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How ordinary consumers make complex economic decisions: financial literacy and retirement readiness
(2010)
This paper explores who is financially literate, whether people accurately perceive their own economic decision-making skills, and where these skills come from. Self-assessed and objective measures of financial literacy can be linked to consumers’ efforts to plan for retirement in the American Life Panel, and causal relationships with retirement planning examined by exploiting information about respondent financial knowledge acquired in school. Results show that those with more advanced financial knowledge are those more likely to be retirement-ready.
We examined financial literacy among the young using the most recent wave of the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low; fewer than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification. Financial literacy was strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings was about 45 percentage points more likely to know about risk diversification than a female with less than a high school education whose parents were not wealthy. These findings have implications for consumer policy. JEL Classification: D91
We use a unique, nationally representative cross-national dataset to document the reduction in individuals’ usage of routine non-emergency medical care in the midst of the economic crisis. A substantially larger fraction of Americans have reduced medical care than have individuals in Great Britain, Canada, France, and Germany, all countries with universal health care systems. At the national level, reductions in medical care are related to the degree to which individuals must pay for it, and within countries are strongly associated with exogenous shocks to wealth and employment.
During the last decades households in the U.S. have experienced that residential house prices move in a persistent manner, i.e. that returns are positively serially correlated. Since an owner-occupied home is usually the largest investment of a household it is important to understand how households act when they base their consumption and investment decisions on this experience. We show in a setting with housing market cycles and households who can decide whether they rent or own the home, that - besides the consumption and the precautionary savings motive - serial correlation in house prices generates a new speculative motive for homeownership. In particular, we show how good and bad housing market cycles affect homeownership rates, leverage, stock investments and consumption and can explain empirically observed household behavior during housing market boom and bust periods. Keywords: Asset Allocation , Portfolio Choice , Housing Market Cycles , Real Estate JEL Classification: G11, D91
This paper proposes the Shannon entropy as an appropriate one-dimensional measure of behavioural trading patterns in financial markets. The concept is applied to the illustrative example of algorithmic vs. non-algorithmic trading and empirical data from Deutsche Börse's electronic cash equity trading system, Xetra. The results reveal pronounced differences between algorithmic and non-algorithmic traders. In particular, trading patterns of algorithmic traders exhibit a medium degree of regularity while non-algorithmic trading tends towards either very regular or very irregular trading patterns. JEL Classification: C40, D0, G14, G15, G20
Markt- und wettbewerbsorientierte Reformstrategien in den Krankenhaussystemen zahlreicher Industrieländer haben Befürchtungen vor einer kommerzialisierten Krankenhausversorgung hervorgebracht. Dieser Beitrag unterbreitet einen analytischen Interpretationsrahmen zur Erklärung der internationalen Verbreitung dieser Reformstrategien und versucht die behaupteten negativen Effekte von Kommerzialisierungsprozessen auf Versorgungsqualität und Zugänglichkeit zu untersuchen. Gestützt auf einen Vergleich eines idealtypischen Kommerzialisierungsmodells mit dem institutionellen und organisatorischen Wandel im deutschen Krankenhaussystem kommt der Beitrag zu dem Schluss, dass Kommerzialisierungsprozesse in der Krankenhausversorgung bislang noch begrenzt sind. Obwohl ein markt- und wettbewerbsbasierter Umbau der Governancestrukturen zu beobachten ist und Krankenhäuser zu einer Kommerzialisierungsstrategie gedrängt werden, lässt sich aufgrund einer unzureichenden Daten- und Forschungslage bislang nicht empirisch feststellen, ob die Kommerzialisierungsprozesse zu einer Verschlechterung der Qualität und Zugänglichkeit der Krankenhausversorgung geführt haben.
