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Vortrag in Linz im KunstRaum Goethestrasse am 25.09.2002 im Rahmen der Reihe ESTABLISH CULTURAL WORKER - Ist die KulturArbeit (oder) Kunst?: Zuerst möchte ich kurz zu dem Moriana Projekt etwas sagen. Es wurde in 7 Städten durchgeführt, und war ein europäisches Forschungsprojekt von einem italienischen Forschungsinstitut. Es ging um die Situation von Kleinstselbstständigen, FreiberuflerInnen etc. Dies mit einem erneuerten Ansatz dessen, was früher einmal Arbeitermituntersuchung hiess, nämlich militante Untersuchung. Das heisst, die Leute die in den Verhältnissen stecken, analysieren selbst ihre Arbeitssituation, versuchen selbst ihre Bedürfnisse zu beschreiben, versuchen selbst diesen Arbeitsprozess zu beschreiben, und werden, durch einen Intervention des/der ForscherIn, versucht in eine bestimmte Richtung zu drängen. Nämlich in die Richtung, für ihre Interessen zumindest zu einer Selbstformulierung zu kommen, wenn nicht gar zu einer Selbstorganisierung. Letzteres hat bei dem Projekt nicht geklappt, oder nur zu ganz kleinen Teilen. ...
We study optimal investment in self-protection of insured individuals when they face interdependencies in the form of potential contamination from others. If individuals cannot coordinate their actions, then the positive externality of investing in self-protection implies that, in equilibrium, individuals underinvest in self-protection. Limiting insurance coverage through deductibles or selling “at-fault” insurance can partially internalize this externality and thereby improve individual and social welfare. JEL Classification: C72, D62, D80
Semantik für Sprechakte
(1972)
Semantik wird herkömmlicherweise als die Interpretation von Zeichenketten verstanden, die die Syntax liefert. Damit gibt sie aber ein dubioses Programm für die Beschäftigung mit natürlichen Sprachen ab. Ausgangspunkt für diese muß die Feststellung sein, daß Sprechen ein Handeln ist und kein Produzieren von Zeichenketten (außer vielleicht zu Demonstrationszwecken). Sprechhandlungen sind z. B.: jmd. Widersprechen, jmd. beschuldigen, sich ausreden bzw. entschuldigen usw. Über die Sprechhandlungen selbst werde ich im folgenden nichts weiter sagen; ich werde vielmehr ein Verfasser und Leser gemeinsames Verständnis, begründet in einer gemeinsamen Erfahrung, voraussetzen. In dem so angedeuteten Rahmen soll es die Aufgabe der Semantik sein, die Bedingungen für Sprechhandlungen zu explizieren: Welche Bedingungen muß z. B. eine Sprechhandlung erfüllen, um eine Beschuldigung zu sein (als Beschuldigung zu gelten, als solche akzeptiert zu werden o. ä.)? Dieses Programm möchte ich im folgenden exemplarisch entwickeln.
Semiotische Philosophie?
(1975)
The philosophical interest in semiotics arose out of its chief aim, the elucidation of the foundations and forms of knowledge. Since Locke and Leibniz it has been recognized that signs not only serve to present and communicate knowledge already given, but also open up certain domains of knowledge that would otherwise be inaccessible. Since the use of sign systems presupposes insight into the rule-governed construction of these systems, it is more appropriate to speak of a semiotic complementation than of a 'semiotic transformation of philosophy' (Apel). With the exception of elementary forms of knowledge, which are, however, fundamental, all knowledge rests on an interdependence of intuitive and semiotically mediated cognitions. In the contemporary philosophy of science a planifactory function joins the cognitiye function of signs. Signs serve to plan and steer actions and operations. The cybernetic sciences as a semiotic discipline have succeeded, for the first time since the breakthrough of modern science, in reversing the relation between the natural and the human sciences. A model from the human sciences has successfully been superposed upon natural sciences and technical disciplines.
Tail-correlation matrices are an important tool for aggregating risk measurements across risk categories, asset classes and/or business segments. This paper demonstrates that traditional tail-correlation matrices—which are conventionally assumed to have ones on the diagonal—can lead to substantial biases of the aggregate risk measurement’s sensitivities with respect to risk exposures. Due to these biases, decision-makers receive an odd view of the effects of portfolio changes and may be unable to identify the optimal portfolio from a risk-return perspective. To overcome these issues, we introduce the “sensitivity-implied tail-correlation matrix”. The proposed tail-correlation matrix allows for a simple deterministic risk aggregation approach which reasonably approximates the true aggregate risk measurement according to the complete multivariate risk distribution. Numerical examples demonstrate that our approach is a better basis for portfolio optimization than the Value-at-Risk implied tail-correlation matrix, especially if the calibration portfolio (or current portfolio) deviates from the optimal portfolio.
The pricing of an ambiguous asset, whose cash flow stream is uncertain, may be affected by three factors: the belief regarding the realization likelihood of cash flows, the subjective attitude towards risk, and the attitude towards ambiguity. While previous literature looks at the total price discount under ambiguity, this paper investigates with laboratory experiments how much effect each factor can induce. We apply both non-parametric and parametric methods to cleanly separate the belief effects, the risk premiums, and the ambiguity premiums from each other. Both methods lead to similar results: Overall, subjects have substantial ambiguity aversion, and ambiguity premiums account for the largest price deviation component when the degree of ambiguity is high. As information accumulates, ambiguity premiums decrease. We also find that beliefs do influence prices under ambiguity. This is not because beliefs are biased towards either good or bad scenarios per se, but because subjects display sticky belief updating as new information becomes available. The clear separation performed in this paper between belief and attitude also enables a more accurate estimation of the parameter of ambiguity aversion compared to previous studies, since the effect of beliefs is partialled out. Overall, we find empirically that both factors, belief and attitude towards ambiguity, are important factors in pricing under ambiguity.
Despite a lot of re-structuring and many innovations in recent years, the securities transaction industry in the European Union is still a highly inefficient and inconsistently configured system for cross-border transactions. This paper analyzes the functions performed, the institutions involved and the parameters concerned that shape market and ownership structure in the industry. Of particular interest are microeconomic incentives of the main players that can be in contradiction to social welfare. We develop a framework and analyze three consistent systems for the securities transaction industry in the EU that offer superior efficiency than the current, inefficient arrangement. Some policy advice is given to select the 'best' system for the Single European Financial Market.