Did UEFA’s financial fair play harm competition in European football leagues?

Review of Managerial Science - When introducing UEFA’s Financial Fair Play (FFP) it was argued that as a beneficial side effect competition in European football leagues should become more...     

The Impact of Portfolio Location Uncertainty on Probabilistic Seismic Risk Analysis

Probabilistic seismic risk analysis is a well‐established method in the insurance industry for modeling portfolio losses from earthquake events. In this context, precise exposure locations are often unknown. However, so far, location uncertainty has not been in the focus of a large amount of research. In this article, we propose a novel framework for treatment of location uncertainty. As a case study, a large number of synthetic portfolios resembling typical real‐world cases were created. We investigate the effect of portfolio characteristics such as value distribution, portfolio size, or proportion of risk items with unknown coordinates on the variability of loss frequency estimations. The results indicate that due to loss aggregation effects and spatial hazard variability, location uncertainty in isolation and in conjunction with ground motion uncertainty can induce significant variability to probabilistic loss results, especially for portfolios with a small number of risks. After quantifying its effect, we conclude that location uncertainty should not be neglected when assessing probabilistic seismic risk, but should be treated stochastically and the resulting variability should be visualized and interpreted carefully.     

Attitudes towards foreigners and Jews in Germany: identifying the determinants of xenophobia in a large opinion survey

The ultimate aim of opinion surveys is the provision of information on the distribution of preferences and perceptions at the individual level. Yet, eliciting this information from the data is typically difficult. This paper uses a structural model to explain the answers on a set of questions regarding the perception of foreigners and Jews by native Germans. In this model it is assumed that in addition to observable individual characteristics there exists an underlying unobserved attitude towards minorities which drives the distribution of answers by native respondents. This latent variable in turn is assumed to be influenced by a set of observable socio-economic characteristics of the individuals. In order to estimate this model it is necessary to impose strong identification restrictions. Estimation results show that education is the key correlate of the perception of foreigners and Jews in Germany.     

Modelling of a thermomechanically coupled forming process based on functional outputs from a finite element analysis and from experimental measurements

In this paper, measurements from experiments and results of a finite element analysis (FEA) are combined in order to compute accurate empirical models for the temperature distribution before a thermomechanically coupled forming process. To accomplish this, Design and Analysis of Computer Experiments (DACE) is used to separately compute models for the measurements and the functional output of the FEA. Based on a hierarchical approach, a combined model of the process is computed. In this combined modelling approach, the model for the FEA is corrected by taking into account the systematic deviations from the experimental measurements. The large number of observations based on the functional output hinders the direct computation of the DACE models due to the internal inversion of the correlation matrix. Thus, different techniques for identifying a relevant subset of the observations are proposed. The application of the resulting procedure is presented, and a statistical validation of the empirical models is performed.     

Private external funding of universities: Blind alley or new opening?

Review of Managerial Science - Of late, the problems of private external, or third-party funding of universities have been the subject of much debate, even at universities of economics and...     

Religiosity and Fertility Intentions: Can the Gender Regime Explain Cross-Country Differences?

Research on the relationship between religiosity and fertility intentions revealed substantial cross-national differences. In some countries, a strong and positive effect of religiosity on fertility intentions was found, while in others, the effect was weaker or not significant, and the reasons underlying these cross-national differences are still unclear. The aim of this article is to explain these macro-level differences from the perspective of the prevailing gender regime. We argue that in countries with more traditional regimes, a stronger effect of religiosity on fertility intentions could be expected than in countries with a more egalitarian view. We make use of the first wave of the Generations and Gender Survey and incorporate data from a total of 12 European countries in our analysis. We examine the influence of gender regime according to various macro-level indicators on gender attitudes and gender equality using meta-regression analyses. We also conduct robustness checks using other indicators such as the Gender Development Index. Our results reveal that the gender regime is only able to explain these differences in certain situations, specifically those relating to the long-term fertility intentions of men.     

Ideen und Interessen. Zum Verhältnis von Religion und wirtschaftlicher Entwicklung

While concentrating on the rise of modern capitalism, Weber’s seminal studies have little to say about the impact of religions on contemporary economic development. The paper comments about recent approaches to find an answer to the questions Weber left open. If one disregards a priori constructions of culturalist and rational-choice-theories, these approaches end up again in restating the circular relationship between ideas and interests showed already by Weber, albeit clearly with a higher emphasis on interests. However, the author argues that it would be premature to interpret this result simply as a confirmation of Weber’s “disenchantment” thesis. Rather, it goes back to the transformation of the economy itself into an entity that preaches “values”, proclaims “visions” and in this sense develops an affinity to religious movements. The author deepens this view by referring to Marx’ and Polanyi’s interpretation of capitalism as a system of disembedded markets. The disembedding of markets gives rise to a historically new potential of social uncertainty which the actors need to cope with, thereby developing symbolisms showing striking affinities with religious forms. Nevertheless, the analogies between capitalism and religion are limited.     

Experimental Evidence Against the Paradigm of Mortality Risk Aversion

This article deals with the question of how societal impacts of fatal accidents can be integrated into the management of natural or man‐made hazards. Today, many governmental agencies give additional weight to the number of potential fatalities in their risk assessments to reflect society's aversion to large accidents. Although mortality risk aversion has been proposed in numerous risk management guidelines, there has been no evidence that lay people want public decisionmakers to overweight infrequent accidents of large societal consequences against more frequent ones of smaller societal consequences. Furthermore, it is not known whether public decisionmakers actually do such overweighting when they decide upon the mitigation of natural or technical hazards. In this article, we report on two experimental tasks that required participants to evaluate negative prospects involving 1–100 potential fatalities. Our results show that neither lay people nor hazard experts exhibit risk‐averse behavior in decisions on mortality risks.