Cross-section without factors: a string model for expected returns.

Many asset pricing models assume that expected returns are driven by common factors. We formulate a model where returns are driven by a string, and no-arbitrage restricts each expected return to capture the asset's granular exposure to all other asset returns: a correlation premium. The model predicts fresh properties for big stocks, which display higher connectivity in bad times, but also work as correlation hedges: they contribute to a negative fraction of the correlation premium, and portfolios that are more exposed to them command a lower premium.

Optimal control of agent-based models via surrogate modeling.

This paper describes and validates an algorithm to solve optimal control problems for agent-based models (ABMs). For a given ABM and a given optimal control problem, the algorithm derives a surrogate model, typically lower-dimensional, in the form of a system of ordinary differential equations (ODEs), solves the control problem for the surrogate model, and then transfers it back to the original ABM. It applies to quite general ABMs and offers several options for the ODE structure, depending on what information about the ABM is to be used.

Long-Term Outcomes and Quality of Life of High-Risk Neuroblastoma Patients Treated with a Multimodal Treatment Including Anti-GD2 Immunotherapy: A Retrospective Cohort Study.

Background: The incorporation of anti-GD2 antibodies such as ch14.18/SP2/0 into the multimodal treatment of high-risk neuroblastoma (HR-NB) patients has improved their outcomes. As studies assessing the long-term outcomes, long-term sequelae, and health-related quality of life (HRQoL) of this treatment are limited, this retrospective analysis aimed to explore these.

Aggregating multiple test results to improve medical decision-making.

Gathering observational data for medical decision-making often involves uncertainties arising from both type I (false positive) and type II (false negative) errors. In this work, we develop a statistical model to study how medical decision-making can be improved by aggregating results from repeated diagnostic and screening tests. Our approach is relevant to not only clinical settings such as medical imaging, but also to public health, as highlighted by the need for rapid, cost-effective testing methods during the SARS-CoV-2 pandemic.

Reimbursement prices of new, innovative medicines in Germany: a comparison of negotiation and cost-effectiveness analysis.

This study aimed to compare reimbursement prices for new, innovative non-orphan drugs in Germany based on price negotiation and cost-effectiveness analysis, using the efficiency frontier (EF) approach and cost-utility analysis (CUA). For the EF, the next effective intervention and no intervention were used as comparators. Three pairwise comparisons were conducted: negotiation vs EF, CUA vs EF and negotiation vs CUA.

Tackling the primary healthcare workforce crisis: time to talk about health systems and governance-a comparative assessment of nine countries in the WHO European region.

Background: Primary healthcare has emerged as a powerful global concept, but little attention has been directed towards the pivotal role of the healthcare workforce and the diverse institutional setting in which they work. This study aims to bridge the gap between the primary healthcare policy and the ongoing healthcare workforce crisis debate by introducing a health system and governance approach to identify capacities that may help respond effectively to the HCWF crisis in health system contexts.

Methods: A qualitative comparative methodology was employed, and a rapid assessment of the primary healthcare workforce was conducted across nine countries: Denmark, Germany, Kazakhstan, Netherlands, Portugal, Romania, Serbia, Switzerland, and the United Kingdom/ England.

Sufficiency health-wise: sustainable paths towards planetary and public health.

Planet Earth is threatened by the human population. Energy and resource use are far beyond the planet's carrying capacity. Planetary Health suggests an alternative idea of prosperity as the best possible human health for all within planetary boundaries.

Costing curative outpatient care for the poorest in Burkina Faso: informing universal health coverage and leaving no one behind.

Introduction: The poorest in Burkina Faso face numerous barriers to healthcare access, including financial and geographic obstacles, as well as a high burden of chronic conditions and multimorbidity. This study estimates the average cost of providing curative outpatient consultations at first-level healthcare facilities to the poorest in Burkina Faso. It also estimates the budgetary impact of scaling up free access to these services nationwide.

Modelling the cost-effectiveness and budget impact of pay-for-performance programs in health care.

