Stockholm School of Economics

About: Stockholm School of Economics is a education organization based out in Stockholm, Sweden. It is known for research contribution in the topics: Population & Cost effectiveness. The organization has 1186 authors who have published 4891 publications receiving 285543 citations. The organization is also known as: Stockholm Business School & Handelshögskolan i Stockholm.

An Extended Constant Conditional Correlation GARCH Model and Its Fourth-Moment Structure

Abstract: The constant conditional correlation general autoregressive conditional heteroskedasticity (GARCH) model is among the most commonly applied multivariate GARCH models and serves as a benchmark against which other models can be compared. In this paper we consider an extension to this model and examine its fourth-moment structure. The extension, first defined by Jeantheau (1998, Econometric Theory 14, 70–86), is motivated by the result found and discussed in this paper that the squared observations from the extended model have a rich autocorrelation structure. This means that already the first-order model is capable of reproducing a whole variety of autocorrelation structures observed in financial return series. These autocorrelations are derived for the first- and the second-order constant conditional correlation GARCH model. The usefulness of the theoretical results of the paper is demonstrated by reconsidering an empirical example that appeared in the original paper on the constant conditional correlation GARCH model.This research has been supported by the Swedish Research Council of Humanities and Social Sciences and the Tore Browaldh's Foundation. A part of this work was carried out while the second author was visiting the School of Finance and Economics, University of Technology, Sydney, whose kind hospitality is gratefully acknowledged. The paper has been presented at the Econometric Society European Meeting, Venice, August 2002. We thank participants for comments and two anonymous referees for their remarks. Any errors and shortcomings in the paper remain our own responsibility.

Intuition and Moral Decision-Making - The Effect of Time Pressure and Cognitive Load on Moral Judgment and Altruistic Behavior.

Abstract: Do individuals intuitively favor certain moral actions over others? This study explores the role of intuitive thinking—induced by time pressure and cognitive load—in moral judgment and behavior We conduct experiments in three different countries (Sweden, Austria, and the United States) involving over 1,400 subjects All subjects responded to four trolley type dilemmas and four dictator games involving different charitable causes Decisions were made under time pressure/time delay or while experiencing cognitive load or control Overall we find converging evidence that intuitive states do not influence moral decisions Neither time-pressure nor cognitive load had any effect on moral judgments or altruistic behavior Thus we find no supporting evidence for the claim that intuitive moral judgments and dictator game giving differ from more reflectively taken decisions Across all samples and decision tasks men were more likely to make utilitarian moral judgments and act selfishly compared to women, providing further evidence that there are robust gender differences in moral decision-making However, there were no significant interactions between gender and the treatment manipulations of intuitive versus reflective decision-making

Valuation of health changes with the contingent valuation method: A test of scope and question order effects

Abstract: In recent years, there has been a growing interest in the contingent valuation method for measurement of monetary values of various commodities. However, the validity and reliability of the method need to be examined thoroughly. This paper reports results of a test of scope and question order effects in a contingent valuation experiment in the health care field. Using three binary valuation questions, data were collected on willingness to pay for superior treatment of reflux oesophagitis. To test for scope effects, different probabilities of successful short— and long-term treatments were evaluated using a split sample approach. The presence of question order effects was tested by assigning respondents to different question orders. The contingent valuation method proved sensitive to changes in scope in that the willingness to pay increased with the probability of being free from symptoms and with a reduced risk of having a relapse once recovered. Also, regression analyses indicate that people who suffer from severe reflux oesophagitis are more willing to pay for more effective treatment. No question order effects were detected in the data.