Das Diskussionspapier versucht Dimensionen und Ausmaße von Ökonomisierungs- und Kommerzialisierungsprozessen in OECD-Gesundheitssystemen explorativ zu erörtern. Hierzu wird zunächst die Hypothese entwickelt, dass sich in den (meisten) OECD-Staaten eine hegemoniale gesundheitspolitische Strategie herausbildet, die als wettbewerbsbasierte Kostendämpfungspolitik bezeichnet wird. In der Folge werden die (mutmaßlichen) Auswirkungen von Ökonomisierungs- und Kommerzialisierungsprozessen diskutiert. Erstens wird beschrieben, wie die Monetarisierung der Arzt-Patienten-Beziehung zu einer Privatisierung des Gesundheitssystems führt. Zweitens wird die sich transformierende Arzt-Patienten-Beziehung als Dialektik von Demokratisierungs- und Ökonomisierungsprozessen dargestellt. Drittens beschäftigt sich der Beitrag mit Entwicklung einer neuen Gesundheitskultur, die die gesundheitliche Eigenverantwortung des Einzelnen betont, zugleich jedoch neuen Ausgrenzungs- und Stigmatisierungsprozessen den Weg zu ebnen droht. Abschließend wird ein in groben Zügen ein Forschungsprogramm umschrieben, welches Ökonomisierungs- und Kommerzialisierungsprozesse auf diesen drei Forschungsfeldern analytisch und bewertend unter die Lupe zu nehmen versucht.
This study examines the legal environment of netting agreements covering financial contracts. It concludes that an international instrument should be developed capable of improving the effectiveness of netting agreements in mitigating systemic risk. To this end, two different aspects of the enforceability of netting agreements are considered: (i) the general enforceability of netting, and (ii) the possibility of precluding the operation of netting a mechanism by way of a regulatory moratorium for considerations of systemic stability. The first part of the study presents the use of netting and the various forms it may take before going on to explain the benefits and drawbacks of enforceable netting agreements. Benefits for individual firms consist in lower counterparty risk and more favourable capital requirements. Benefits for the financial market as a whole flow from greater financial market stability since the contagion of systemically relevant institutions by the default or insolvency of another institution is limited, thus helping to avoid systemic effects. Additionally, the use of netting arrangements can improve overall market liquidity. A potential drawback of enforceability of netting, in certain situations, is that the operation of a netting mechanism could actually work against the purpose of systemic stability where the transfer of parts of the business of an insolvent financial institution to a solvent bridge entity would enhance or maintain value to a greater extent than the operation of a netting agreement would. Regulatory authorities are considering under which conditions a moratorium to halt the netting mechanism until the situation is solved could avoid this threat to systemic stability. The second part of the study examines whether there is the potential to support the purpose of enhanced systemic stability by way of international harmonisation of private and insolvency law. As regards the issue of general enforceability, the global picture of netting legislation is heterogeneous. Given the great practical relevance of the matter, an international instrument could be very useful. As to the issue of private law consequences of regulatory moratoria, the absence of a harmonised framework appears to lead to actual cross-border inconsistency and legal uncertainty as regards financial contracts that are governed by a foreign law. Taking these to aspects into account, this paper recommends that work on developing an international instrument be undertaken. The final part of the study suggests a set of preliminary guidelines for the development of suchan instrument. In the light of the findings of the previous sections, a mixed, two-step approach is recommended. First, a non-binding instrument could be developed, serving as a benchmark and reservoir of legal solutions in respect of the relevant issues. Secondly, isolated aspects relating to both the general enforceability of netting and the accommodation of a regulatory moratorium in foreign private and insolvency law could be dealt with in an international Convention, in particular where cross-border situations involving netting require uniformity of applicable legal rules.
Infokoffer Judentum
(2010)
Der vorliegende Medienkoffer "Judentum" verdankt sich der Einsicht, dass auch und gerade in einer Informationsgesellschaft sich die Wirklichkeit von sozialen, gesellschaftlichen oder religiösen Gegebenheiten nicht in der audiovisuellen Information über sie erschöpft. Anders gesagt: keine noch so ausgefeilte und beeindruckende Form elektronischer "Virtualität" kann die sinnliche Erfahrung von Dingen, Situationen und Menschen ersetzen; denn in "echt" ist alles noch einmal anders, manchmal sogar ganz anders.