Introduction: With an upward trend in adoption by industrialized nations, pay-for-performance (P4P) mechanisms are increasingly recognized for fostering quality improvement in healthcare. P4P programs conventionally reward providers with supplemental payments upon achieving predefined performance targets. This study aims to utilize decision modelling to determine the cost-effectiveness and maximum incentive levels of P4P programs.

Effects of deforestation on multitaxa community similarity in the Brazilian Atlantic Forest.

Habitat loss can lead to biotic homogenization (decrease in β diversity) or differentiation (increase in β diversity) of biological communities. However, it is unclear which of these ecological processes predominates in human-modified landscapes. We used data on vertebrates, invertebrates, and plants to quantify β diversity based on species occurrence and abundance among communities in 1367 landscapes with varying amounts of habitat (<30%, 30-60%, or >60% of forest cover) throughout the Brazilian Atlantic Forest.

Cost-of-illness review of status epilepticus in Europe.

The objective of this review is to give an overview of published cost of illness (COI) studies on status epilepticus (SE). This review analysed studies from 2014 onwards, focusing on direct and indirect costs of SE treatment in Europe. Searches were conducted across major databases, and studies employing various methodologies were included and systematically assessed.

The Value of Smartwatches in the Health Care Sector for Monitoring, Nudging, and Predicting: Viewpoint on 25 Years of Research.

We propose a categorization of smartwatch use in the health care sector into 3 key functional domains: monitoring, nudging, and predicting. Monitoring involves using smartwatches within medical treatments to track health data, nudging pertains to individual use for health purposes outside a particular medical setting, and predicting involves using aggregated user data to train machine learning algorithms to predict health outcomes. Each domain offers unique contributions to health care, yet there is a lack of nuanced discussion in existing research.

Inclusion of phase III clinical trial costs in health economic evaluations.

Introduction: Protocol-driven trial activities contribute to the utility gain demonstrated in the phase III clinical trial of a new drug. If this utility gain cannot be distinguished from the effects of the new drug itself, protocol-driven trial costs cannot be easily dismissed for consistency reasons. This study aims to estimate the impact of including per-patient costs of phase III clinical trials on the incremental cost-effectiveness ratio (ICER).

Corporate income tax, IP boxes and the location of R&D.

We discuss corporate tax effects on multinationals' R&D. Theoretically, we find that a host country's tax increase may boost local R&D expenditure: while R&D becomes deductible at a higher rate, this higher rate may not apply to all R&D returns. First, as R&D creates a public good within the MNE, some R&D returns are taxed at other countries' tax rates.

Psychological Changes in Green Food Consumption in the Digital Context: Exploring the Role of Green Online Interactions from a Comprehensive Perspective.

The advent of the digital economy has brought new opportunities to food marketing. In China, many food businesses have begun to use interactions under specific social media topics to open up new sales channels. Green food, as a representative of environmentally related topics, is increasingly influencing consumer choices through online interactions.

Long-term effects of dialectical behaviour therapy for posttraumatic stress disorder and cognitive processing therapy 9 months after treatment termination.

The complexity of posttraumatic stress disorder (PTSD) symptoms related to childhood abuse (CA) present challenges for effective psychotherapeutic treatment. Consequently, there is great interest in the long-term effectiveness of psychological treatments for this population. This study aims to investigate the long-term outcomes of Dialectical Behaviour Therapy for PTSD (DBT-PTSD) and Cognitive Processing Therapy (CPT) 9 months after treatment termination.

Focus on the disruption of networks and system dynamics.

Networks are designed to ensure proper functioning and sustained operability of the underlying systems. However, disruptions are generally unavoidable. Internal interactions and external environmental effects can lead to the removal of nodes or edges, resulting in unexpected collective behavior.

The role of traditional ecological knowledge, given the transformation of pastoralism in Central and Eastern Mongolia.

Mongolian nomadic herders traditionally pass on ecological knowledge intergenerationally, mainly within families. However, little is known about how current societal transformation processes may impact the application and transfer of traditional ecological knowledge (TEK) amongst herders. Combining quantitative household survey data with qualitative interviews, we show that TEK is still widely applied amongst herders.