In dieser Studie haben wir die Kostenstruktur der schweizerischen Regionalbahnen analysiert, um die Skalenerträge und Skalenineffizienz dieser Unternehmen zu messen. Das Modellspezifikation hat die Zerlegung des Konzeptes der Skalenerträge in drei Aspekte und damit die Identifizierung von ‚economies of density‘, economies of network size‘ und ‚economies of scale‘ ermöglicht. Wir...
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In this paper we estimate an average-cost function for a panel of 45 Swiss electricity distribution utilities as a basis for yardstick regulation of the distribution-network access prices. Unlike the existing literature, we separate the electricity sales function of utilities from the network operation function. Several exogenous variables measuring the heterogeneity of the service areas were...
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In Switzerland 60% of electricity is produced by hydropower plants. The construction and operation of these plants determine some negative environmental externalities, such as diminishing groundwater levels and spring flows, and a reduction in river flow, which can severely curtail recreational and fishing activities. This study concentrates on an ex-ante appraisal of the monetary benefits...
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A general result of information theory is that asymmetric information generates agent rents and distortions in production. In this paper, we analyse the impact of asymmetric information on adoption and use of information technology (IT). Depending on the conctracting scheme, different results may occur. We explore the differences between the case of contractible investment and the case of...
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Switzerland is a federal State where policy decisions and implementation regarding long-term care regulation are by rights incumbent to the regional and local governments (Canton and Town Council). This situation is in part responsible for the large number of small nursing homes operating in Switzerland. Moreover, long-term care for the elderly is supplied by private for-profit nursing homes,...
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We present a flexible analytical framework that incorporates the equilibrium impact of a (possibly state dependent) sentiment for pessimism in continuous time intertemporal asset pricing. State dependent pessimism comes from a state dependent confidence in the reference belief on equity returns dynamics and implies conservative optimal policies precisely in states where such confidence is low. In...
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We present a multivariate, non-parametric technique for constructing reliable daily VaR predictions for individual assets belonging to a common equity market segment, which takes also into account the possible dependence structure between the assets and is still computationally feasible in large dimensions. The procedure is based on functional gradient descent (FGD) estimation for the volatility...
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We present a geometric approach to discrete time multiperiod mean variance portfolio optimization that largely simplifies the mathematical analysis and the economic interpretation of such model settings. We show that multiperiod mean variance optimal policies can be decomposed in an orthogonal set of basis strategies, each having a clear economic interpretation. This implies that the...
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