Infokoffer Islam
(2010)
Der Medienkoffer "Islam" erweitert die Reihe unserer Info-Koffer zum Judentum, Christentum und Buddhismus um eine weitere Weltreligion: den Islam. Gerade in Hinsicht auf den Islam besteht ein wachsender Informationsbedarf. Muslime sind inzwischen in unserer Gesellschaft bis in das Straßenbild hinein präsent, andererseits rufen die Ausdrucksformen des Islam aber Unverständnis und Befremdung hervor.
Towards correctness of program transformations through unification and critical pair computation
(2010)
Correctness of program transformations in extended lambda-calculi with a contextual semantics is usually based on reasoning about the operational semantics which is a rewrite semantics. A successful approach is the combination of a context lemma with the computation of overlaps between program transformations and the reduction rules, which results in so-called complete sets of diagrams. The method is similar to the computation of critical pairs for the completion of term rewriting systems. We explore cases where the computation of these overlaps can be done in a first order way by variants of critical pair computation that use unification algorithms. As a case study of an application we describe a finitary and decidable unification algorithm for the combination of the equational theory of left-commutativity modelling multi-sets, context variables and many-sorted unification. Sets of equations are restricted to be almost linear, i.e. every variable and context variable occurs at most once, where we allow one exception: variables of a sort without ground terms may occur several times. Every context variable must have an argument-sort in the free part of the signature. We also extend the unification algorithm by the treatment of binding-chains in let- and letrec-environments and by context-classes. This results in a unification algorithm that can be applied to all overlaps of normal-order reductions and transformations in an extended lambda calculus with letrec that we use as a case study.
Der vorliegende Beitrag versucht in Grundzügen zwei große thematische und theoretische Stränge zu bearbeiten, die im Begriff der Positiven Generalprävention miteinander verwoben sind. Der eine Strang kann dabei nicht mehr leisten, als erst einmal eine Ahnung von den Herausforderungen zu vermitteln, die das Völkerstrafrecht und seine Kriminologie an die im nationalen Strafrecht geläufigen Strafzwecke stellt; der andere Strang arbeitet dann ausführlicher kriminologisch, rechts- und normentheoretisch heraus, was das Völkerstrafrecht mit seinem Verfahren und seinen Sanktionen - immer gemessen an seinen eigenen immanenten und teilweise noch impliziten Ansprüchen - an expliziten Rechtswirkungen jedenfalls dann anstreben muss, wenn es, wie das nationalstaatliche Strafrecht auch, ein dezidiert präventiv ausgerichtetes Schuldstrafrecht sein und bleiben möchte. Beide Stränge treffen sich schließlich in der Überlegung, dass das Völkerstrafecht in vielfacher, hier dann auch näher erläuterter Weise eine „neue Form“ von Strafrecht ist, dessen Zweckbestimmung sich zwar der teleologischen Semantik des nationalen Strafrechts bedienen darf, die aber aus der Natur seines Gegenstandes heraus etwas ganz anderes und auch Neues bedeuten muss.
A logical framework consisting of a polymorphic call-by-value functional language and a first-order logic on the values is presented, which is a reconstruction of the logic of the verification system VeriFun. The reconstruction uses contextual semantics to define the logical value of equations. It equates undefinedness and non-termination, which is a standard semantical approach. The main results of this paper are: Meta-theorems about the globality of several classes of theorems in the logic, and proofs of global correctness of transformations and deduction rules. The deduction rules of VeriFun are globally correct if rules depending on termination are appropriately formulated. The reconstruction also gives hints on generalizations of the VeriFun framework: reasoning on nonterminating expressions and functions, mutual recursive functions and abstractions in the data values, and formulas with arbitrary quantifier prefix could be allowed.
