Equity weights in the allocation of health care: the rank-dependent QALY model

This paper introduces the rank-dependent quality-adjusted life-years (QALY) model, a new method to aggregate QALYs in economic evaluations of health care. The rank-dependent QALY model permits the formalization of influential concepts of equity in the allocation of health care, such as the fair innings approach, and it includes as special cases many of the social welfare functions that have been proposed in the literature. An important advantage of the rank-dependent QALY model is that it offers a straightforward procedure to estimate equity weights for QALYs. We characterize the rank-dependent QALY model and argue that its central condition has normative appeal. (C) 2003 Elsevier B.V. All rights reserved.

Effects of hydrogen-air non-equilibrium chemistry on the performance of a model scramjet thrust nozzle

Two aspects of hydrogen-air non-equilibrium chemistry related to scramjets are nozzle freezing and a process called 'kinetic afterburning' which involves continuation of combustion after expansion in the nozzle. These effects were investigated numerically and experimentally with a model scramjet combustion chamber and thrust nozzle combination. The overall model length was 0.5m, while precombustion Mach numbers of 3.1 +/- 0.3 and precombustion temperatures ranging from 740K to 1,400K were involved. Nozzle freezing was investigated at precombustion pressures of 190kPa and higher, and it was found that the nozzle thrusts were within 6% of values obtained from finite rate numerical calculations, which were within 7% of equilibrium calculations. When precombustion pressures of 70kPa or less were used, kinetic afterburning was found to be partly responsible for thrust production, in both the numerical calculations and the experiments. Kinetic afterburning offers a means of extending the operating Mach number range of a fixed geometry scramjet.

Application of the cross-entropy method to the buffer allocation problem in a simulation-based environment

The buffer allocation problem (BAP) is a well-known difficult problem in the design of production lines. We present a stochastic algorithm for solving the BAP, based on the cross-entropy method, a new paradigm for stochastic optimization. The algorithm involves the following iterative steps: (a) the generation of buffer allocations according to a certain random mechanism, followed by (b) the modification of this mechanism on the basis of cross-entropy minimization. Through various numerical experiments we demonstrate the efficiency of the proposed algorithm and show that the method can quickly generate (near-)optimal buffer allocations for fairly large production lines.

Benefits of all work and no play: The relationship between neuroticism and performance as a function of resource allocation

The authors evaluate a model suggesting that the performance of highly neurotic individuals, relative to their stable counterparts, is more strongly influenced by factors relating to the allocation of attentional resources. First, an air traffic control simulation was used to examine the interaction between effort intensity and scores on the Anxiety subscale of Eysenck Personality Profiler Neuroticism in the prediction of task performance. Overall effort intensity enhanced performance for highly anxious individuals more so than for individuals with low anxiety. Second, a longitudinal field study was used to examine the interaction between office busyness and Eysenck Personality Inventory Neuroticism in the prediction of telesales performance. Changes in office busyness were associated with greater performance improvements for highly neurotic individuals compared with less neurotic individuals. These studies suggest that highly neurotic individuals outperform their stable counterparts in a busy work environment or if they are expending a high level of effort.

Scramjet lift, thrust and pitching-moment characteristics measured in a shock tunnel

Lift, pitching moment, and thrust/drag on a supersonic combustion ramjet were measured in the T4 free-piston shock tunnel using a three-component stress-wave force balance. The scramjet model was 0.567 m long and weighed approximately 6 kg. Combustion occurred at a nozzle-supply enthalpy of 3.3 MJ/kg and nozzle-supply pressure of 32 MPa at Mach 6.6 for equivalence ratios up to 1.4. The force coefficients varied approximately linearly with equivalence ratio. The location of the center of pressure changed by 10% of the chord of the model over the range of equivalence ratios tested. Lift and pitching-moment coefficients remained constant when the nozzle-supply enthalpy was increased to 4.9 MJ/kg at an equivalence ratio of 0.8, but the thrust coefficient decreased rapidly. When the nozzle-supply pressure was reduced at a nozzle-supply enthalpy of 3.3 MJ/kg and an equivalence ratio of 0.8, the combustion-generated increment of lift and thrust was maintained at 26 MPa, but disappeared at 16 MPa. Measured lift and thrust forces agreed well with calculations made using a simplified force prediction model, but the measured pitching moment substantially exceeded predictions. Choking occurred at nozzle-supply enthalpies of less than 3.0 MJ/kg with an equivalence ratio of 0.8. The tests failed to yield a positive thrust because of the skin-friction drag that accounted for up to 50% of the fuel-off drag.

The risk premium for equity: implications for resource allocation, welfare and policy

Analysis of the equity premium puzzle has focused on private sector capital markets. The object of this paper is to consider the welfare and policy implications of each of the broad classes of explanations of the equity premium puzzle. As would be expected, the greater the deviation from the first-best outcome implied by a given explanation of the equity premium puzzle, the more interventionist are the implied policy conclusions. Nevertheless, even explanations of the equity premium puzzle consistent with a general consumption-based asset pricing model have important welfare and policy implications.