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That means that the fund benefits less when the dollar falls, as it did last year, than a fund that does not hedge.
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We could use "indication-based pricing" — paying more for a drug when it's used to treat a medical condition for which the benefits are large, and less when it's used for a condition for which it offers little.
But, in evolution as in economics, individuals tend to invest less when benefits are shared with some larger group.
This may be because the range of frequency of monitoring rates in the treatment centres was very narrow (mean interval between appointments in all centres ranged between 3 and 5 months) and the marginal benefit of monitoring more often is less when patients are already monitored that frequently.
Rather than save more, many may save even less when the prospect of benefiting is a yawning 45 years hence.
The benefit of a higher return is also much less when the money has such a short time to compound.
Further, benefit of adjuvant chemotherapy among older patients is less when evaluated by life-years saved.
Indeed, says the IMF, bondholders should benefit from making defaults less costly to work out, because the value of bonds would fall by less when defaults happen.
David Furr benefits less from this approach.
People were willing to prioritise resource allocation to severely ill patients, even when they would benefit less from treatment than others, or were willing to reduce the number of QALYs gained in order to help those perceived to be most in need in terms of severity of illness.
Adolescents appear to benefit less, owing to a reduction in time when the glucose sensor was used [ 20].
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com