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Institute
- Wirtschaftswissenschaften (175) (remove)
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
We prove the existence of an equilibrium in competitive markets with adverse selection in the sense of Miyazaki (1977), Wilson (1977), and Spence (1978) when the distribution of unobservable risk types is continuous. Our proof leverages the finite-type proof in Spence (1978) and a limiting argument akin to Hellwig (2007)’s study of optimal taxation.
Through the lens of market participants' objective to minimize counterparty risk, we provide an explanation for the reluctance to clear derivative trades in the absence of a central clearing obligation. We develop a comprehensive understanding of the benefits and potential pitfalls with respect to a single market participant's counterparty risk exposure when moving from a bilateral to a clearing architecture for derivative markets. Previous studies suggest that central clearing is beneficial for single market participants in the presence of a sufficiently large number of clearing members. We show that three elements can render central clearing harmful for a market participant's counterparty risk exposure regardless of the number of its counterparties: 1) correlation across and within derivative classes (i.e., systematic risk), 2) collateralization of derivative claims, and 3) loss sharing among clearing members. Our results have substantial implications for the design of derivatives markets, and highlight that recent central clearing reforms might not incentivize market participants to clear derivatives.
We investigate privacy concerns and the privacy behavior of users of the AR smartphone game Pokémon Go. Pokémon Go accesses several functionalities of the smartphone and, in turn, collects a plethora of data of its users. For assessing the privacy concerns, we conduct an online study in Germany with 683 users of the game. The results indicate that the majority of the active players are concerned about the privacy practices of companies. This result hints towards the existence of a cognitive dissonance, i.e. the privacy paradox. Since this result is common in the privacy literature, we complement the first study with a second one with 199 users, which aims to assess the behavior of users with regard to which measures they undertake for protecting their privacy. The results are highly mixed and dependent on the measure, i.e. relatively many participants use privacy-preserving measures when interacting with their smartphone. This implies that many users know about risks and might take actions to protect their privacy, but deliberately trade-off their information privacy for the utility generated by playing the game.
Privacy concerns as well as trust and risk beliefs are important factors that can influence users’ decision to use a service. One popular model that integrates these factors is relating the Internet Users Information Privacy Concerns (IUIPC) construct to trust and risk beliefs. However, studies haven’t yet applied it to a privacy enhancing technology (PET) such as an anonymization service. Therefore, we conducted a survey among 416 users of the anonymization service JonDonym [1] and collected 141 complete questionnaires. We rely on the IUIPC construct and the related trust-risk model and show that it needs to be adapted for the case of PETs. In addition, we extend the original causal model by including trust beliefs in the anonymization service provider and show that they have a significant effect on the actual use behavior of the PET.
This paper provides an assessment framework for privacy policies of Internet of Things Services which is based on particular GDPR requirements. The objective of the framework is to serve as supportive tool for users to take privacy-related informed decisions. For example when buying a new fitness tracker, users could compare different models in respect to privacy friendliness or more particular aspects of the framework such as if data is given to a third party. The framework consists of 16 parameters with one to four yes-or-no-questions each and allows the users to bring in their own weights for the different parameters. We assessed 110 devices which had 94 different policies. Furthermore, we did a legal assessment for the parameters to deal with the case that there is no statement at all regarding a certain parameter. The results of this comparative study show that most of the examined privacy policies of IoT devices/services are insufficient to address particular GDPR requirements and beyond. We also found a correlation between the length of the policy and the privacy transparency score, respectively.
Besser nicht morgens tanken
(2018)
Considering the circumstance that literature dealing with the economic performance of agri-food businesses in general, or particularly with the German agricultural sector, mainly deals with strictly agricultural-related theory in order to explain the economic success of agri-food businesses, the present paper aims to extend existing discourses to further areas of thought. Consequently, the characteristics: a) increased size of agribusiness, b) pull-strategies, c) the development of new markets and d) focus on the processing industry, that all correspond to the current picture of the German agricultural sector and are considered to be significantly responsible for recently managing to outpace the French agri-food sector, will be first explained in their success against the background of mainly non-agricultural-related literature. By doing so helpful and rather unnoted perspectives can be contributed to existing discourses. Second, the paper presents scatter plots which portray correlations between a) the added value of agriculture and the regular labor force, b) the added value of agriculture and the number of agricultural holdings and c) the added value of agriculture and the number of enterprises concerning milk consumption. Corresponding scatter plots which show different developments in Germany and France can be related to the findings of the first part of the paper and allow new perspectives in existing discourses as well.
WiWi news [1/2018]
(2018)
"A groundbreaking decision"
(2018)