Allocation Choices Research Articles

Resource allocation choices in asset‐intensive industries

AbstractThe purpose of this study is to examine the determinants of tangible and intangible resource allocation in asset‐intensive organizations, by employing a qualitative and a quantitative study in the setting of the maritime shipping industry. First, the study employs seven in‐depth interviews to identify the firm‐specific factors that shape resource allocation decision‐making. Second, the study utilizes a unique panel dataset of public maritime shipping companies for the period 2010–2020 to empirically investigate the identified determinants of resource allocation choices. The results indicate that factors, such as firm's risk‐seeking profile, smaller size, limited cash liquidity, capability to access capital, lower cost of equity capital, higher cost of debt capital, lower level of insiders' ownership, younger CEO, and limited environmental‐related disclosures are positively affecting the number of tangible resources allocated. The findings, apart from enriching the body of literature, have some managerial implications that are discussed herein.

Life cycle assessment of liquid biofuels: What does the scientific literature tell us? A statistical environmental review on climate change

More than 580 peer-reviewed articles dealing with life cycle assessment (LCA) of biofuels, published from 2012 to 2020, were identified in the scientific literature. Articles without a clear and complete LCA hypothesis were discarded. This resulted into 172 useable articles, providing 566 carbon footprints. LCA of biofuels is a topic that has attracted increasing interest in recent times, with an average production of 20 papers per year on the subject. The objectives addressed range from installation optimisation and the assessment of new types of biomass to comparison of pathways and the impact of methodological choices in LCA. The analysis of published carbon footprints reveals a hierarchy in terms of the carbon footprint of diesel, gasoline, and jet fuel substitutes. The type of feedstock appears to be a determinant. Data collected from the literature highlight that biofuels’ carbon footprint varies greatly. However, the climate change mitigation potential of some pathways can be clearly confirmed. Methodological choices adopted by LCA practitioners remain an important source of differences in LCA results, as the allocation choices for co-products or the inclusion of land use change can lead to a wide range of results. The carbon neutrality principle also has the potential to influence LCA results, as described in the statistical analysis. Through an extensive literature review and a statistical analysis using econometric methods, this work provides an overview and analysis of the variability of the environmental impacts of biofuels in terms of greenhouse gas (GHG) to help shape stakeholder decision-making.

Clinical decision-making process and distributive justice: The mediating role of economic analysis. Empirical evidence from Italy.

The COVID-19 pandemic has not only tested the resilience of public health systems but also underscored the criticality of allocative choices on health resources. These choices, however, are not confined to health emergencies but are integral to public health decisions, which inherently grapple with limited resources. In this context, physicians play a pivotal role as the architects of clinical actions in various scenarios. Therefore, doctors are called upon to make their decisions by considering not only the criteria of clinical appropriateness but also the ethical aspects linked, in particular, to the principle of justice. Indeed, the assessment of the effectiveness of a treatment for a particular patient must be balanced against criteria of equity and justice for the whole. To be fully applied, the principle of justice presupposes the use of economic evaluation techniques designed to drive the organisation decisions by effectiveness and efficiency. The present paper aims to empirically analyse whether and to what extent economic evaluation is known and used by doctors in healthcare decision-making and, therefore, what the most widespread approaches are used in such processes. In particular, this paper intends to present the results of an empirical study on a sample of doctors registered with the Order of Physicians in Lombardy (Italy), one of the areas most affected by the COVID-19 pandemic. The research reveals a particular awareness of the criticality of allocation issues accompanied by a lack of knowledge of the economic evaluation techniques or, more broadly, by an almost total disuse of financial criteria. The main reasons are doctors' need for more knowledge of these tools and insufficient availability of economic information at the country system level. In the conclusion, we propose some suggestions to facilitate the transition to more current decision-making models consistent with the characteristics of more advanced national healthcare contexts.

