Academic literature on the topic 'Adverse selection costs'
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Journal articles on the topic "Adverse selection costs"
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Heflin, Frank, and Kenneth W. Shaw. "ADVERSE SELECTION, INVENTORY-HOLDING COSTS, AND DEPTH." Journal of Financial Research 24, no. 1 (March 2001): 65–82. http://dx.doi.org/10.1111/j.1475-6803.2001.tb00818.x.
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Desiraju, Ramarao, and David E. M. Sappington. "Equity and adverse selection with correlated costs." Economics Letters 95, no. 3 (June 2007): 402–7. http://dx.doi.org/10.1016/j.econlet.2006.11.015.
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Palazzo, Francesco. "Search costs and the severity of adverse selection." Research in Economics 71, no. 1 (March 2017): 171–97. http://dx.doi.org/10.1016/j.rie.2016.09.001.
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Detragiache, Enrica. "Adverse selection and the costs of financial distress." Journal of Corporate Finance 1, no. 3-4 (April 1995): 347–65. http://dx.doi.org/10.1016/0929-1199(94)00009-j.
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Ayadi, O. "Adverse selection, search costs and sticky credit card rates." Financial Services Review 6, no. 1 (1997): 53–67. http://dx.doi.org/10.1016/s1057-0810(97)90032-9.
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Jiang, Christine X., Jang-Chul Kim, and Robert A. Wood. "Adverse selection costs for NASDAQ and NYSE after decimalization." International Review of Financial Analysis 18, no. 4 (September 2009): 205–11. http://dx.doi.org/10.1016/j.irfa.2009.03.001.
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Kalra, Rajiv. "Government Intervention and Adverse Selection Costs in Foreign Exchange Markets." CFA Digest 30, no. 4 (November 2000): 16–18. http://dx.doi.org/10.2469/dig.v30.n4.757.
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Naranjo, Andy, and M. Nimalendran. "Government Intervention and Adverse Selection Costs in Foreign Exchange Markets." Review of Financial Studies 13, no. 2 (April 2000): 453–77. http://dx.doi.org/10.1093/rfs/13.2.453.
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Chung, Kee H., and Mingsheng Li. "Adverse-Selection Costs and the Probability of Information-Based Trading." Financial Review 38, no. 2 (May 2003): 257–72. http://dx.doi.org/10.1111/1540-6288.00045.
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He, Chengying, Zonghui Lu, Xingqiang He, and Jun Chai. "Adverse selection costs: A study on the Chinese stock market." Frontiers of Business Research in China 4, no. 2 (May 23, 2010): 209–30. http://dx.doi.org/10.1007/s11782-010-0010-6.
Full textDissertations / Theses on the topic "Adverse selection costs"
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Aveh, Felix K. "An evaluation of the performance of microfinance institutions in Ghana. An investigation into the factors that impact on sustainability and success of microfinance institutions in Sub-Saharan Africa." Thesis, University of Bradford, 2011. http://hdl.handle.net/10454/5164.
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The thesis examines factors that influence sustainability and success of microfinance institutions in Ghana. The topic is important, particularly in poverty stricken Africa, where microfinance institutions play a significant role in supporting governments¿ initiatives to reduce/alleviate poverty. The developed model is tested using data collected from 14 face-to-face interviews and 114 questionnaires. The data is analysed using different techniques- descriptive statistics, cross-tabulations and regression analysis. The research design and scale of the study are appropriate to both the problem addressed and doctoral level research. A number of factors in the model developed were found to be influencing the sustainability and success of microfinance institutions.
A model was proposed that seeks to offer an explanation of sustainability and success of Microfinance Institutions in Ghana. The proposed model identified five categories being: institutional characteristics, agency costs, business strategy, environment/governance and success.
Single factor analysis established positive relationships between sustainability and all the five factors but placed more emphasis on three out of the five factors namely; success, business strategy and environment/ governance. Multiple factor analysis established no significant differences in the sustainability with respect to the type of MFI, ownership and source of funding.
Multiple Regression which allows for the testing of theories or models established a significant relationship between the Operational Self Sufficiency (OSS) and the predictors, especially the drop-out rate of clients and average loans. The Subsidy Dependence Index (SDI) was calculated for the various types of MFIs and the result was a high dependency ratio especially among the FNGOs. Though the dependency is on the decline, it is very slow indicating that most MFIs will depend on subsidies for a very long time to come.
Finally it was observed that the relatively high interest rates charged by most of the MFIs tended to defeat the purpose for which the microfinance movement came about. Not only did the study confirm the research model, but it also revealed that most owners did not exhibit a deep sense of involvement and used general knowledge to practice in Ghana.
The study concluded that success factors, business strategy, and environment/governance were the most critical of the sustainability factors in Ghana. It is therefore important that managers develop institutional capacities especially in managing the agency problem effectively if they have to be sustainable and successful.
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Aveh, Felix Kwame. "An evaluation of the performance of microfinance institutions in Ghana : an investigation into the factors that impact on sustainability and success of microfinance institutions in Sub-Saharan Africa." Thesis, University of Bradford, 2011. http://hdl.handle.net/10454/5164.
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The thesis examines factors that influence sustainability and success of microfinance institutions in Ghana. The topic is important, particularly in poverty stricken Africa, where microfinance institutions play a significant role in supporting governments' initiatives to reduce/alleviate poverty. The developed model is tested using data collected from 14 face-to-face interviews and 114 questionnaires. The data is analysed using different techniques- descriptive statistics, cross-tabulations and regression analysis. The research design and scale of the study are appropriate to both the problem addressed and doctoral level research. A number of factors in the model developed were found to be influencing the sustainability and success of microfinance institutions. A model was proposed that seeks to offer an explanation of sustainability and success of Microfinance Institutions in Ghana. The proposed model identified five categories being: institutional characteristics, agency costs, business strategy, environment/governance and success. Single factor analysis established positive relationships between sustainability and all the five factors but placed more emphasis on three out of the five factors namely; success, business strategy and environment/ governance. Multiple factor analysis established no significant differences in the sustainability with respect to the type of MFI, ownership and source of funding. Multiple Regression which allows for the testing of theories or models established a significant relationship between the Operational Self Sufficiency (OSS) and the predictors, especially the drop-out rate of clients and average loans. The Subsidy Dependence Index (SDI) was calculated for the various types of MFIs and the result was a high dependency ratio especially among the FNGOs. Though the dependency is on the decline, it is very slow indicating that most MFIs will depend on subsidies for a very long time to come. Finally it was observed that the relatively high interest rates charged by most of the MFIs tended to defeat the purpose for which the microfinance movement came about. Not only did the study confirm the research model, but it also revealed that most owners did not exhibit a deep sense of involvement and used general knowledge to practice in Ghana. The study concluded that success factors, business strategy, and environment/governance were the most critical of the sustainability factors in Ghana. It is therefore important that managers develop institutional capacities especially in managing the agency problem effectively if they have to be sustainable and successful.
