intermediation (JPE, 1983) under the assumption that depositors have information about previous decisions. Depositors decide sequentially whether to withdraw their funds or continue holding them in the bank. If depositors observe the history of all previous decisions, we show that there are no bank runs in equilibrium independently of whether the r...

Green and Lin study a version of the Diamond-Dybvig model with a finite number of agents, independent determination of each agent’s type (impatient or patient), and sequential service. For special preferences, they show that the ex ante first-best allocation is the unique equilibrium outcome of the model with private information about types. For general preferences, we show, via a simple argume...

Some studies characterize bubbles as speculative phenomena in which investors pay more than the value of the asset’s dividend stream in anticipation of receiving a profit by selling the asset later. We study the number of consumption opportunities as a necessary condition for the existence of bubbles. Our model permits continuous trading over a finite horizon, but it also assumes investors cons...