A highly efficient, low-carbon CCHP system and its comprehensive optimization for an integrated medical and nursing complex

As the global population ages, the demands imposed by medical treatment and care for the elderly are becoming increasingly pressing. To reduce energy consumption and systemic defects in the process of integrating medical treatment and care for the elderly, the authors of this study designed a highly efficient, flexible and low-carbon combined cooling, heating, and power (CCHP) system for the integration of medical and nursing complexes by using a multi-level model of optimization. The complex was modeled in DeST software to obtain the cooling and heating loads, and the general algebraic modeling system software and mixed-integer linear programming (MILP) were used for the collaborative optimization of the choice of equipment, capacity allocation, and operational strategy. The results showed that the proposed system could reduce the total consumption of electric power by 40.95 % when a semiconductor wall was installed on floors 8–12 of the complex for elderly care. The energy management strategy of the system was also optimized by using the vehicle-to-building subsystem in a novel wind–solar–storage and heat pump-based combined cooling, heating, and power system. The rates of reduction in emissions of CO2 and NOx, and the rate of reduction in primary energy consumption of the Wind–Solar–Storage and Heat Pump (WSSH)–CCHP system were 96.5 %, 99.1 %, and 95.6 %, respectively. Finally, the heat pump-assisted liquid-gap membrane distillation (HP-LGMD) subsystem were optimized in MATLAB. The resulting gained output ratio, flux, thermal efficiency of the system, and energy consumed for water production were 0.0269, 4.22 kg/m2, 17.07 %, and 46.88 %, respectively. The proposed system is highly energy efficient, is capable of economical scheduling, and can use energy cascading, which provides guidance on sustainable development of environment and energy.

PPP project price mode typologies: a China-based comparative case study

PurposePublic–Private Partnerships (PPPs) are crucial to the procurement of global infrastructure projects. Moreover, a price mode based on a cluster of core concessionary items is key to the delivery of value-for-money and successful project outcomes. However, existing research has yet to fully identify PPP concessionary items, nor yet described the range of practical price modes. This study provides taxonomy of core concessionary items impacting PPP projects, systematically classifies price modes, and assesses the applicability and risk impacts of those price modes on PPP projects.Design/methodology/approachThis study adopts a comparative case study method in analyzing core concessionary items and alternative price modes. China is taken as the context, as it is one of the world’s largest PPP markets. In ensuring research validity and reliability, diverse data sources are utilized, with a graphic content analysis tool developed to capture the structure of price modes.FindingsEight PPP price modes are identified. These are: (1) UP (Unit Price) mode, (2) ALS (Annual Lump Sum) mode, (3) IRR (Internal Rate of Return) mode, (4) RP (Return for Investing Capital (RIC) - Profit Rate of O&M (PROM)) mode, (5) RFP (RIC - Financing Interest Rate (FR) - PROM) mode, (6) RFPL (RIC - FR - PROM - Lower Limit of User Charge (LLoUC)) mode, (7) RFL (RIC - FR - Lump Sum/Fixed Unit Price O&M Contract (LSOM/FUP)) mode, and (8) RFLL (RIC - FR - LSOM/FUP - LLoUC) mode. Other main findings are as follows: (1) Five risk allocation configurations can be achieved via these price modes. Yet while different price modes enable the allocation of specific risks, these do not always align with contracting parties’ original intentions. (2) IRR and RP modes may be less applicable in general because of their vulnerability in allocating critical risks and capacity for spurring opportunistic behavior.Originality/valueBy depicting the paths by which concessionary items in price modes affect cash flow, a systematic analysis of price modes was conducted exposing structural characteristics, along with risk allocation choice implications. The study is unique in: (1) Providing a systematic classification of PPP price modes used in PPP projects, (2) Presenting a comprehensive identification and streamlining of concessionary items in PPP practice, and (3) Analyzing the risk effects of different price modes. Together, these outcomes offer a hitherto unavailable perspective on PPP project risk management. The value of the study lies in the following: (1) Existing studies employ diverse concessionary items, but their applicability varies. This study offers an overarching framework facilitating decision-making in selecting appropriate PPP price modes and in determining concessionary items. (2) This study adds to the understanding of PPP price modes in significant ways that will aid local governments and potential sponsors in crafting and administrating more workable contract designs.

A Modigliani-Miller theorem for the public finances of globalized economies

In line with the capital structure irrelevance principle of Modigliani and Miller (1958), this article shows that when international capital allocation choices are determined by well-informed, deep-pocketed global financial investors, there are no net gains a government of a highly internationally financially integrated (“globalized”) economy can consistently extract from resorting to one type of deficit financing (say, debt) versus another (say, money) or by issuing debt in one form versus another. The article proves a new Neutrality Theorem whereby, in a globalized economy the cost of the capital needed by governments to finance their deficits is independent of whether: i) financing originates from debt or money, ii) debt is denominated in domestic or foreign currency, and iii) money and debt are issued under floating or fixed exchange rates. The theorem's two corollaries show that governments seeking to monetize their deficits must remunerate money holdings with a real return that varies inversely with credibility and directly with the stock of money The article points to areas for future research.