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Sun, Yuxin. "UK equity market microstructure in the age of machine." Thesis, University of Edinburgh, 2018. http://hdl.handle.net/1842/31413.
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Financial markets perform two major functions. The first is the provision of liquidity in order to facilitate direct investment, hedging and diversification; the second is to ensure the efficient price discovery required in order to direct resources to where they can be best utilised within an economy. How well financial markets perform these functions is critical to the financial welfare of every individual in modern economies. As an example, retirement savings across the world are mostly invested in capital markets. Hence, the functioning of financial markets is linked to the standard of living of individuals. Technological advancements and new market regulations have in recent times significantly impacted how financial markets function, with no period in history having witnessed a more rapid pace of change than the last decade. Financial markets have become very complex, with most of the order execution now done by computer algorithms. New high-tech trading venues, such as dark pools, also now play outsized roles in financial markets. A lot of the impacts of these developments are poorly understood. In the EU particularly, the introduction of the Markets in Financial Instruments Directive (MiFID) and advancements in technology have combined to unleash a dramatic transformation of European capital markets. In order to better understand the role of high-tech trading venues in the modern financial markets' trading environment generally and in the UK in particular, I conduct three studies investigating questions linked to the three major developments in financial markets over the past decade; these are algorithmic/high-frequency trading, market fragmentation and dark trading. In the first study, I examine the changing relationship between the price impact of block trades and informed trading, by considering this phenomenon within a high-frequency trading environment on intraday and inter-day bases. I find that the price impact of block trades is stronger during the first hour of trading; this is consistent with the hypothesis that information accumulates overnight during non-trading hours. Furthermore, private information is gradually incorporated into prices despite heightened trading frequency. Evidence suggests that informed traders exploit superior information across trading days, and stocks with lower transparency exhibit stronger information diffusion effects when traded in blocks, thus informed block trading facilitates price discovery. The second study exploits the regulatory differences between the US and the EU to examine the impact of market fragmentation on dimensions of market quality. Unlike the US's Regulation National Market System, the EU's MiFID does not impose a formal exchange trading linkage or guarantee a best execution price. This has raised concerns about consolidated market quality in increasingly fragmented European markets. The second study therefore investigates the impact of visible trading fragmentation on the quality of the London equity market and find a quadratic relationship between fragmentation and adverse selection costs. At low levels of fragmentation, order flow competition reduces adverse selection costs, improves market transparency and enhances market efficiency by reducing arbitrage opportunities. However, high levels of fragmentation increase adverse selection costs. The final study compares the impact of lit and dark venues' liquidity on market liquidity. I find that compared with lit venues, dark venues proportionally contribute more liquidity to the aggregate market. This is because dark pools facilitate trades that otherwise might not easily have occurred in lit venues when the spread widens and the limit order queue builds up. I also find that informed and algorithmic trading hinder liquidity creation in lit and dark venues, while evidence also suggests that stocks exhibiting low levels of informed trading across the aggregate market drive dark venues' liquidity contribution.
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Koc, Cagatay. "Moral hazard and adverse selection in the economics of health care : three essays /." Digital version accessible at:, 2000. http://wwwlib.umi.com/cr/utexas/main.
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Pflum, Kevin E. "Issues in the Industrial Organization of Health Markets." The Ohio State University, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=osu1305765567.
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Lundberg, Sofia. "Going once, going twice, SOLD! : the economics of past and present public procurement in Sweden." Doctoral thesis, Umeå universitet, Institutionen för nationalekonomi, 2001. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-73622.
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This thesis is about the economic aspects of public procurement of services through auctionsin Sweden. It focuses on two different institutions, auctions used to find foste r-parents forboarded out children in the 19th century, and auctions of cleaning service contracts in the 20 thcentury. I n both cases, the contracting entity is the municipality or its representative, thelowest bidder wins the auction, and is paid in accordance with his/her bid.In the child auctions, c hildren were allotted to foster-parents by means of an open biddingprocess, the descending English auction, where the bids were given continuously to theauctioneer. In modern public procurement sealed bids ar e used in accordance with the firstprice,sealed bid auction. The first part of this thesis is about price formation in the childauctions and a study is made of the children who were auctioned several times, indicatingasymmetric information among bidders or adverse selection in this market. These subjects arestudied using field data on 601 child auctions held in Northern Sweden during the period 1863to 1889. The empirical findings in the first paper suggest that the foster-parents had a cleareconomic motive in these auctions. The child characteristics significantly affect the amount ofcompensation paid to the foster-parent. There is also evidence that farmers preferred older,more productive children. The second paper studies whether a re-auctioned child commandeda higher or lower price than a child that was not re-auctioned. The results indicate some formof asymmetric information because foster-parents demanded a higher level of compensationfor a re-auctioned child. The results also suggest that the probability that a child was reauctionedincreased if he/she was not healthy.The third paper in the thesis discusses a kind of "paradox". Although there is a competitiveeffect on the bids in the auction of cleaning service contracts, the contracting entity has anoption, given by law, to restrict the number of bidders. In th is paper, an implementation costis introduced fo r the contracting entity to justify such a restriction. The results, based onSwedish municipality data, indicate that contract and municipality characteristics, assumed toaffect the implementation cost, affect the volume of the procurement, and the number ofbidders, but not necessarily the choice of allocation mechanism. The final paper studiesregional differences in bids, costs, and competition in municipal procurement using the samedata as in paper [3]. The results show higher estimated costs for completing the contract, butlower estimated mean bids in the major city area of Stockholm compared with the res t of thecountry. This is explained by lower profit margins and higher operational costs in the majorcity area. An analysis is also carried out of why the lowest bidder is not always the contractedbidder.Härtill 4 delar.
digitalisering@umu
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Lessy, Djaffar. "Modèles mathématiques pour le microcrédit et la finance islamique." Thesis, Université Côte d'Azur, 2020. http://www.theses.fr/2020COAZ4089.