The interactive verification system VeriFun is based on a polymorphic call-by-value functional language and on a first-order logic with initial model semantics w.r.t. constructors. It is designed to perform automatic induction proofs and can also deal with partial functions. This paper provides a reconstruction of the corresponding logic and semantics using the standard treatment of undefinedness which adapts and improves the VeriFun-logic by allowing reasoning on nonterminating expressions and functions. Equality of expressions is defined as contextual equivalence based on observing termination in all closing contexts. The reconstruction shows that several restrictions of the VeriFun framework can easily be removed, by natural generalizations: mutual recursive functions, abstractions in the data values, and formulas with arbitrary quantifier prefix can be formulated. The main results of this paper are: an extended set of deduction rules usable in VeriFun under the adapted semantics is proved to be correct, i.e. they respect the observational equivalence in all extensions of a program. We also show that certain classes of theorems are conservative under extensions, like universally quantified equations. Also other special classes of theorems are analyzed for conservativity.
The interactive verification system VeriFun is based on a polymorphic call-by-value functional language and on a first-order logic with initial model semantics w.r.t. constructors. This paper provides a reconstruction of the corresponding logic when partial functions are permitted. Typing is polymorphic for the definition of functions but monomorphic for terms in formulas. Equality of terms is defined as contextual equivalence based on observing termination in all contexts. The reconstruction also allows several generalizations of the functional language like mutual recursive functions and abstractions in the data values. The main results are: Correctness of several program transformations for all extensions of a program, which have a potential usage in a deduction system. We also proved that universally quantified equations are conservative, i.e. if a universally quantified equation is valid w.r.t. a program P, then it remains valid if the program is extended by new functions and/or new data types.
The well-known proof of termination of reduction in simply typed calculi is adapted to a monomorphically typed lambda-calculus with case and constructors and recursive data types. The proof differs at several places from the standard proof. Perhaps it is useful and can be extended also to more complex calculi.
This paper shows the equivalence of applicative similarity and contextual approximation, and hence also of bisimilarity and contextual equivalence, in the deterministic call-by-need lambda calculus with letrec. Bisimilarity simplifies equivalence proofs in the calculus and opens a way for more convenient correctness proofs for program transformations. Although this property may be a natural one to expect, to the best of our knowledge, this paper is the first one providing a proof. The proof technique is to transfer the contextual approximation into Abramsky's lazy lambda calculus by a fully abstract and surjective translation. This also shows that the natural embedding of Abramsky's lazy lambda calculus into the call-by-need lambda calculus with letrec is an isomorphism between the respective term-models.We show that the equivalence property proven in this paper transfers to a call-by-need letrec calculus developed by Ariola and Felleisen.
Zusammenfassung und Ergebnisse Es ist noch zu früh, eine abschließende Bewertung der Entwicklung auf den Finanzmärkten während der letzten zwei Jahre vorzunehmen. In jedem Fall sind aber alle Regelungen auf den Prüfstand zu stellen. Das Aufsichtsrecht hat insgesamt seine Aufgabe, Finanzstabilität zu gewährleisten, nicht erfüllt. Wesentliche Schritte für eine grundlegende Reform sind: - ein striktes Verständnis des Aufsichtsrechts als Sonderordnungsrecht - eine drastische Reduktion der Komplexität der Rechtsvorschriften - die Internationalisierung und Europäisierung der Aufsicht - die Steigerung der Transparenz der Verbriefung einschließlich eines möglichen Zulassungsverfahrens und des Verbots bestimmter gefährlicher „Produkte“ - die vollständige Neuausrichtung der Bewertung von Finanzunternehmen und ihrer „Produkte“ („ratings“) - Die Schaffung geeigneter Regeln und Verfahren, um auch systemisch relevante Institutionen der Marktdisziplin, also ihrem Untergang, auszusetzen - Die Grundlage für kurzfristige Entscheidung über Fortführung, Zerlegung oder Abwicklung eines Instituts als Maßnahme der Gefahrenabwehr muss geschaffen werden. Ein Sonderinsolvenzrecht für Banken ist nicht angezeigt - Die Einbeziehung des menschlichen Verhaltens und der Persönlichkeitsstruktur der maßgebenden Personen in den Finanzinstitutionen