Towards flexibility and robustness of LSM trees

Log-structured merge trees (LSM trees) are increasingly used as part of the storage engine behind several data systems, and are frequently deployed in the cloud. As the number of applications relying on LSM-based storage backends increases, the problem of performance tuning of LSM trees receives increasing attention. We consider both nominal tunings—where workload and execution environment are accurately known a priori—and robust tunings—which consider uncertainty in the workload knowledge. This type of workload uncertainty is common in modern applications, notably in shared infrastructure environments like the public cloud. To address this problem, we introduce Endure, a new paradigm for tuning LSM trees in the presence of workload uncertainty. Specifically, we focus on the impact of the choice of compaction policy, size ratio, and memory allocation on the overall performance. Endure considers a robust formulation of the throughput maximization problem and recommends a tuning that offers near-optimal throughput when the executed workload is not the same, instead in a neighborhood of the expected workload. Additionally, we explore the robustness of flexible LSM designs by proposing a new unified design called K-LSM that encompasses existing designs. We deploy our robust tuning system, Endure, on a state-of-the-art key-value store, RocksDB, and demonstrate throughput improvements of up to 5×\\documentclass[12pt]{minimal} \\usepackage{amsmath} \\usepackage{wasysym} \\usepackage{amsfonts} \\usepackage{amssymb} \\usepackage{amsbsy} \\usepackage{mathrsfs} \\usepackage{upgreek} \\setlength{\\oddsidemargin}{-69pt} \\begin{document}$$\ imes $$\\end{document} in the presence of uncertainty. Our results indicate that the tunings obtained by Endure are more robust than tunings obtained under our expanded LSM design space. This indicates that robustness may not be inherent to a design, instead, it is an outcome of a tuning process that explicitly accounts for uncertainty.

Determinants of rice harvest allocation choices in several agroecosystems of Indonesia

Determinants of rice harvest allocation choices in several agroecosystems of Indonesia

Regionalisation process and the pattern of socio-residential specialisation between the crisis of the productive and redistributive spheres in the regional assemblage of Milan

The Milanese urban region can be understood as a trans-scalar assemblage, composed not only of the diverse territories within it and the materialities and individuals present there. It is also shaped by regulatory frameworks, such as administrative boundaries, resource allocation choices, the effects of the 2008 crisis on the population’s income, and the related spending review reforms. This paper explores the mechanisms and patterns of unequal accumulation of capital, both private and public, driven by the process of socio-residential specialisation taking place in the Milanese assemblage at the intersection between the neighbourhood effects generated by the overlap between regionalised residential geographies and the stability of municipal boundaries and the advent of the 2008 economic crisis, which acted on both productive and redistributive spheres. What emerges is a process of progressive socio-economic specialisation and segregation of the territories that make up the urban region.

Non-GAAP Earnings and Definite-Lived Intangible Asset Allocations in Mergers and Acquisitions

ABSTRACT We test whether firms that exclude the effects of amortization from non-GAAP earnings allocate more of an acquisition’s purchase price to definite-lived intangible assets (DLIA). This strategy can yield two potential benefits: it can (1) increase non-GAAP earnings by shifting depreciation of tangible assets, which is often included in non-GAAP earnings, to amortization of DLIA, which non-GAAP earnings exclude, and (2) decrease the likelihood of future impairments by shifting allocations from goodwill to DLIA. Consistent with expectations, we find that non-GAAP-reporting firms that exclude amortization from non-GAAP earnings allocate more of the purchase price to DLIA. We also find that these firms allocate less of the purchase price to depreciable assets and goodwill. Finally, we document earnings surprise and valuation benefits related to these allocation choices. Overall, our results provide new evidence about non-GAAP reporting and purchase price allocations and suggest that non-GAAP reporting can influence management’s GAAP accounting choices. Data Availability: All data are publicly available from sources described in the paper. JEL Classifications: M40; M41; M45.

