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We analytically show that a common across rich/poor individuals Stone-Geary utility function with subsistence consumption in the context of a simple two-asset portfolio-choice model is capable of qualitatively explaining: (i) the higher saving rates of the rich, (ii) the higher fraction of personal wealth held in stocks by the rich, and (iii) the higher volatility of consumption of the wealthier. On the contrary, time-variant "keeping-up with the Joneses" weighted average consumption playing the role of moving benchmark subsistence consumption gives the same portfolio composition and saving rates across the rich and the poor, failing to reconcile the model with what micro data say.
"Since the events of the eighteenth century, in particular the French and American Revolutions, the concept of revolution has become one of the most important, and most widely used, concepts of modern political and philosophical thought. The revolutions of the eighteenth century are, however, also marked by a temporal logic that questions their radical departure from the past, both intellectually and practically. Indeed, the concept of revolution is often coupled with a renewed interest in ideals of human self-conception, moral beauty and education that are seen as having emerged in the classical antiquity of Greece and Rome. On both sides of the Atlantic, references to classical antiquity support contemporary achievements, on the one hand, and are used to question the existing state of political and intellectual affairs, on the other."
The European Commission's Green Paper "Audit Policy: Lessons from the Crisis" raises 38 questions regarding how the audit function could be enhanced in order to contribute to increased financial stability. The authors comment on these 38 questions, arguing that the general level of audit quality can be enhanced by extending the duties of care and by tightening the regulations on liability.
Homestead exemptions to personal bankruptcy allow households to retain their home equity up to a limit determined at the state level. Households that may experience bankruptcy thus have an incentive to bias their portfolios towards home equity. Using US household data from the Survey of Income and Program Participation for the period 1996-2006, we find that especially households with low net worth maintain a larger share of their wealth as home equity if a larger homestead exemption applies. This home equity bias is also more pronounced if the household head is in poor health, increasing the chance of bankruptcy on account of unpaid medical bills. The bias is further stronger for households with mortgage finance, shorter house tenures, and younger household heads, which taken together reflect households that face more financial uncertainty.
Brecht - Galileo
(2010)
This is the age of doubt, says Brecht's Galileo, the 17th century scientist. "It ain't necessarily so," says Gershwin's Sportin' Life of the 1930ies. "De t'ings dat yo li'ble / to read in de Bible / it ain't necessarily so. / Now I takes dat gospel / whenever it's pos'ble / but wid a grain of salt."
The tentative title of my presentation is GENDER AMBIVALENCE (AMBIGUITY?) and deals with Renaissance iconography in Thomas Mann's Death in Venice. It will show that homosexual attraction, although obvious in the story (and Mann's life) is a secondary issue and that the main concern lies with the problem provided by an aesthetic principle. (Parallel narratives, the plot is not the real/only story).
The house of Tantalus
(2010)
Wozu Dichter?
(2010)
Goethe's Tasso is no "Dichter in duerftiger Zeit." He is rather duerftig himself, unbalanced and impulsive in the extreme. In fact, in an annoyed moment, the diplomat Antonio sees him as a useless and pampered brat and undiplomatically says so, triggering a fateful sequence of events that generate a seemingly unstoppable momentum.