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La thèse aborde trois questions. La première (Chapitre II) présente un modèle de Markov pour le microcrédit conduisant à l’inclusion, la deuxième (Chapitre III) propose des modèles pour certains produits de la finance islamique : profit and loss sharing (PLS) et Cost-Plus financing (CPF) , la troisième (Chapitre IV) propose un modèle en théorie des jeux pour le contrat PLS. Le chapitre I introduits les notions et résultats utilisés dans les chapitres suivants : Chaines de Markov avec Revenu (CMR), flux de revenu d'une CMR, et Flux de Revenu Espéré (FRE) et nous donnons un théorème permettant de calculer ce FRE. Au chapitre II, nous considérons un modèle de chaîne de Markov d'un emprunteur d'une Institution de Microfinance (IMF) qui évolue entre quatre états : demandeur (A), bénéficiaire d'un prêt petit (B-) ou important (B+), et inclus (I) dans le système bancaire ordinaire. Nous proposons aussi le choix de la matrice de transition P. Nous calculons l'équilibre et déduisons l'influence des paramètres de P sur deux points : le taux d'accès des plus démunis au financement bancaire grâce au microcrédit et le taux d'intérêt minimal à pratiquer par l'IMF compte tenu des deux types de microcrédits accordés. Nous explicitons et analysons aussi quantitativement la contrainte d'Absence de Défaut Stratégique (ADS). Le chapitre III propose des modèles pour deux produits de finance islamique, à savoir le PLS et le CPF. Pour le PLS, nous construisons un modèle CMR à deux états : demandeur (A) et bénéficiaire (B), nous calculons la proportion de bénéficiaires dans la population à l’équilibre et calculons les conditions d'ADS dans ce contrat. Pour le CPF, nous montrons qu'en cas de remboursements sans retard le microcrédit introduit par Muhammad Yunus est compatible avec les règles du CPF. En cas de retards, nous reprenons un modèle de P. Mauk pour évaluer, en termes d'amortissements, la somme aléatoire qui resterait à payer au terme des versements prévus dans le contrat. Enfin, le chapitre IV présente un modèle de jeu bayésien pour un contrat PLS pour deux fonctions d'utilité (« sociale » ou non) de la banque lorsqu'elle ne peut savoir quel est le type, efficient ou non, de son agent, mais connaît la proportion p d'agents efficients. Nous discutons l'effet du taux de partage sur la participation aux bénéfices du contrat PLS, son effet de sélection adverse sur le marché du PLS et donnons l'équilibre de Nash de ce jeu bayésienThe thesis addresses three questions. The first (Chapter II) presents a Markov model for microcredit leading to inclusion, the second (Chapter III) offers models for certain products of Islamic finance: Profit and Loss Sharing (PLS) and Cost-Plus financing (CPF), the third (Chapter IV) proposes a game theory model for the PLS contract. Chapter I introduces the concepts and results used in the following chapters: Markov Chains with Income (MCI), income flow of a MCI, and Expected Income Flow (EIF) and we give a theorem to calculate this EIF. In chapter II, we consider a Markov chain model of a borrower from a Microfinance Institution (MFI) that evolves between four states: applicant (A), beneficiary of a small (B-) or large loan (B+), and included (I) in the regular banking system. We also propose the choice of the transition matrix P. We calculate the equilibrium and deduce the influence of the parameters of P on two points: the rate of access of the poorest to bank financing thanks to microcredit and the interest rate minimum to be practiced by the MFI taking into account the two types of microcredits granted. We also explain and quantitatively analyze the constraints in order to have Absence of Strategic Default (ASD). Chapter III provides models for two Islamic finance products, namely the PLS and the CPF. For the PLS, we build a two-state MCI model: applicant (A) and beneficiary (B), we calculate the proportion of beneficiaries in the population at equilibrium and calculate the ASD conditions in this contract. For the CPF, we show that in the event of repayments without delay, the microcredit introduced by Muhammad Yunus is compatible with the rules of the CPF. In the event of delays, we use a model from P. Mauk to compute the random amount that would remain to be paid at the end of the installments required by the contract. Finally, Chapter IV provides a Bayesian game model for a PLS contract for two utility functions ("social" or “for profit”) of the bank when it cannot know what is the type, efficient or not, of its agent, but knows the proportion p of efficient agents. We discuss the effect of the profit sharing rate of the PLS contract, its adverse selection effect on the PLS market and give the Nash equilibrium of this Bayesian game
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"The Timing of Equity Issuance: Adverse Selection Costs or Sentiment?" Thesis, 2015. http://hdl.handle.net/10388/ETD-2015-09-2259.
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This study constructs a two-step model to test the most prominent market timing factors. We decompose equity issuances into 1) firm-specific components, which are predicted by firms’ characteristics, and 2) market-wide components, which are predicted by aggregate time series measures. Our evidence shows that, at the firm level, firms with higher market-to-book ratio, smaller size, more growth opportunities, and fewer tangible assets are more likely to issue equity. At the aggregate level, a greater proportion of firms issue equity in years with higher aggregate market-to-book ratio and lower asymmetric information. After controlling for the aggregate market-to-book ratio and information asymmetry, sentiment has no direct effect on equity issuance. This paper provides direct evidence that firms time their favorable market conditions to reduce adverse selection costs, and to exploit higher individual security valuations or capture growth opportunities.
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Kim, Jang-Chul. "Market reaction, change in ownership structure, transaction costs and trading activity on volatility and adverse selection components : evidence from reverse splits /." 2003. http://www.gbv.de/dms/zbw/557895111.pdf.
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Zavala, Carlos Gustavo Villela. "Determinants for the effective provision of public goods by honduran hometown associations in the United States: the Garífuna case." 2006. http://hdl.handle.net/11394/3779.
