Departamento de Economíahttp://hdl.handle.net/10016/92016-12-04T20:34:17Z2016-12-04T20:34:17ZTort Reform and the Length of Physician Office VisitsPanthöfer, Sebastianhttp://hdl.handle.net/10016/238612016-11-15T10:42:33Z2016-11-07T00:00:00ZTort Reform and the Length of Physician Office Visits
Panthöfer, Sebastian
Universidad Carlos III de Madrid. Departamento de Economía
By holding healthcare providers accountable for medical errors, the medical malpractice system should steer physicians towards providing adequate levels of care. This paper tests whether tort reforms induce physicians to be more or less careful when treating patients, using the length of office visits as a proxy for physician efforts. Analyzing data from the National Ambulatory Medical Care Survey on more than half a million physician office visits between 1993 and 2011, I find that caps on noneconomic damages, caps on punitive damages, and reforms of the joint-and-several liability rule have no impact on the time physicians spend with patients. Reforms of the collateral-source rule decrease the length office visits in some specifications and act as a substitute for managed care.
2016-11-07T00:00:00ZThe impact of classification systems in the evaluation of the research performance of the Leiden Ranking UniversitiesPerianes-Rodríguez, AntonioRuiz-Castillo, Javierhttp://hdl.handle.net/10016/221472016-11-15T10:38:29Z2016-11-01T00:00:00ZThe impact of classification systems in the evaluation of the research performance of the Leiden Ranking Universities
Perianes-Rodríguez, Antonio; Ruiz-Castillo, Javier
Universidad Carlos III de Madrid. Departamento de Economía
In this paper, we investigate the consequences of choosing different classification systems – namely, the way publications (or journals) are assigned to scientific fields– for the ranking of research units. We study the impact of this choice on the ranking of 500 universities in the 2013 edition of the Leiden Ranking in two cases. Firstly, we compare a Web of Science journal-level classification system,
consisting of 236 subject categories, and a publication-level algorithmically constructed system, denoted G8, consisting of 5,119 clusters. The result is that the consequences of the move from the
WoS to the G8 system using the Top 1% citation impact indicator are much greater than the consequences of this move using the Top 10% indicator. In the second place, we compare the G8 classification system and a publication-level alternative of the same family, the G6 system, consisting of 1,363 clusters. The result is that, although less important than in the previous case, the consequences of the move from the G6 to the G8 system under the Top 1% indicator are still of a
large order of magnitude.
2016-11-01T00:00:00ZLong-term optimal portfolio allocation under dynamic horizon-specific risk aversionGonzalo, JesúsOlmo, Joséhttp://hdl.handle.net/10016/235992016-11-04T13:12:10Z2016-09-01T00:00:00ZLong-term optimal portfolio allocation under dynamic horizon-specific risk aversion
Gonzalo, Jesús; Olmo, José
Universidad Carlos III de Madrid. Departamento de Economía
This paper studies the long-term asset allocation problem of an individual with risk aversion
coefficient that i) varies with economic conditions, and ii) exhibits different risk attitudes
towards the short and the long term. To do this, we propose a parametric linear portfolio
policy that accommodates an arbitrarily large number of assets in the portfolio and a
piecewise linear risk aversion coefficient. These specifications of the optimal portfolio policy
and individual's risk aversion allow us to apply GMM methods for parameter estimation and
testing. Our empirical results provide statistical evidence of the existence of a short-term and
a long-term regime in the individual's risk aversion. Long-term risk aversion is always higher
than short-term risk aversion, and it is more statistically significant as the investment horizon
increases. The analysis of the optimal portfolio weights also suggests that the allocation to
stocks and bonds is strongly negatively correlated, with the magnitude of the portfolio weights
and risk aversion coefficients increasing as the investment horizon expands.
2016-09-01T00:00:00ZCompetitive Search Equilibrium with Multidimensional Heterogeneity and Two-Sided Ex-ante InvestmentsJerez, Belénhttp://hdl.handle.net/10016/235662016-11-04T21:50:55Z2016-09-01T00:00:00ZCompetitive Search Equilibrium with Multidimensional Heterogeneity and Two-Sided Ex-ante Investments
Jerez, Belén
Universidad Carlos III de Madrid. Departamento de Economía
We analyze a competitive search environment where heterogeneous workers and firms make costly investments (e.g. in education and physical capital, respectively) before they enter the labor market. A key novelty with respect to existing work is that we allow for multidimensional heterogeneity on both sides of the market. Our environment features transferable utility and symmetric information. As in classical hedonic models, wages depend both on the job's and on the worker's match-relevant characteristics. Yet the presence of search frictions implies that (unlike in those models) markets do not clear. The hedonic wage function and probabilities of finding and filling different jobs are determined endogenously in a competitive search equilibrium. We show that constrained efficient allocations can be determined as optimal solutions to a linear programming problem, whereas the wage function supporting these allocations and associated expected payoffs for workers and firms correspond to the solutions of the `dual' of that linear program. We use this characterization to show that a competitive search equilibrium exist and is constrained efficient under very general conditions. Jerez (2014) makes a similar point in the context of a model where all the match-relevant characteristics of the traders are exogenous. Here we extend the analysis to allow for two-sided ex-ante investments which are potentially multidimensional. The fact that linear programming techniques have been used for the structural estimation of frictionless matching models suggests that our framework is potentially useful for empirical studies of labor markets and other hedonic markets (like that for housing) where search frictions are prevalent
2016-09-01T00:00:00Z