DIVA new look at Kenneth Arrow’s classic study of the economics of health care: is his formulation still relevant 40 years later?/div.

According to Mark Rubinstein ‘In 1952, anticipating Kenneth Arrow and John Pratt by over a decade, he [de Finetti] formulated the notion of absolute risk aversion, used it in connection with risk premia for small bets, and discussed the special case of constant absolute risk aversion.’ The purpose of this note is to ascertain the extent to which this is true, and at the same time, to correct certain minor errors that appear in de Finetti's work.

Part intellectual autobiography and part exposition of complex yet contemporary economic ideas, this lively conversation with renowned scholar and public intellectual Kenneth J. Arrow focuses on economics and politics in light of history, current events, and philosophy as well. Reminding readers that economics is about redistribution and thus about how we treat each other, Arrow shows that the intersection of economics and ethics is of concern not just to economists but for the public more broadly. With a (...) foreword by Amartya Sen, this book highlights the belief that government can be a powerful force for good, and is particularly relevant in the current political climate and to the lay reader as well as the economist. (shrink)

I comment on Amartya Sen's study of the relations between the analysis of freedom and the theory of social choice. Two of his themes are analysed with regard to their contribution to an analytic understanding of the issues. These are: (1) the multiple interpretations of the concept of ‘preferences’ as a foundation for the formal conceptualizations of social choice and freedom; and (2) some issues in the formalization of freedom as a value to be compared with outcomes. Under (2), I (...) mainly point out some difficulties in the existing analyses and mildly support a ‘flexibility’ interpretation of freedom that I have advanced earlier. I conclude with some observations drawn from history and literature which complicate the value bien-pensant thinkers are prone to place on freedom. (Published Online February 16 2006). (shrink)

One of the central questions of economics relates to the coordination of individual units within a large organization to achieve the central objectives of that organization. This book examines the problems involved in allocating resources in an economic system where decision-making is decentralized into the hands of individuals and individual enterprises. The decisions made by these economic agents must be coordinated because the input decisions of some must eventually equal the output decisions of others. Coordination arises naturally out of the (...) mathematical theory of optimization but there is still the question of how it can be achieved in practice with dispersed knowledge. The essays here explore the many facets of this problem. Nine papers are grouped under the title 'Economies with a single maximand'. They include papers on static and dynamic optimization, decentralization within firms, and nonconvexities in optimizing problems. Fourteen papers are concerned with 'Economies with multiple objectives'. Among the topics covered here are stability of competitive equilibrium, stability in oligopology, and dynamic shortages. The final part of the book includes three papers on informational efficiency and informationally decentralized systems. Leonid Hurwitcz is the Nobel Prize Winner 2007 for The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, along with colleagues Eric Maskin and Roger Myerson, for his work on the effectiveness of markets. (shrink)

Physicians generally recommend that patients resuscitated with naloxone after opioid overdose stay in the emergency department for a period of observation in order to prevent harm from delayed sequelae of opioid toxicity. Patients frequently refuse this period of observation despiteenefit to risk. Healthcare providers are thus confronted with the challenge of how best to protect the patient’s interests while also respecting autonomy, including assessing whether the patient is making an autonomous choice to refuse care. Previous studies have shown that physicians (...) have widely divergent approaches to navigating these conflicts. This paper reviews what is known about the effects of opioid use disorder on decision-making, and argues that some subset of these refusals are non-autonomous choices, even when patients appear to have decision making capacity. This conclusion has several implications for how physicians assess and respond to patients refusing medical recommendations after naloxone resuscitation. (shrink)

The COVID-19 pandemic that struck New York City in the spring of 2020 was a natural experiment for the clinical ethics services of NewYork-Presbyterian (NYP). Two distinct teams at NYP’s flagship academic medical centers—at NYP/ Columbia University Medical Center (Columbia) and NYP/ Weill Cornell Medical Center (Weill Cornell)—were faced with the same pandemic and operated under the same institutional rules. Each campus used time as an heuristic to analyze our collective response. The Columbia team compares consults during the pandemic with (...) the same period during the year prior. The Weill Cornell service describes the phases of the pandemic to depict its temporal evolution and subsequent ethical challenges. Both sites report that the predominant ethical challenges centered around end-of-life decision making, setting goals of care, and medical futility, all complicated by resource allocation questions and the ambiguity of state law under crisis standards of care. The Columbia campus saw a statistically significant increase in ethics consultations provided to Hispanic patients, perhaps reflective of the disproportionate burden of COVID-19 suffered by this demographic. While Weill Cornell and Columbia saw a surge in clinical ethics consultations, the two services assumed a more expansive role than one normally played in institutional life. Serving as intermediaries between frontline clinicians and senior hospital administrators, consultants provided critical intelligence to hospital leadership about the evolution of the pandemic, disseminated information to clinicians, and attended to the moral distress of colleagues who were asked to provide care under truly extraordinary circumstances. The COVID-19 surge in New York City revealed latent capabilities in ethics consultation that may prove useful to the broader clinical ethics community as it responds to the current pandemic and reconceptualizes its potential for future service. (shrink)

