The simple economics of risk-sharing agreements between the NHS and the pharmaceutical industry

The Janssen-Cilag proposal for a risk-sharing agreement regarding bortezomib received a welcome signal from NICE. The Office of Fair Trading report included risk-sharing agreements as an available tool for the National Health Service. Nonetheless, recent discussions have somewhat neglected the economic fundamentals underlying risk-sharing agreements. We argue here that risk-sharing agreements, although attractive due to the principle of paying by results, also entail risks. Too many patients may be put under treatment even with a low success probability. Prices are likely to be adjusted upward, in anticipation of future risk-sharing agreements between the pharmaceutical company and the third-party payer. An available instrument is a verification cost per patient treated, which allows obtaining the first-best allocation of patients to the new treatment, under the risk sharing agreement. Overall, the welfare effects of risk-sharing agreements are ambiguous, and care must be taken with their use.

Three essays on economics of predictability of stock returns

A PhD Dissertation, presented as part of the requirements for the Degree of Doctor of Philosophy from the NOVA - School of Business and Economics

Essays in environmental and happiness economics

A PhD Dissertation, presented as part of the requirements for the Degree of Doctor of Philosophy from the NOVA - School of Business and Economics

Four essays in behavioral economics

A PhD Dissertation, presented as part of the requirements for the Degree of Doctor of Philosophy from the NOVA - School of Business and Economics

Higher education branding: Nova School of Business and Economics and Bocconi University

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Extension and patterning of the vertebrate body

Dissertation presented to obrain the Ph.D degree in Biology. Developmental Biology

Caracterização de múltiplos polimorfismos de Pneumocystis Jirovecii por multiplex-PCR/Single base extension

Pneumocystis jirovecii é conhecido por causar infecções específicas no aparelho respiratório de seus hospedeiros, principalmente em doentes imunocomprometidos, manifestando-se por uma pneumonia grave e por vezes fatal, normalmente designada por pneumonia por Pneumocystis. A caracterização da diversidade genética de P. jirovecii tem demonstrado que determinados polimorfismos de base única poderão ser reconhecidos como marcadores moleculares de eleição para o estudo da distribuição geográfica, vias de transmissão, resistência/susceptibilidade a fármacos, factores de virulência e genética populacional de subtipos genéticos. Este estudo teve como objectivo a caracterização de polimorfismos de P. jirovecii, através da metodologia PCR multiplex/Extensão de base única (do inglês single base extension), com a principal finalidade de constatar eventuais associações entre polimorfismos de base única, genótipos multilocus, e dados clínicos e demográficos da infecção. Sessenta e seis espécimes pulmonares, previamente considerados positivos para P. jirovecii, obtidos entre 2001 e 2012, a partir de doentes portugueses imunocomprometidos, foram seleccionados de forma aleatória para este estudo multilocus. PCR multiplex foi utilizada para a amplificação simultânea de três regiões genómicas: subunidade grande do rRNA mitocondrial, superóxido dismutase e dihidropteroato sintetase. Cinco polimorfismos de base única, previamente correlacionados com parâmetros da doença, foram genotipados por extensão de base única: mt85, SOD110, SOD215, DHPS165 e DHPS171. Um total de 330 polimorfismos de base única e 29 genótipos multilocus putativos de P. jirovecii foram identificados e caracterizados nos espécimes pulmonares analisados. Os padrões de distribuição dos polimorfismos foram analisados, sendo considerada a variação temporal e/ou geográfica das suas formas alélicas. Constatou-se grande diversidade genotípica entre os isolados de P. jirovecii que poderá ter influência a nível epidemiológico. Foram observadas associações estatísticas entre mt85/genótipos multilocus e parâmetros demográficos e clínicos. A correlação mais importante verificou-se entre mt85C e cargas parasitárias baixas a moderadas, enquanto mt85T foi associado com cargas parasitárias altas; MLG5, MLG9 e MLG13 foram associados com cargas parasitárias baixas, moderadas e altas, respectivamente. Tais associações demonstram que potenciais marcadores moleculares da infecção por P. jirovecii poderão existir e que polimorfismos/genótipos específicos poderão determinar perfis epidemiológicos da pneumonia por Pneumocystis. A análise genética cruzada permitiu verificar associações entre polimorfismos de base única. Os polimorfismos SOD110T e SOD215C, SOD110C e SOD215T, DHPS165A e DHPS171C, DHPS165G e DHPS171T foram associados estatisticamente. Os genótipos multilocus mais prevalentes foram considerados para o teste recombinatório d1. Dois genótipos multilocus (MLG7 e MLG9) foram observados com elevada frequência, e a análise genética indicou que estes se encontravam sobre-representados na população de P. jirovecii estudada. Estas evidências indicam que o fenómeno de desequilíbrio de ligação e a propagação clonal de subtipos genéticos é frequente, considerando que a espécie P. jirovecii poderá ser representada por uma população com estrutura epidémica. O presente trabalho confirmou a importância do estudo de polimorfismos em P. jirovecii, sugerindo que a caracterização multilocus poderá fornecer informação relevante para a compreensão dos padrões, causas e controlo da infecção, melhorando assim a investigação deste importante patogéneo.

