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Telemonitoring devices can be used to screen consumer characteristics and mitigate information asymmetries that lead to adverse selection in insurance markets. Nevertheless, some consumers value their privacy and dislike sharing private information with insurers. In a secondbest efficient Miyazaki-Wilson-Spence (MWS) framework, we allow consumers to reveal their risk type for an individual subjective cost and show analytically how this affects insurance market equilibria as well as social welfare. We find that information disclosure can substitute deductibles for consumers whose transparency aversion is sufficiently low. This can lead to a Pareto improvement of social welfare. Yet, if all consumers are offered cross-subsidizing contracts, the introduction of a screening contract decreases or even eliminates cross-subsidies. Given the prior existence of a cross-subsidizing MWS equilibrium, utility is shifted from individuals who do not reveal their private information to those who choose to reveal. Our analysis informs the discussion on consumer protection in the context of digitalization. It shows that new technologies challenge cross-subsidization in insurance markets, and it stresses the negative externalities that digitalization has on consumers who are unwilling to take part in this development.
This paper studies insurance demand for individuals with limited financial literacy. We propose uncertainty about insurance payouts, resulting from contract complexity, as a novel channel that affects decision-making of financially illiterate individuals. Then, a trade-off between second-order (risk aversion) and third-order (prudence) risk preferences drives insurance demand. Sufficiently prudent individuals raise insurance demand upon an increase in contract complexity, while the effect is reversed for less prudent individuals. We characterize competitive market equilibria that feature complex contracts since firms face costs to reduce complexity. Based on the equilibrium analysis, we propose a monetary measure for the welfare cost of financial illiteracy and show that it is mainly driven by individuals’ risk aversion. Finally, we discuss implications for regulation and consumer protection.
This paper sheds light on the life insurance sector’s liquidity risk exposure. Life insurers are important long-term investors on financial markets. Due to their long-term investment horizon they cannot quickly adapt to changes in macroeconomic conditions. Rising interest rates in particular can expose life insurers to run-like situations, since a slow interest rate passthrough incentivizes policyholders to terminate insurance policies and invest the proceeds at relatively high market interest rates. We develop and empirically calibrate a granular model of policyholder behavior and life insurance cash flows to quantify insurers’ liquidity risk exposure stemming from policy terminations. Our model predicts that a sharp interest rate rise by 4.5pp within two years would force life insurers to liquidate 12% of their initial assets. While the associated fire sale costs are small under reasonable assumptions, policy terminations plausibly erase 30% of life insurers’ capital due to mark-to-market accounting. Our analysis reveals a mechanism by which monetary policy tightening increases liquidity risk exposure of non-bank financial intermediaries with long-term assets.
We investigate translations from the synchronous pi-calculus
into a core language of Concurrent Haskell (CH). Synchronous messagepassing of the pi-calculus is encoded as sending messages and adding synchronization using Concurrent Haskell’s mutable shared-memory locations (MVars). Our correctness criterion for translations is invariance of may- and should-convergence. This embraces that all executions of a process are error-free if and only if this also holds for the translated program. We exhibit a particular correct translation that uses a fresh, private MVar per communication interaction and that is in addition adequate, and which is also fully abstract on closed expressions. A metaresult is that CH has the expressive power and the concurrency capabilities of the synchronous pi-calculus.
We also automatically check variants of translations of synchronous communication into an asynchronous calculus where only an a priori fixed number of MVars per channel (and not per communication interaction!) is available. We obtain non-correctness results for classes of small translations, and exemplary argue for the correctness (and adequacy) for two translations with a higher number of MVars. We introduce a classification of the potentially correct translations.
We consider matching, rewriting, critical pairs and the Knuth-Bendix confluence test on rewrite rules in a nominal setting extended by atom-variables. Computing critical pairs is done using nominal unification, and rewriting using nominal matching. We utilise atom-variables to formulate rewrite rules, which is an improvement over previous approaches, using usual nominal unification, nominal matching and nominal equivalence of expressions coupled with a freshness constraint. We determine the complexity of several problems in a quantified freshness logic. In particular we show that nominal matching is Πp2-complete. We prove that the adapted Knuth-Bendix confluence test is applicable to a nominal rewrite system with atom-variabes and thus, that there is a decidable test whether confluence of the ground instance of the abstract rewrite system holds. We apply the nominal Knuth Bendix confluence criterion to the theory of monads, and compute a convergent nominal rewrite system modulo alpha-equivalence.
A sound and complete algorithm for nominal unification of higher-order expressions with a recursive let is described, and shown to run in non-deterministic polynomial time. We also explore specializations like nominal letrec-matching for expressions, for DAGs, and for garbage-free expressions and determine their complexity. As extension a nominal unification algorithm for higher-order expressions with recursive let and atom-variables is constructed, where we show that it also runs in non-deterministic polynomial time.
Droughts threaten millions of people in Sub-Saharan Africa, leading to famines, water shortages, migration and casualties. Climate change will most probably exacerbate the devastating consequences as exceptional droughts are expected to occur more frequently. Conventional drought risk assessments however, do not provide adequate tools, as they often limit their focus to environmental parameters, ignoring social vulnerabilities. Integrated strategies are required to carry out holistic drought risk assessments that serve to find adapted technological and institutional solutions to ensure water and food security. This will contribute to the Sustainable Development Goals 1 “No Poverty”, 2 “Zero Hunger” and 6 “Clean Water and Sanitation”.
Ziel dieses Beitrags ist der Vergleich von Formen und Diskursfunktionen der nominalen Anredeformen in verschiedenen Fernsehwahldebatten aus Brasilien, Portugal, Deutschland, Frankreich und Spanien.
Die sprachvergleichende Perspektive ist aus mehreren Gründen von besonderem Interesse. Zum einen liegt ein sprachstruktureller Unterschied zwischen dem Portugiesischen und den anderen Sprachen vor, der darin besteht, dass das Portugiesische eine große Zahl nominaler Anredeformen in sein Pronominalparadigma integrieren kann, wohingegen es diese Möglichkeit im Deutschen, Spanischen und Französischen nicht oder nur sehr begrenzt gibt.
Ein anderer Unterschied ist, dass es im Portugiesischen einen gewissen Spielraum dafür gibt, die interlokutive Distanz in der Interaktion durch Anredeformen auszuhandeln, was sich auch in den Wahldebatten zeigt. In den anderen drei Sprachen besteht diese Möglichkeit nur sehr eingeschränkt.
In allen fünf Debatten stehen die Anredeformen jedoch in engem Zusammenhang mit Fragen, wie z.B. der, wie Respekt oder Professionalität gezeigt wird, wodurch somit ein gewisser Zusammenhang zwischen der Wahl der Anredeformen und dem diskursiven Ethos manifest wird. Die Wahl der Anredeformen kann als strategisch betrachtet werden, wie auch der Wechsel von der Anrede zur delocutio in praesentia (Rede über den Gesprächspartner in seiner Gegenwart). Doch trotz dieser Parallelen zeigen sich deutliche Unterschiede in der Ausgestaltung, die die Frage nach interkulturellen Differenzen aufwerfen.