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Magister Artium - MAThe study concludes that the existence of HTAs in the USA is explained by the socially enforced institution of the hijos del pueblo (sons of the town) having a duty to help their hometowns, as well as the private benefits of preserving Garífuna traditions and the possibility of helping repatriate dead immigrants. Fulfilling this duty (and the consequent prestige attained) provides the incentives to send CRs home. In the cases studied, CRs were used to partly finance potable water projects, electricity projects, road paving, a community centre and the construction of a Catholic temple. In most of the cases HTAs worked with a local development organisation, known as Patronato, which formed specific committees for executing projects, for example the water and the electricity committees. For the construction of the temple, a religious organisation known as Pastoral was the local partner. The term Collective Remittances (CRs) refers to the money sent by migrant associations, known as Hometown Associations (HTAs), to Community-Based Organisations (CBOs) in their hometowns for financing public works projects. Few cases of CR are known in Honduras. The only ones reported are among the Garífunaethnic group living on the Caribbean Coast, and with a large migrant community in New York City (NYC). This mini-master’s thesis is the first study written on CRs in Honduras. It studies CR experiences in four Garífuna hometowns and their corresponding HTAs in NYC. It answers three questions: How do CRs work in each case? What are the determinants for HTAs to provide CRs to the hometowns? And what are the determinants for local CBOs in the hometowns to use the CRs effectively to provide public goods in the hometowns? CR is conceptualised as a that chooses which local group and project to finance, and the local CBO, which is the agent
Books on the topic "Adverse selection costs"
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Cutler, David M. Adverse selection in health insurance. Cambridge, MA: National Bureau of Economic Research, 1997.
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Cutler, David M. Paying for health insurance: The tradeoff between competition and adverse selection. Cambridge, MA: National Bureau of Economic Research, 1996.
Find full textBook chapters on the topic "Adverse selection costs"
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Schirmeier, Horst, Christoph Borchert, Martin Hoffmann, Christian Dietrich, Arthur Martens, Rüdiger Kapitza, Daniel Lohmann, and Olaf Spinczyk. "Dependability Aspects in Configurable Embedded Operating Systems." In Dependable Embedded Systems, 85–116. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-52017-5_4.
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AbstractAs all conceptual layers in the software stack depend on the operating system (OS) to reliably provide resource-management services and isolation, it can be considered the “reliable computing base” that must be hardened for correct operation under fault models such as transient hardware faults in the memory hierarchy. In this chapter, we approach the problem of system-software hardening in three complementary scenarios. (1) We address the following research question: Where do the general reliability limits of static system-software stacks lie, if designed from scratch with reliability as a first-class design goal? In order to reduce the proverbial “attack surface” as far as possible, we harness static application knowledge from an AUTOSAR-compliant task set, and protect the whole OS kernel with AN-encoding. This static approach yields an extremely reliable software system, but is constrained to specific application domains. (2) We investigate how reliable a dynamic COTS embedded OS can become if hardened with programming-language and compiler-based fault-tolerance techniques. We show that aspect-oriented programming is an appropriate means to encapsulate generic software-implemented hardware fault tolerance mechanisms that can be application-specifically applied to a selection of OS components. (3) We examine how system-software stacks can survive even more adverse fault models like whole-system outages, using emerging persistent memory (PM) technology as a vehicle for state conservation. Our findings include that software transactional memory facilitates maintaining consistent state within PM and allows fast recovery.
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"Risk Adjustment of Health Plan Payments to Correct Inefficient Plan Choice from Adverse Selection." In Measuring and Modeling Health Care Costs, 379–418. University of Chicago Press, 2018. http://dx.doi.org/10.7208/chicago/9780226530994.003.0013.
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Foucault, Thierry, and Sophie Moinas. "Is Trading Fast Dangerous?" In Global Algorithmic Capital Markets, 9–27. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198829461.003.0002.
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This chapter discusses the findings of the growing theoretical and empirical literature on trading speed in financial markets. The speed of trading has increased significantly in recent years, due to progress in information technologies and automation of the trading process. This evolution raises many questions about the effects of trading speed. It is argued that an increase in trading speed raises adverse selection costs but increases competition among liquidity providers and the rate at which gains from trade are realized. Thus, the effect of an increase in trading speed on market quality and welfare is inherently ambiguous. This observation is important for assessing empirical findings regarding the effects of trading speed and policy-making.
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Andrea, Perrone. "Part II The New EU Prospectus Rules, 10 ‘Light’ Disclosure Regimes: The EU Growth Prospectus." In Prospectus Regulation and Prospectus Liability. Oxford University Press, 2020. http://dx.doi.org/10.1093/law/9780198846529.003.0010.
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This chapter zooms in on the ‘light’ disclosure regime for small and medium-sized enterprises (SMEs). It shows that SME financing through capital markets is no easy task. On the supply side, adverse selection and lack of liquid secondary markets hamper the access of both retail and professional investors. On the demand side, lack of financial literacy, costs of compliance, and the possibility for the owners to lose control of the firm discourage SMEs from turning to capital markets for funds. For both reasons, it is therefore understandable why SMEs are typically financed through banking and banks maintain a ‘monopolistic’ power over SMEs. In this context, the chapter argues that the light disclosure regime introduced by the Prospectus Regulation is mostly toothless. Still shaped by the ‘myth of the informed layman’ and of little use to institutional investors, the EU Growth prospectus does reduce compliance costs for issuers but suffers the lack of a EU-based ‘eco-system’ fully supporting SMEs seeking finance.
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Temin, Peter. "The Grain Trade." In The Roman Market Economy. Princeton University Press, 2012. http://dx.doi.org/10.23943/princeton/9780691147680.003.0005.
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This chapter explores the Mediterranean wheat market. The Romans made many products, from wines to pottery and glass, but wheat was the most widely traded commodity during those times. Shipped from distant provinces, the grain changed hands many times before it reached Rome. This trade was organized by the state and private merchants who did not have the benefit of modern means of transportation or communication, and merchants faced high transaction costs from several sources. The Roman government cleared the Mediterranean of pirates in 67 BCE, reducing greatly one major source of risk for merchants. However, merchants in Rome still had to rely on potentially corrupt agents operating in faraway provinces for months at a time. This arrangement created adverse selection and moral hazard problems from the asymmetric information available to merchants and their agents.
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Wah, Elaine, Stan Feldman, Francis Chung, Allison Bishop, and Daniel Aisen. "A Comparison of Execution Quality across US Stock Exchanges." In Global Algorithmic Capital Markets, 91–146. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198829461.003.0005.
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The fragmented nature of the US equities exchange landscape has given rise to structural inefficiencies, creating the potential for conflicts of interest between market participants. The introduction of the Investors Exchange offers the opportunity to evaluate market quality across exchanges with varying fee structures. The chapter studies four dimensions of market quality—liquidity, execution costs, price discovery, and market stability—and examines structural mechanics responsible for disparities in execution quality. A trend is observed in venue stratification by fee structure: maker-taker exchanges dominate the US equities trading landscape despite greater adverse selection, less stability around executions, significantly longer queues at the inside, and a lower probability of execution in aggregate. This suggests that access fees and rebates perpetuate economic incentives misaligned with the tenets of best execution, and may promote activity detrimental to market quality. The chapter employs a publicly available dataset (Daily TAQ) to facilitate replication of our metrics.