Attention vs. accessibility: the role of different cue types for non-canonical sentence production in German

IntroductionThere is evidence of close links between the allocation of attention and the production of language. For instance, while speakers commonly produce active sentences when they describe an event with an agent acting on a patient, this preference can shift once the patient is in the spotlight of attention (e.g., by means of a brief attentional cue preceding the patient). In this case, speakers are more prone to produce non-canonical sentences such as passives. Critically, however, whereas attentional cueing is particularly effective for speakers of English, it has proven less effective for speakers of languages like German that differ from English in terms of case-marking and word order flexibility. This observation begs the question of how German speakers respond to alternative cue types that differ in the conceptual and lexical information they provide. In the current study, we address this question by directly comparing the effect of different cue types on sentence production.MethodsGerman-speaking participants were asked to describe transitive event scenes while their eye gaze was monitored via eye tracking. Prior to scene onset, participants saw one of three different cue types: a short attentional cue preceding the patient character, a long attentional cue, or a centrally presented pre-view of the patient (referential cue).Results and discussionOur results demonstrate that different cue types led to differences in speakers' propensity to produce passives. Critically, referential cueing was more effective than attentional cueing in increasing German speakers' rate of passive production, contra to what has previously been reported for English speakers. At the same time, the cues resulted in different viewing behavior, demonstrating that an increase in visual attention does not necessarily go hand in hand with an increase in passivization. Consequently, our findings show that a direct link between the allocation of attention and speakers' structural choices may not always be licensed.

Contingent administration of typical and biased kappa opioid agonists reduces cocaine and oxycodone choice in a drug vs. food choice procedure in male rhesus monkeys.

Combinations of mu and kappa-opioid receptor (KOR) agonists have been proposed as analgesic formulations with reduced abuse potential. The feasibility of this approach has been increased by the development of KOR agonists with biased signaling profiles that produce KOR-typical antinociception with fewer KOR-typical side effects. The present study determined if the biased KOR agonists, nalfurafine and triazole 1.1, could reduce choice for oxycodone in rhesus monkeys as effectively as the typical KOR agonist, salvinorin A. Adult male rhesus monkeys (N = 5) responded under a concurrent schedule of food delivery and intravenous cocaine injections (0.018mg/kg/injection). Once trained, cocaine (0.018mg/kg/injection) or oxycodone (0.0056mg/kg/injection) was tested alone or in combination with contingent injections of salvinorin A (0.1-3.2µg/kg/injection), nalfurafine (0.0032-0.1µg/kg/injection), triazole 1.1 (3.2-100.0µg/kg/injection), or vehicle. In each condition, the cocaine or oxycodone dose, as well as the food amount, was held constant across choice components, while the dose of the KOR agonist was increased across choice components. Cocaine and oxycodone were chosen over food on more than 80% of trials when administered alone or contingently with vehicle. When KOR agonists were administered contingently with either cocaine or oxycodone, drug choice decreased in a dose-dependent manner. Salvinorin A and triazole 1.1 decreased drug-reinforcer choice without altering total trials completed (i.e., choice allocation shifted to food), while nalfurafine dose dependently decreased total trials completed. These results demonstrate that salvinorin A and triazole 1.1, but not nalfurafine, selectively reduce cocaine and oxycodone self-administration independent of nonspecific effects on behavior, suggesting that G-protein bias does not appear to be a moderating factor in this outcome. Triazole 1.1 represents an important prototypical compound for developing novel KOR agonists as deterrents for prescription opioid abuse.

Flowsheet design and environmental impacts of cobalt co-product recovery from complex Au-Co ores

The increasing demand for battery metals, such as cobalt, increases the attractiveness of conventionally overlooked raw materials, such as small multi-metal deposits. With the length of mining and extractive metallurgy projects, it is advantageous to evaluate possible processing routes well in advance with a variety of tools, such as experimental, piloting, simulation, and life cycle assessment. In this study, simulation-based life cycle assessment was used to compare the baseline of only recovering gold from sulfidic Au-Co-(Cu-As) ores to five scenarios where both gold and cobalt were recovered, the latter as battery grade cobalt sulfate heptahydrate. Technical performance and several impact categories affecting climate change, ecosystems, and human health, were investigated to assess the advantages and drawbacks of each option.The environmental competitiveness varied between different studied scenarios vs. observed impact categories. The baseline process - with no cobalt recovery - had the lowest energy and global warming impacts but fared worse in toxicity categories. Pressure leaching scenario achieved low toxicities but was shown to be environmentally highly intensive in all other categories. The pyrometallurgical-hydrometallurgical roasting-leaching process resulted in the lowest environmental impacts in most of the studied categories. However, in terms of acidification and photochemical oxidant creation, the fine grinding-leaching process was the best option. In all studied scenarios the major technical challenge was found to be the stabilization of arsenic, yet the technical issues can effectively be resolved by treating the arsenical and non-arsenical concentrates in separate processes. In the current results, the temporal boundary, allocation choice, and current lack of experimental work remain major sources of uncertainty.