The economics of Vieira da Silva

This paper investigates the time valuation and the age valuation profile of art-works created by the Portuguese female painter Maria Helena Vieira da Silva. It uses data from records from her paintings auction sales between 1986 and 2014, taken from Artprice.com. The study explores three aspects regarding her artistic career: (1) estimation of Age-valuation profile, defining her creativity pattern and the age at which she produced her most valuable paintings; (2) estimation of time valuation profile, through a creation of an individual hedonic price index for Vieira da Silva; (3) internationalization phenomenon of the artist, investigating whether selling prices are primarily set in euros or in US dollar. The results suggest that Vieira da Silva peaked quite early in her career; her paintings prices are not very sensible to economic cycles and tends to slightly increase afterlife; the empirical results are not suggestive on which currency is the best predictor of her paintings’ price.

On the pricing of bivariate options in the presence of a discrete dividend payment

A Work Project, presented as part of the requirements for the Award of a Master's Double Degree in Finance from the NOVA School of Business and Economics / Masters Degree in Economics from Insper

Essays in health economics: Volume-Outcome Effect, upcoding behaviour and the evaluation of a short-term intervention program

Evidence in the literature suggests a negative relationship between volume of medical procedures and mortality rates in the health care sector. In general, high-volume hospitals appear to achieve lower mortality rates, although considerable variation exists. However, most studies focus on US hospitals, which face different incentives than hospitals in a National Health Service (NHS). In order to add to the literature, this study aims to understand what happens in a NHS. Results reveal a statistically significant correlation between volume of procedures and better outcomes for the following medical procedures: cerebral infarction, respiratory infections, circulatory disorders with AMI, bowel procedures, cirrhosis, and hip and femur procedures. The effect is explained with the practice-makes-perfect hypothesis through static effects of scale with little evidence of learning-by-doing. The centralization of those medical procedures is recommended given that this policy would save a considerable number of lives (reduction of 12% in deaths for cerebral infarction).

The new economy: Essays in network economics and two-sided markets

Following the Introduction, which surveys existing literature on the technology advances and regulation in telecommunications and on two-sided markets, we address specific issues on the industries of the New Economy, featured by the existence of network effects. We seek to explore how each one of these industries work, identify potential market failures and find new solutions at the economic regulation level promoting social welfare. In Chapter 1 we analyze a regulatory issue on access prices and investments in the telecommunications market. The existing literature on access prices and investment has pointed out that networks underinvest under a regime of mandatory access provision with a fixed access price per end-user. We propose a new access pricing rule, the indexation approach, i.e., the access price, per end-user, that network i pays to network j is function of the investment levels set by both networks. We show that the indexation can enhance economic efficiency beyond what is achieved with a fixed access price. In particular, access price indexation can simultaneously induce lower retail prices and higher investment and social welfare as compared to a fixed access pricing or a regulatory holidays regime. Furthermore, we provide sufficient conditions under which the indexation can implement the socially optimal investment or the Ramsey solution, which would be impossible to obtain under fixed access pricing. Our results contradict the notion that investment efficiency must be sacrificed for gains in pricing efficiency. In Chapter 2 we investigate the effect of regulations that limit advertising airtime on advertising quality and on social welfare. We show, first, that advertising time regulation may reduce the average quality of advertising broadcast on TV networks. Second, an advertising cap may reduce media platforms and firms' profits, while the net effect on viewers (subscribers) welfare is ambiguous because the ad quality reduction resulting from a regulatory cap o¤sets the subscribers direct gain from watching fewer ads. We find that if subscribers are sufficiently sensitive to ad quality, i.e., the ad quality reduction outweighs the direct effect of the cap, a cap may reduce social welfare. The welfare results suggest that a regulatory authority that is trying to increase welfare via regulation of the volume of advertising on TV might necessitate to also regulate advertising quality or, if regulating quality proves impractical, take the effect of advertising quality into consideration. 3 In Chapter 3 we investigate the rules that govern Electronic Payment Networks (EPNs). In EPNs the No-Surcharge Rule (NSR) requires that merchants charge at most the same amount for a payment card transaction as for cash. In this chapter, we analyze a three- party model (consumers, merchants, and a proprietary EPN) with endogenous transaction volumes and heterogenous merchants' transactional benefits of accepting cards to assess the welfare impacts of the NSR. We show that, if merchants are local monopolists and the network externalities from merchants to cardholders are sufficiently strong, with the exception of the EPN, all agents will be worse o¤ with the NSR, and therefore the NSR is socially undesirable. The positive role of the NSR in terms of improvement of retail price efficiency for cardholders is also highlighted.

Economics consulting project for the Iberian Marketing Oil department of Galp Energia: Strategy and Marketing guidelines for Galp Energia’sconvenience business in the Iberian market

Field lab: Consulting lab

Recommendations for Nova School of Business and Economics to target yhe Colombian market

The growing connotation Internationalization has worldwide, alongside the economic, political and socio-environmental changes, is empowering a progressively global education economy. Therefore, this Work Project aims to help Nova SBE to understand the decision making process of the Colombian tertiary education students, as this market constitutes an enriching opportunity to meet both business and educative objectives. In order to do so, a qualitative research was conducted to comprehend the rationale behind Colombian students to study abroad. The study points out that the reputation of a HE institution and the Portuguese culture are the key attributes to pursue a degree in Portugal.