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"ERP Selection." In Organizational Advancements through Enterprise Information Systems, 99–119. IGI Global, 2010. http://dx.doi.org/10.4018/978-1-60566-968-7.ch007.
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Previous studies have shown that Enterprise Resource Planning (ERP) systems have significantly impacted positively on the productivity of the organization. However, there exists a cost-failure paradox. ERP systems are very expensive and constitute a huge budgetary component, yet the failure rate of ERPs is very high. The selection process of ERPs is a critical success factor. This study focuses on the product and organizational constructs that affect the selection of ERP systems. The authors utilized an extension of technology acceptance model (TAM) by elements of the information systems (IS) success model. The study evaluated the impact of system quality, information quality, service quality, and support quality as key determinants of cognitive response, which influences ERP system purchase/use. Industry, firm size, buying center, and product experience were introduced as organizational constructs. The results of the study indicate that system quality, information quality and software support are significant product qualities that affect an organization’s decision to adopt an ERP product. Among the organizational constructs, only firm size was found to be statistically significant. The results also indicate that multi department committees and the IT department are the major buying centers responsible for vendor selection. In terms of information source, vendor reference and adverts are major information sources, while government standards and popularity/experience of vendors are important considerations in vendor selection.
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Shamshiry, Elmira, Abdul Mumin Abdulai, Mazlin Bin Mokhtar, and Ibrahim Komoo. "Regional Landfill Site Selection with GIS and Analytical Hierarchy Process Techniques." In Handbook of Research on Cultural and Economic Impacts of the Information Society, 248–82. IGI Global, 2015. http://dx.doi.org/10.4018/978-1-4666-8598-7.ch011.
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Increasing population and urbanization pose a huge challenge for municipal authorities to select suitable landfill site to dispose the increasing quantities of solid waste. Wrong landfill siting can result in social, environmental and economic cost. Therefore, suitable approaches are required to select landfill sites because that can enhance sound waste disposal practice in the fast-growing urban areas. The Geographic Information System based Multi-criteria Decision Analysis has been used in this chapter to examine the essentials of an effective site selection. GIS-based MCDA is an intelligent system that transforms spatial data into valuable information which can be used to make critical decisions. The analytical hierarchy process is utilized to assist the prioritization process. In Langkawi, disposal of municipal solid waste into open sites could lead to different adverse impacts on public health and the physical environment. This paper represents simple but effective method to assist landfill site selection efforts in the Langkawi.
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Stables, Rod. "The ‘golden rules’ of percutaneous coronary intervention." In Oxford Textbook of Interventional Cardiology, edited by Simon Redwood, Nick Curzen, and Adrian Banning, 75–80. Oxford University Press, 2018. http://dx.doi.org/10.1093/med/9780198754152.003.0006.
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This chapter identifies general principles for the practice of interventional cardiology. The focus is on general strategic approach and the exposition of core concepts rather than details of equipment selection and manipulation. Although framed for percutaneous coronary intervention, the philosophy will translate to all forms of interventional cardiology. In contemporary activity adverse events are fortunately rare and it is very difficult for an individual operator to identify ‘best practice’ on the basis of personal experience and individual reflection. These ‘golden rules’ are based on lessons, sometimes learned at cost to patients and operators, over three decades. Knowledge of these issues and a more systematic approach may provide a framework for safe and effective practice.
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Bouhdid, Badia, Wafa Akkari, Abdelfettah Belghith, and Sofien Gannouni. "An Efficient Recursive Localization Approach for High-Density Wireless Sensor Networks." In Semantic Web Science and Real-World Applications, 197–218. IGI Global, 2019. http://dx.doi.org/10.4018/978-1-5225-7186-5.ch008.
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Although recursive localization approaches are efficiently used in wireless sensor networks (WSNs), their application leads to increased energy consumption caused by the important communication overhead necessary to achieve the localization task. Indeed, localization information coverage increases iteratively as new nodes estimate their locations and become themselves new reference nodes. However, the uncontrollable number evolution of such nodes leads, especially in high density networks, to wasted energy, important communication overhead and even impacts the localization accuracy due the adverse effects of error propagation and accumulation. This chapter proposes an efficient recursive localization (ERL) approach that develops a new reliable reference selection strategy to ensure a better distribution of the reference nodes in the network. ERL improves localization accuracy without incurring any additional cost. It allows conserving the energy and consequently prolonging the WSN life time.
Conference papers on the topic "Adverse selection costs"
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Cho, Jay, Scarlett R. Miller, Timothy W. Simpson, and Steven B. Shooter. "Effects of Over-the-Counter Medication Product Family Packaging Design on Knowledge Acquisition and Consumer Preferences." In ASME 2014 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. American Society of Mechanical Engineers, 2014. http://dx.doi.org/10.1115/detc2014-35328.
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Adverse drug events result in hospitalization of more than 1.5 million Americans each year leading to large increases in health care costs. Although researchers have shown that a large portion of these adverse drug events are preventable, most Americans admit to only reading portions of over-the-counter (OTC) labeling, and only half say they seek out information on the label for usage information when they take an OTC medication for the first time. It is important then that we carefully consider what packaging features can motivate consumers to more thoughtfully consider the use of the OTC medicine and how packaging commonality within a product family influences the correct selection of these medications. In order to understand these questions, a controlled study was conducted with sixty-four participants who were asked to complete a Short Test of Functional Health Literacy in Adults (s-TOFHLA), a medication selection questionnaire that required participants to select the appropriate medication based on a given set of symptoms, and a packaging label ratings questionnaire. Two medication brands with five different types of package designs were studied. Product family commonality metrics were used to analyze the similarity among these simulated products, and statistical analyses were performed on the selection time and accuracy data obtained. The results illustrated that variations in labeling and product family packaging design significantly impact the accuracy and efficiency of medication decision-making and thus has the potential to reduce adverse drug events made during the OTC medication selection process.
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Prystay, Ward, Andrea Pomeroy, and Sandra Webster. "Achieving Efficiency in Environmental Assessment Through Focused Selection of Valued Components." In 2014 10th International Pipeline Conference. American Society of Mechanical Engineers, 2014. http://dx.doi.org/10.1115/ipc2014-33359.
