Questions concerning risk management in nance and premium calculation in non-life insurance often involve quantile estimation. We give an introduction to the basic extreme value theory which yields a method-ological basis for the analysis of such questions.

Economic commentators frequently imply the existence of positive spillovers between the …nancing frictions a¤ecting households and …rms, suggesting another way in which credit constraints may amplify aggregate shocks and increase the persistence of aggregate ‡uctuations. To examine this possibility, I develop a new model that incorporates both …rm and household external …nance spreads while imp...

We characterize in the Anscombe Aumann framework the preferences for which there are a utility function u on outcomes and an ambiguity index c on the set of probabilities on the states of the world such that, for all acts f and g, f % g , min p Z u (f) dp+ c (p) min p Z u (g) dp+ c (p) : The function u represents the decision maker’s risk attitudes, while the index c captures his ambiguity atti...

Who pays for health care? To what extent are payments toward health care related to ability to pay? Is the relationship proportional? Or is it progressive—do health care payments account for an increasing proportion of ability to pay (ATP) as the latter rises? Or, is there a regressive relationship, in the sense that payments comprise a decreasing share of ATP? The preferred relationship betwee...

The in vivo immunomodulatory effect of ethanolic extracts from leaves of Rhaphidophora korthalsii was determined via immune cell proliferation, T/NK cell phenotyping, and splenocyte cytotoxicity of BALB/c mice after 5 consecutive days of i.p. administration at various concentrations. Splenocyte proliferation index, cytotoxicity, peripheral blood T/NK cell population, and plasma cytokine (IL-2 a...

The use of computer simulated markets with individual adaptive agents in "nance is a new, but growing "eld. This paper explores some of the early works in the area concentrating on a set of some of the earliest papers. Six papers are summarized in detail, along with references to many other pieces of this wide ranging research area. It also covers many of the questions that new researchers will...

We construct a stochastic overlapping generations model in which households of di¤erent ages are subject to aggregate shocks that a¤ect both wages and asset prices. We use a realistically calibrated version of the model to assess the distributional consequences of severe recessions. More speci…cally, within the context of this model we ask whether young people can be better o¤ if they become ec...