This volume contains a selection of Professor Uzawa's important contributions to mathematical economics. Subjects covered by these nineteen essays include consumption, production, equilibrium, capital, growth, planning, international trade, and the theory of social overhead capital. Written in the 1960s and early 1970s, the papers form a basis upon which economic theory has developed over the last twenty years. The collection includes some of Uzawa's classic contributions, such as 'Preference and Rational Choice in the Theory of Consumption', 'Time Preference, the Consumption (...) Function, and Optimum Asset Holdings', 'Neutral Inventions and the Stability of Growth Equilibrium', 'On a Two-Sector Model of Economic Growth', 'Time Preference and the Penrose Effect in a Two-Class Model of Economic Growth', and 'On the Economics of Social Overhead Capital'. The collection will be useful not only in understanding the nature of the development in economic theory today, but also in reflecting upon the direction toward which economic theory will be advancing in the future. (shrink)

From mid-March through May 2020, New York City was the world’s epicenter of the COVID-19 pandemic, and its hospitals faced an unparalleled surge of patients who were critically ill with the virus. In addition to putting an enormous strain on medical resources, the pandemic presented many ethical issues to emotionally and physically stressed clinicians and hospital administrators. Analyses of the challenges faced by the ethics consultation services of the two campuses of New York Presbyterian Hospital, and how they assisted their (...) clinician and administrative colleagues, is the subject of the following four articles. (shrink)

Behavior, language, development, identity, and science—all of these phenomena are commonly characterized as 'social' in nature. But what does it mean to be 'social'? Is there any intrinsic 'mark' of the social shared by these phenomena? In the first book to shed light on this foundational question, twelve distinguished philosophers and social scientists from several disciplines debate the mark of the social. Their varied answers will be of interest to sociologists, anthropologists, philosophers, psychologists, and anyone interested in the theoretical foundations (...) of the social sciences. (shrink)

We investigate the causal effects of religious service attendance on prosocial behaviours using longitudinal data from a nationally representative sample of 33,198 New Zealanders collected between 2018 and 2021. Our study innovates in three ways: (1) we use longitudinal rather than cross-sectional data; (2) we incorporate measures of help received alongside self-reported giving; and (3) our statistical models are designed to address causal questions, rather than simply to describe change over time. We model causal contrasts for three hypothetical interventions – (...) increasing, decreasing, or maintaining religious service attendance – and assess their effects on eight distinct prosocial domains. Study 1 focuses on self-reported charitable donations and volunteering. Studies 2 and 3 examine receiving help – both personal and financial – from family, friends, and the wider community. Across all analyses, we find that the causal effects of religious service attendance are notably smaller than cross-sectional correlations suggest. However, even modest increases in regular attendance would result in charitable donations equivalent to approximately 4% of the New Zealand Government’s annual spending – a considerable public benefit. By applying robust methods for causal inference to national-scale panel data, our study provides insights that can inform public policy about the social functions of religious participation and advances a methodological framework for investigating the social consequences of cultural practices. (shrink)

Responding to volatile criticisms frequently leveled at Leo Strauss and those he influenced, the prominent contributors to this volume demonstrate the profound influence that Strauss and his students have exerted on American liberal democracy and contemporary political thought. By stressing the enduring vitality of classic books and by articulating the theoretical and practical flaws of relativism and historicism, the contributors argue that Strauss and the Straussians have identified fundamental crises of modernity and liberal democracy.

In response to national trends calling for increasing accountability and an emerging dialogue within bioethics, we describe an effort to credential clinical ethicists at a major academic medical center. This effort is placed within the historical context of prior calls for credentialing and certification and efforts currently underway within organized bioethics to engage this issue. The specific details, and conceptual rationale, behind the New York-Presbyterian Hospital’s graduated credentialing plan are shared as is their evolution and ratification within the context of (...) institutional policy. While other programs will design their credentialing schema consistent with their local context and demographics, the description of one such effort is offered to be instructive to others who want to bring additional standardization to the assessment of the readiness and credentials of those who will engage in the practice of clinical ethics case consultation. (shrink)

Professor Kenneth J. Arrow is one of the most distinguished economic theorists. He has played a major role in shaping the subject and is honoured by the publication of three volumes of essays on economic theory. Each volume deals with a different area of economic theory. The books include contributions by some of the best economic theorists from the United States, Japan, Israel and Europe.

Professor Kenneth J. Arrow is one of the most distinguished economic theorists. He has played a major role in shaping the subject and is honoured by the publication of three volumes of essays on economic theory. Each volume deals with a different area of economic theory. The books include contributions by some of the best economic theorists from the United Stated, Japan, Israel and Europe. This second volume is entitled Equilibrium Analysis and is divided into sections on general (...) equilibrium and on the microfoundations of macroeconomics. (shrink)

Professor Kenneth J. Arrow is one of the most distinguished economic theorists. He has played a major role in shaping the subject and is honoured by the publication of three volumes of essays on economic theory. Each volume deals with a different area of economic theory. The books include contributions by some of the best economic theorists from the United Stated, Japan, Israel and Europe. This third volume is entitled Uncertainty, Information, and Communication.

Professor Kenneth J. Arrow is one of the most distinguished economic theorists. He has played a major role in shaping the subject and is honoured by the publication of three volumes of essays on economic theory. Each volume deals with a different area of economic theory. The books include contributions by some of the best economic theorists from the United States, Japan, Israel and Europe.