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Some of the largest oil and gas projects in Canada are currently being proposed in British Columbia. Establishing a fulsome and scientifically and socially defensible scope for environmental assessments in the oil and gas sector is a serious challenge for government and proponents. The approach taken by the federal National Energy Board to scope effects assessments on pipelines is quite different than the approach taken by the British Columbia Environmental Assessment Office on other types of oil and gas projects. The NEB has published guidelines for scoping and conducting environmental and socio-economic assessments within its Filing Manual (National Energy Board [NEB] 2014). This manual sets out the expectations for scoping, baseline information, and effects assessments to be submitted as part of approval applications. Proponents are expected to provide all information necessary to meet the guidelines. In British Columbia, the environmental assessment process is dictated by the British Columbia Environmental Assessment Act and includes a negotiated terms of reference for the assessment, called the Application Information Requirements (AIR). The approach to selection of valued components is guided by provincial guidelines (EAO, 2013). The first draft of the AIR is prepared by the proponent and is then amended to address matters raised by federal and provincial agencies, local governments, and representatives of potentially affected First Nations. Through two to three revisions, the scope of assessment is jointly established and then formally issued by the government. While there are valid reasons for the differing federal and provincial approaches to scoping environmental assessments, each of these processes create risks for proponents in terms of project timelines and costs for preparing the environmental assessment. More specifically, the use of generic and negotiated guidelines can result in a number of issues including: • A scope of assessment that is broader than necessary to understand the potential for significant adverse effects • Inclusion of issues that are “near and dear” to a specific regulator or community but has no direct relationship to the effects of the project itself • Selection of valued components that do not allow for defensible quantification of effects or use of directly relevant significance thresholds • Selection of valued components that are only of indirect concern as opposed to focusing the assessment on the true concern. • Double counting of environmental effects • Risks in assessing cumulative effects This paper discusses where and how these risks occur, and provides examples from recent and current environmental assessments for pipelines and facilities in British Columbia. Opportunities to manage the scope of assessment while providing a fulsome, efficient, effective and scientifically/socially defensible assessment are discussed.
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De Stefani, Vania, and Peter Carr. "A Model to Estimate the Failure Rates of Offshore Pipelines." In 2010 8th International Pipeline Conference. ASMEDC, 2010. http://dx.doi.org/10.1115/ipc2010-31230.
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Pipelines are subjected to several threats which can cause failure of the line, such as external impact, mechanical defects, corrosion and natural hazards. In particular, offshore operations present a unique set of environmental conditions and adverse exposure not observed in a land environment. For example, offshore pipelines located near harbor areas and in major shipping lanes are likely to be exposed to the risk of damage from anchor and dropped object impact. Such damage may result in potential risk to people and the environment, and significant repair costs. Quantitative Risk Assessment (QRA) is a method which is often used in the oil and gas industry to predict the level of risk. In QRA calculations the frequency of an incident is often assessed by a generic failure frequency approach. Generic failure frequencies derived from local incident databases are largely used in pipeline risk assessments. As a result, risk assessments for offshore pipelines may not reflect accurately operational experience for a specific pipeline or region of operation. In addition, a better understanding of the causes and characteristics of pipeline failure should provide important information to improve inspection and maintenance activity for existing pipelines and to aid in selection of design criteria for new pipelines. This paper presents an analysis of the failure data from various pipelines databases to see if there is a common trend regarding failure rates, and failure-rate dependence on pipeline parameters. A breakdown of the causes of failure has been carried out. The effect on failure frequency of factors such as pipeline age, location, diameter, wall thickness, steel grade, burial depth, and fluid transported have been investigated and are discussed. The objective of this paper is to provide a guideline for the determination of failure frequency for offshore pipelines and to describe a new model developed for use within BP for this purpose. This model uses historical databases and predictive methods to develop failure frequencies as a function of a range of influencing parameters.
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Ao, Zhijun, Leon Li, and Zunfa Wei. "A Study on a Multiple Film Technique Utilized in Radiographic Examination for Steel Castings With Complicated Geometry." In 2014 Joint Rail Conference. American Society of Mechanical Engineers, 2014. http://dx.doi.org/10.1115/jrc2014-3738.
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Castings on transit railcars often have complicated geometry. Varying thicknesses and limited space for shooting are difficult for radiographic testing of such castings. To reach the high-quality requirements of the density, accuracy, contrast, and sharpness of the films, a series of experiment were performed on one casting with complicated geometry to compare different results from different shooting methodologies. Films with different ISO speeds are suitable for different wall thickness while their detection ranges overlap with each other. By adopting multiple film techniques, radiographic quality is enhanced when inspecting complicated castings geometries. The utilization of lead intensifying screen contributes to improve the image quality of the radiograph, so that the absorption of different sections is equalized and the prescribed quality level and density requirements are met. Latitude of film is improved by selecting appropriate voltage. Source-to-film distance is increased in order to minimize geometric unsharpness and ensure overall uniformity. Lead foil screens are utilized as a filter in front of films to absorb scattered radiation. In addition, back scatter radiation is reduced by placing lead plates behind the cassette. Large focal spot size is adopted. Short time of exposure is preferentially selected for the purpose of reducing the active time of scattered radiation. Moreover, the selection of other associated processing parameters helps to lessen the adverse effects caused by complicated casting geometries. The results of these experiments show that the quantities of films and inspection cost can be reduced, efficiency of inspection can be improved; missing detection in complicated areas can be effectively avoided; the detection capability is increased and reliability of inspection results is ensured. In conclusion, the multiple film technique is a satisfactory methodology for radiographic testing of steel castings with complicated geometry.
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Okwudire, Chinedum E., and Peng Zhao. "Reduction of Vibrations in Ball Screw Driven Machine Tools by the Optimal Selection of Nut Parameters." In ASME 2012 International Manufacturing Science and Engineering Conference collocated with the 40th North American Manufacturing Research Conference and in participation with the International Conference on Tribology Materials and Processing. American Society of Mechanical Engineers, 2012. http://dx.doi.org/10.1115/msec2012-7283.
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Due to the growing need for sustainable manufacturing processes, machine tool designers are constantly looking for ways to reduce unwanted structural vibrations without having to increase the mass/inertia of moving components, which in turn increases the energy consumption and cost of the machines. Recent research has shown that, due to the coupling introduced by the nut, the torque applied to ball screw drives by the motor causes undesirable lateral (bending) vibrations of the screw, which adversely affects the fatigue life and positioning accuracy of ball screw drives. By analyzing the stiffness matrix connecting the screw to the nut, this paper shows that the helix angle of the screw and the entry/exit angles of the balls have the most influence on the degree of coupling between motor torque and lateral vibrations of the screw. Consequently, by carefully selecting the helix angle of the screw together with the entry/exit angles of the balls, the undesirable lateral vibrations of the screw can be minimized, without having to increase the diameter (i.e. stiffness/inertia) of the ball screw. The merits and limitations of the proposed method are demonstrated using simulations on a single-axis ball screw driven machine.
