Public and private learning from prices, strategic substitutability and complementarity, and equilibrium multiplicity

We study a general static noisy rational expectations model where investors have private information about asset payoffs, with common and private components, and about their own exposure to an aggregate risk factor, and derive conditions for existence and uniqueness (or multiplicity) of equilibria. We find that a main driver of the characterization of equilibria is whether the actions of investors are strategic substitutes or complements. This latter property in turn is driven by the strength of a private learning channel from prices, arising from the multidimensional sources of asymmetric information, in relation to the usual public learning channel. When the private learning channel is strong (weak) in relation to the public we have strong (weak) strategic complementarity in actions and potentially multiple (unique) equilibria. The results enable a precise characterization of whether information acquisition decisions are strategic substitutes or complements. We find that the strategic substitutability in information acquisition result obtained in Grossman and Stiglitz (1980) is robust. JEL Classification: D82, D83, G14 Keywords: Rational expectations equilibrium, asymmetric information, risk exposure, hedging, supply information, information acquisition.

L'alliance coparentale et le développement affectif de l'enfant dans le triangle primaire

Le jeu trilogique de Lausanne permet d'étudier le développement de la communication familiale dès la naissance et de créer des ponts entre l'approche systémique de la famille et la recherche développementale. Cet article décrit comment se construit la communication familiale avant le langage verbal, soulignant l'importance de l'intersubjectivité, de l'alliance coparentale et de la compétence du nourrisson à interagir à trois dès le début. Il en esquisse les implications cliniques.

IPH response to Phase 2 of the New Strategic Direction for Alcohol and Drugs 2011-2016 (Northern Ireland)

The IPH response to the New Strategic Direction for Alcohol and Drugs questionnaire which has been designed to help stakeholders respond to New Strategic Direction for Alcohol and Drugs Phase 2 (2011-2016) consultation document.

Consideration of health in Strategic Environment Assessment (SEA) on the island of Ireland

This IPH report explores the extent health was incorporated into SEA in a manner which would suggest a good understanding of the many social and economic factors which strongly influence health. The research identifies that a consideration of health is not routinely included in SEAs. There is a need to build capacity and change mindsets in how SEAs are undertaken to more completely factor in the health impacts.

IPH response to Department, Trade and Investment (NI) draft strategic energy framework

The draft Framework set out the proposed priorities for Northern Ireland's energy future over the next ten years or so and illustrates the key energy goals in term of competitiveness, security of energy supply, sustainablilty and infrastructure investment. It also proposes new and ambitious renewable electricity and renewable heat targets by 2020, which reflect the need for effected action against climate change and the need to address other policy goals in terms of security and sustainability of supply and costs.

IPH response to the Strategic Review of Health Inequalities in England post 2010

IPH contributed to the Strategic Review of Health Inequalities in England being carried out by Professor Sir Michael Marmot, Chair of the Commission on the Social Determinants of Health.  IPH acknowledges the immense work done by the Review team and welcomes the opportunity to inform its work. We see the review as a vital opportunity to provide a “catalyst for concerted action” not only in England but in its near neighbours in Northern Ireland and Ireland. Health inequalities are rife across the UK and Ireland despite a range of developments in policy and practice designed to create more equal opportunities for health. We commend the approach taken in the Review, which applies scientific rigour and the combined expertise of a number of defined task groups to seek solutions to the vexing challenge of health inequality.

Response to Draft Guidance on Health in Strategic Environmental Assessment

The Institute of Public Health in Ireland welcomes the opportunity to comment on the Draft Guidance on Health in Strategic Environmental Assessment.  Our organisation aims to improve health on the island of Ireland by working to combat health inequalities and influence public policies in favour of health. The Institute applies a holistic model of health which emphasises a wide range of health determinants, including economic, environmental, social and biological factors. Our work is based on the premise that improving health and reducing health inequalities can only be achieved through addressing these broad determinants of health.