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• The option value of education

  131-148

  Judit T. Kiss

  Views:

  96

  Within the theoretical frameworks of standard human capital theory countless analyses have been carried out into investment decisions, in which the examination of the uncertainty of the costs and benefits of education were mostly disregarded and an assessment of the option opportunities was often omitted. In this essay we tried to review one of the extension opportunities of the theory of standard human capital and the option approach of human capital investment. We looked for an answer to the question of what kind of models have been developed for the interpretation of education as an option and for the determination of the option value of the investment. In the study we have highlighted the fact that a decrease in uncertainty in human capital investment is as good an incentive for investing in more education as the public subsidization of education.

  JEL classification: C6, D8, I2, J2

• Scarcity and Uncertainty Reduction by Institutions

  Laszlo Csorba

  Views:

  109

  Institutions are not equally able to reduce scarcity and uncertainty. If institutions were classified from this point of view we would acquire a new analyticaltool to examine institutions in the past the present or the future. Scarcity and uncertainty appear continuously and institutions can manage them only by a greater increase in individual responsibility. However, this also increases the danger of the disintegration of community. We can see this application in practice by surveying the Hungarian pension system over the past 100 years.

  Journal of Economic Literature (JEL) classification: A11, B52, G18, G23

• The macroeconomic possibilities of biosimilars in developed countries

  3-18

  Peter Halmosi

  Views:

  213

  Biosimilars have been used for the treatment of chronic diseases since 2006 in the EU but only since 2015 in the U.S. Despite high market potentials and presumed positive macroeconomic effects in the health care sector, widespread usage is strongly confronted with the opposition of physicians and pharmacists. However, biosimilars are supposed to reform health care financing, alter market positions of pharmaceutical companies and amend informational triangle among physicians, patients and insurance companies in the near future. The use of biosimilars is supposed by experts to reach extra health related savings even if doctors and pharmacists are averse to offer these products to patients in a certain therapeutic area. Governments have currently found no unique way of regulating the marketing, substitution and price regulation of biosimilars. The aim of this study is to discuss the macroeconomic possibilities and barriers incarnated in the usage of biosimilars in developed countries.

  Journal of Economic Literature (JEL) codes: H51, I11, I12, J18