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Long, Dejiang, Michael J. Bender, Les F. Sawatsky, Paul Anderson, and Serge Metikosh. "Sediment Entrainment During Construction of River Pipeline Crossings: Occurrence, Prediction and Control." In 1998 2nd International Pipeline Conference. American Society of Mechanical Engineers, 1998. http://dx.doi.org/10.1115/ipc1998-2125.
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Sediment entrainment in rivers caused by pipeline watercourse crossing construction may represent a constraint on pipeline route selection and construction methods as designers attempt to develop a sediment and erosion control plan which meets regulatory approval without risk of costly delays. To avoid the risk of significant sediment entrainment, conventional open-cut crossing techniques may be replaced by more costly directional drilling methods. However, the concern over suspended sediment is greatest in high velocity rivers where the bed material includes a large fraction of fine sand, and in rivers with a large fraction of fine grained bed material which becomes suspended upon disturbance by construction activities. According to the current understanding of aquatic impacts due to elevated suspended sediment levels, the occurrence of suspended sediment may not be excessive at open-cut excavation in certain types of streams depending on the material consistency, fine sand content and river flow velocity (Anderson et al, 1996). Control of sand entrainment can normally be achieved by low cost sediment control systems during construction. Methods of prediction, impact assessment, and control of sediment entrainment have been developed so that high risk crossings can be identified and impacts minimized. The application of the study findings and best management practices (BMPs) for sediment control will allow developers to choose the most appropriate crossing method while avoiding potentially adverse impacts, based on a sound understanding of river sediment transport, bed material conditions and downstream aquatic resources.
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Chromec, Peter. "SCR DeNOx Systems in Hitachi Zosen Inova’s European EfW Facilities." In 19th Annual North American Waste-to-Energy Conference. ASMEDC, 2011. http://dx.doi.org/10.1115/nawtec19-5414.
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Nitrogen Oxide (NOx) emissions of new Energy-from-Waste (EfW) facilities, especially in ozone non-attainment zones, are coming under increased scrutiny by permitting agencies in the US as new EfW projects are permitted. While the EPA national technology based limits for EfW plants under the New Source Performance Standards are still at 150 ppmdv at 7% O2, many permitting authorities are requiring substantially lower limits for new EfW plants in their states or air quality regions under EPA’s New Source Review/Prevention of Significant Deterioration air quality permitting program. This trend is directly related to the question, how the Lowest Achievable Emission Rate (LAER) and Best Available Control Technology (BACT) limits for NOx in EfW plants should be defined in ozone nonattainment and attainment areas respectively. Since lower NOx limits increase the cost of EfW as a sustainable waste management method, too stringent emission limits may have the adverse effect that more waste is landfilled due to the economic competition between these waste management methods which will actually lead to higher overall emissions and lower sustainability. Like other technology suppliers, Hitachi Zosen Inova (HZI, earlier AE&E Inova), a worldwide leader in EfW technology, has used various NOx control options. Apart from standard SNCR systems which can safely meet the EPA NSPS limits, there is DyNOR™, the advanced SNCR-based technology which can safely reach values below 100 ppmdv at 7% O2, and the SCR (Selective Catalytic Reduction) technology, which can reach values down to far below 50 ppmdv at 7% O2. However, once a certain emission limit is determined, the question is how this limit can be safely and continuously achieved with the lowest possible cost per ton of waste treated.
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Johansson, Andrew E., Philip S. Stacy, Dean K. White, and Fangbiao Lin. "Advancements In Hydraulic Modeling of Cooling Water Intakes in Power Plants." In ASME 2005 Power Conference. ASMEDC, 2005. http://dx.doi.org/10.1115/pwr2005-50041.
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Satisfactory hydraulic performance of pump intakes is very important to avoid flow conditions that would adversely affect the performance of cooling water and service water pumps in power plants. Hydraulic performance is best evaluated using physical hydraulic models. Typically, a hydraulic model is used to identify formation of any objectionable free surface and subsurface vortices, presence of any high swirl or pre-rotation and/or non-uniform axial velocity distribution at the impeller entrance. A model study would evaluate an initial design based on an acceptance criteria and derive remedial modifications as needed to meet the acceptance criteria. Over the past several years, modeling of pump intakes has evolved in terms of criteria for model scale selection, instrumentation accuracy and computerized data acquisition techniques, the use of computational fluid dynamics (CFD) to evaluate detailed approach flow patterns and the availability of Hydraulic Institute Standards (HIS) for acceptance criteria to evaluate hydraulic performance. Also, hydraulic model studies conducted by various laboratories over many years have contributed to the advancement of the knowledge about vortex formation, swirl and scale effects in models. To the benefit of all, these advancements have resulted in higher confidence in models with more efficient execution of the model studies at minimal costs. The purpose of this paper is to present advancements that have been made in the field of hydraulic modeling of pump intakes. Examples are provided to show how hydraulic models may be used to first identify unacceptable flow conditions and then to derive modifications to improve the hydraulic performance for both circulating water and cooling water pump intakes.
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MattaraChalill, Subin, Chinnapalaniandi Periasamy, Pillai Nandakumar, and Ram Karthikeyan. "Interpretation and Analysis About Energy Savings in Commercial Green Houses Using Custom-Made Shadenets As Well As Thermal Reflective Screens." In ASME 2017 International Mechanical Engineering Congress and Exposition. American Society of Mechanical Engineers, 2017. http://dx.doi.org/10.1115/imece2017-71560.