Methodological aspects in assessing the whole-life global warming potential of wood-based building materials: comparing exterior wall structures insulated with wood shavings

Due to the heavy environmental impacts on the building industry, wood-based building materials are gaining interest. They may improve the indoor climate and have a low carbon footprint compared to steel and concrete structures. This study provides knowledge on the carbon footprint of wood shavings (WSs) and WSs improved with clay as insulation materials. The study defines the lifecycle emissions of five different wall structures, of which two are of conventional type in the Finnish context and three with WSs as insulation. The study follows the EN standards on buildings’ life cycle assessment with a streamlined approach and discusses the applicability of the method in the normative context. The study analyzes multiple methodological aspects, including biogenic carbon, co-product allocation, and defining the functional unit in wall structure comparison. In the base case, the exterior wall using WS as insulation provided the lowest GHG emissions of the compared structures. The study finds global warming potential (GWP) of WSs moderately sensitive to allocation choices and energy sources used in the drying of WSs with clay, while the End-of-Life treatment option can radically change the results in biogenic GWP. From the perspective of applying the buildings’ life cycle assessment in the normative context, there is a call for further research for controlling uncertainties in modeling End-of-Life options of biogenic materials.

Macroeconomic Announcements: How Announcements Shape Trading Strategies

The Capital Asset Pricing Model (CAPM) is a widely used and tractable model relating financial risk and return. However, it has been less successful when taken to the data. In their seminal paper, Frazzini and Pedersen propose a Betting Against Beta (BAB) factor to take advantage of this fact. In their construction, the BAB factor is a portfolio which longs low-beta stocks and shorts high-beta stocks. Since its construction, the BAB factor has been widely cited and used both in financial academics and in industry. This paper proposes a novel betting on and against beta (BOAB) strategy, which bets on beta on days with macroeconomic announcements and bets against beta on days without. Here, macroeconomic announcement days are defined as days when inflation, unemployment, or interest rate decisions are released. Our findings confirm the persistent positive beta-return relationship observed on macroeconomic announcement days. We show that compared to the BAB strategy, BOAB delivers higher average daily excess returns over the time period 1964 to 2021 when applied to the U.S. stock market. This outperformance of the BOAB strategy is robust to different constructions of the BAB factor and is economically and statistically significant when compared with the usual asset pricing factors such as value, size, and momentum. The outperformance of the BOAB strategy could be used to inform agents’ portfolio allocation choices. Limitations are also discussed.

AN EVALUATION OF ROBO-ADVISOR RISK ASSESSMENT QUESTIONNAIRES IN SELECTED ASIA PACIFIC ECONOMIES

This study was conducted to evaluate the risk assessment questionnaires of a sample of 30 robo-advisors from seven selected Asia Pacific economies. Using a descriptive research approach, the study initially classified the questions gathered from the robo-advisor risk assessment questionnaires into risk capacity and risk tolerance, and further divided them into 26 subcategories. Then a comparison of the number of questions in each robo-advisor’s questionnaire was followed, where the risk tolerance wa found to have a higher proportion of questions than risk capacity. Next, the comparison of the questions per subcategory for each sample economy was done and reported that questions on investment amount dominate the risk capacity category, while risk versus return preference prevails in the risk tolerance category. Lastly, an analysis of the correlation between the answer value and percentage of equity in the recommended portfolios of robo-advisors in each sample economy was performed. The findings revealed that most of the robo-advisors formulate their portfolio recommendations without utilizing all the parameters or questions in the risk assessment questionnaires. The key influences of robo-advisors’ portfolio recommendations were asset allocation choices of the investors, followed by the investors’ attitude towards risk and risk versus return preference. This paper enriches the literature on robo-advisors by evaluating the risk assessment questionnaires adopted in the Asia Pacific region. In terms of practical implications, the results highlight the deficiencies of the existing questionnaires and assert that they should be reviewed and redesigned to more accurately capture investors’ risk characteristics and reflect all information gathered in the portfolio recommendations.

