Economics - Research Publications

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Now showing 1 - 10 of 14
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    Some Optimal Dividends Problems
    Dickson, DCM ; Waters, HR (Cambridge University Press (CUP), 2004-05)
    We consider a situation originally discussed by De Finetti (1957) in which a surplus process is modified by the introduction of a constant dividend barrier. We extend some known results relating to the distribution of the present value of dividend payments until ruin in the classical risk model and show how a discrete time risk model can be used to provide approximations when analytic results are unavailable. We extend the analysis by allowing the process to continue after ruin.
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    Does problem drinking affect employment? Evidence from England
    MacDonald, Z ; Shields, MA (Wiley, 2004-02-01)
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    The effects of price and policy on marijuana use: what can be learned from the Australian experience?
    Williams, J (JOHN WILEY & SONS LTD, 2004-02)
    This research examines the responsiveness of the demand for marijuana to changes in its money price and criminal status using data on individuals from the Australian National Drug Strategy's Household Surveys (NDSHS). The results suggest that both the prevalence of marijuana use and the conditional demand for marijuana in the general population are responsive to changes in its money price. Significant differences are found in the effect of price on participation in marijuana use across age-groups, with participation by youth more price sensitive than participation by older age-groups. Similarly, the effect of the legal status of marijuana use on the participation decision is found to differ across age-groups and gender. Specifically, decriminalisation is associated with an increases in the prevalence of use by males over the age of 25. There is no evidence that decriminalisation significantly increases participation in marijuana use by either young males or females, or that decriminalisation increases the frequency of use among marijuana users.
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    Economic relationship between alcohol and cannabis revisited
    Williams, J ; Mahmoudi, P (WILEY, 2004-03)
    Consuming cannabis in combination with alcohol is common among Australian cannabis users. This paper investigates whether the economic relationship between cannabis and alcohol is affected by the manner in which these two substances are used. Our results indicate that cannabis and alcohol are economic complements for all cannabis users, but this relationship is stronger for cannabis users who tend to use alcohol and cannabis together, whom we refer to as polysubstance users. Separate analysis by gender suggests that cannabis consumption by polysubstance and non‐polysubstance using males is more responsive to changes in the full price of alcohol than their female counterparts.
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    Alcohol and marijuana use among college students: economic complements or substitutes?
    Williams, J ; Pacula, RL ; Chaloupka, FJ ; Wechsler, H (JOHN WILEY & SONS LTD, 2004-09)
    Previous research has shown that the recent tightening of college alcohol policies has been effective at reducing college students' drinking. Over the period in which these stricter alcohol policies have been put in place, marijuana use among college students has increased. This raises the question of whether current policies aimed at reducing alcohol consumption are inadvertently encouraging marijuana use. This paper begins to address this question by investigating the relationship between the demands for alcohol and marijuana for college students using data from the 1993, 1997 and 1999 waves of the Harvard School of Public Health's College Alcohol Study (CAS). We find that alcohol and marijuana are economic complements and that policies that increase the full price of alcohol decrease participation in marijuana use.
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    The asymmetric effects of uncertainty on inflation and output growth
    Grier, KB ; Henry, OT ; Olekalns, N ; Shields, K (WILEY, 2004-09-01)
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