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Greenhouses are known to be the modern outlook for the agronomical industry in terms of high-end yield especially in the regions where climatic conditions are not stable like in the Middle East, Europe, and United States. Crop optimization is one of the major challenges facing the farmers and the controlled production centers can dictate this difficulty in the upcoming market. Greenhouses are considered as the high -tech production centers which can support the food industry to have a green revolution through the mass production of the vegetables and spices. Properly designed commercial greenhouses can increase the yield by minimizing the operational cost especially in terms of reducing the energy consumption. In order to have a properly designed greenhouse, the selection or up gradation of the shade structures can play a vital role. Conventional greenhouses are made of polycarbonate sheets and in some cases the polyhouses by using simple polyethylene sheets. In this scenario, the main drawbacks were the energy consumption, operational expenses and the effectiveness of the indoor temperature control. Custom designed shades based on the crop requirements can provide high production rate by reducing the energy consumption. The detailed microstructural analysis in conjunction with the photosynthesis demand can provide a better selection of the shade-net or curtains. Greenhouse shade structure can be upgraded using the motorized specially designed nets or by using thermal-reflective screens. This up gradation can provide four stage advantages. In stage one this can decrease the 50% of heat energy and which will save the HVAC operational cost. During the stage, two better temperature control during the day and night will provide a good environment to provide proper PAR (Photosynthetically Active Radiation)[5] for photosynthesis, in the wavelength range of 400 to 700 nanometer. Third and fourth stages are the protection from the frost as well heat stress during the different climatic conditions. In the present market condition, the commercial greenhouses are being built in large scale by neglecting the energy saving options in shade structures. The commercial greenhouses using the upgraded shade structures can save the operational cost by 25 to 30%. Selection of this shade-nets or curtains can be done using the detailed microstructural analysis of the material. Shade-nets/curtains can be controlled manually, mechanically or can be automated in large-scale greenhouses. Flowering dates in the plants can be accelerated using the shading materials and delayed by the use of control treatment, which coincides with the results obtained in the previous studies [1]. This has proven with high land experiments [2]. Greenhouse shade nets are used in order to protect crops and plants from adverse weather conditions, animals and pests, besides providing suitable conditions for plant growth. The essential performance properties required for greenhouse shade nets are the resistance to solar radiation and weathering. The intensity of the Photo Synthetically Active Radiation (PAR) directly influences plant growth. Other nonvisible radiations are ultraviolet (UV), infrared (IR) and far infrared (FIR)[16]. Polypropylene and polyester are more resistant to UV radiation than polyethylene, which is resistant to radiations in the visible region. The use of greenhouse shade nets in outdoor conditions also requires them to be resistant to abrasion[3]. The objective of the present work is to examine the effectiveness of the properly selected shade-net/curtain in commercial greenhouses in terms of high yield energy savings. This study was conducted to compare the traditional polycarbonate sheet with the innovation of properly designed shade curtain made-up from high-density polyethylene (HDPE) fiber reinforced material discover the best shading method for plant growth in an ideal energy conservation scenario. The study was conducted in the two identical greenhouses (planted with lettuce crop) located in Al Khawaneej farm in the Emirate of Dubai in the United Arab Emirates. Yield versus the energy consumption has been observed in a period of time and obtained the reduction in energy consummation of almost 20 to 30 %.
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Khanna, S., P. McCluskey, M. Manno, A. Bar-Cohen, B. Yang, and M. Ohadi. "Structural Reliability of Novel 3-D Integrated Thermal Packaging for Power Electronics." In ASME 2015 International Mechanical Engineering Congress and Exposition. American Society of Mechanical Engineers, 2015. http://dx.doi.org/10.1115/imece2015-53749.
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The continual increase of device power and package integration levels has driven the development of advanced power electronics packaging solutions. This study will focus on a numerical modeling approach to design analysis and material selection to improve solder joint reliability in one of these advanced solutions — a thermally integrated power electronics package that aims to dissipate hot-spot heat flux (5 kW/cm2) via mini-contact based thermo-electric (TE) cooling in addition to removing background heat flux (1 kW/cm2) by manifold-microchannel cooling. The methodology used for performing the structural reliability modeling is a non-linear finite element analysis (FEA) approach. Combined thermal and mechanical analyses were run to obtain stresses and strains in the solder joint used to integrate the TE cooler with the mini-contact and the mini-contact with the Silicon Carbide (SiC) chip. To predict the Mean Time to Failure (MTTF) of SAC305 at various levels of integration, a Physics of Failure (PoF) based methodology was applied using Engelmaier’s failure model. In this paper, we will discuss the results of analyses of tapered, t-shaped, and lofted shaped mini-contacts made out of SiC, copper and diamond. Both structural design and material selection affect hot-spot heat dissipation and solder joint reliability. SiC has a good thermal conductivity at room temperature (RT), however, with increase in temperature, its thermal conductivity drops, and this can adversely affect device performance in high temperature applications. On the other hand, one can take advantage of high conductivity materials like copper, diamond or silver-diamond composite to keep the device cool and thus, improve package life time. However, for such high conductivity materials, one will need to take into account the cost of manufacturing complex shapes without any compromise in package thermal or reliability performance. It was found that a ductile mini-contact material will share the thermal mismatch strain with the solder interconnection, while a brittle mini-contact material will shift the failure site inside the TE cooler. It was determined that a mini-contact structure tapered near its top base and lofted (constant cross-sectional area) near the chip (bottom base) would provide the best reliability results. Application of high conductivity composite material (silver-diamond composite) to enhance structural reliability is discussed.
Reports on the topic "Adverse selection costs"
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Handel, Benjamin. Adverse Selection and Switching Costs in Health Insurance Markets: When Nudging Hurts. Cambridge, MA: National Bureau of Economic Research, September 2011. http://dx.doi.org/10.3386/w17459.
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Polyakova, Maria. Regulation of Insurance with Adverse Selection and Switching Costs: Evidence from Medicare Part D. Cambridge, MA: National Bureau of Economic Research, September 2015. http://dx.doi.org/10.3386/w21541.
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Wiener, Joshua M., Mary E. Knowles, and Erin E. White. Financing Long-Term Services and Supports: Continuity and Change. RTI Press, September 2017. http://dx.doi.org/10.3768/rtipress.2017.op.0042.1709.
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This article provides an overview of financing for long-term services and supports (LTSS) in the United States, paying special attention to how it has changed and not changed over the last 30 years. Although LTSS expenditures have increased greatly (like the rest of health care), the broad outline of the financing system has remained remarkably constant. Medicaid—a means-tested program—continues to dominate LTSS financing, while private long-term care insurance plays a minor role. High out-of-pocket costs and spend-down to Medicaid because of those high costs continue to be hallmarks of the system. Although many major LTSS financing reform proposals were introduced over this period, none was enacted—except the Community Living Assistance Services and Supports Act, which was repealed before implementation because of concerns about adverse selection. The one major change during this time period has been the very large increase in Medicare spending for post-acute services, such as short-term skilled nursing facility and home health care. With the aging of the population, demand for LTSS is likely to increase, placing strain on the existing system.