A network-level management system to mitigate the global warming potential of road pavements

ABSTRACT This study details a new, network-level optimization tool aimed at supporting transportation agencies in their efforts to reduce the global warming potential of their road pavement infrastructure. Through a two-stage bottom-up algorithm that integrates with a comprehensive cradle-to-grave life cycle assessment, the proposed tool learns optimal management policies for individual pavement sections and uses that information to guide network-level allocation choices. Through a realistic case study based on data made available by a state department of transportation, this study demonstrates that the proposed modelling approach identifies management strategies expected to reduce the global warming potential of a pavement network by up to 4.8% over 20 years relative to a more traditional, reactive management approach. The resulting model presented in this paper can support agencies in achieving ambitious targets to reduce the global warming potential of their paved infrastructure systems.

The Effects of Business Strategy and Product Market Competition on Real Earnings Management

This research investigated the singular and combined effects of firm-level business strategy (BS) and industry-level market competition (MC) on real activities-based earnings management (REM). A composite strategy score based on Miles and Snow’s framework was used to empirically assess BS, while MC was measured through three distinct metrics, and REM was calculated based on Roychowdhury’s (2006) models of abnormal level of production, sales, and discretionary expenditures. Archival data from United Stated (U.S.) non-financial public listed firms in the period 1987-2020 was analyzed using Ordinary Least Squares (OLS) regressions, controlled for industry and year fixed effects. Findings suggested that firms following an innovation-oriented prospector strategy are associated with lower levels of REM than firms following an efficiency-oriented defender strategy. While MC alone did not have a significant effect on REM, the combined effect of BS and MC reveals that prospectors in more competitive markets engage less in REM activities, which confirms the relevance of competition in the relationship between BS and REM. This research contributes to earnings management literature by documenting that REM practices are affected not only by internal choices of resource allocation in accordance with a business strategy, but also by exogenous determinants of market competition.

Resource allocation and BER performance analysis of NOMA based cooperative networks

Resource sharing and management can significantly improve the performance and spectral efficiency of wireless systems. In power domain non-orthogonal multiple access (NOMA) systems, users share a common bandwidth for simultaneous data transmission and therfore, the spectral efficiency of the system will be improved at the expense of increased complexity. Provided proper power allocation, it is possible to detect symbols at receivers. In this paper, the downlink of a cellular system is considered where a base station (BS) communicates with two users using NOMA with the assistance of a decode-and-forward (DF) relay. In the proposed scheme, receivers combine received signals from direct and cooperative links, and decode symbols by employing successive interference cancellation (SIC). The bit error rate (BER) performance of the proposed scheme is analyzed and the optimal power allocation is also derived through a Min–Max optimization, and a closed form approximate solution is proposed for binary phase shift keying (BPSK) modulation. Furthermore, it is proved that the proposed receiver achieves full diversity order for all users for proper choice of power allocation. Simulation results also corroborate BER and diversity analysis.

Return on Investment (ROI) of Three Vaccination Programmes in Italy: HPV at 12 Years, Herpes Zoster in Adults, and Influenza in the Elderly.

The calculation of the return on investment (ROI) allows the estimation of the opportunity cost of a series of interventions and can therefore help to make allocative choices. The objective of this study is to estimate the ROI of three vaccinations (HPV for adolescents, HZ for adults, and influenza for the elderly) in the Italian context, considering the impact of increasing vaccination coverage based on target objectives of the National Immunization Plan (PNPV) 2017-2019 and accounting for different eligibility criteria of each vaccination. Three separate static cohort models were constructed, including the eligible population for these vaccinations on the basis of the PNPV 2017-2019 and following this population until death (lifetime horizon) or until vaccination waning. Each model compares the level of investment at current vaccine coverage rates (current VCRs scenario) with that of optimal NIP target VCRs with a non-vaccination scenario. The ROI for HPV vaccination was the highest among the programs compared and was always above 1 (range: 1.4-3.58), while lower values were estimated for influenza vaccination in the elderly (range 0.48-0.53) and for vaccination against HZ (range: 0.09-0.27). Our analysis showed that a significant proportion of savings generated by vaccination programs occurred outside the NHS perspective and might often not be estimated with other forms of economic evaluation.