The impact of risk aversion and ambiguity aversion on annuity and saving choices

Journal of Risk and Uncertainty - We analyze the impact of risk aversion and ambiguity aversion on the competing demands for annuities and bequeathable savings using a lifecycle recursive utility...     

Five legitimate definitions of correlated equilibrium in games with incomplete information

Aumann's (1987) theorem shows that correlated equilibrium is an expression of Bayesian rationality. We extend this result to games with incomplete information.First, we rely on Harsanyi's (1967) model and represent the underlying multiperson decision problem as a fixed game with imperfect information. We survey four definitions of correlated equilibrium which have appeared in the literature. We show that these definitions are not equivalent to each other. We prove that one of them fits Aumann's framework; the agents normal form correlated equilibrium is an expression of Bayesian rationality in games with incomplete information.We also follow a universal Bayesian approach based on Mertens and Zamir's (1985) construction of the universal beliefs space. Hierarchies of beliefs over independent variables (states of nature) and dependent variables (actions) are then constructed simultaneously. We establish that the universal set of Bayesian solutions satisfies another extension of Aumann's theorem.We get the following corollary: once the types of the players are not fixed by the model, the various definitions of correlated equilibrium previously considered are equivalent.     

Conspicuous conservatism in risk choice

We analyze the risk levels chosen by agents who have private information regarding their quality, and whose performance will be judged and rewarded by outsiders. Assume that risk choice is observable. Agents will choose risk strategically to enhance their expected reputations. We show that conspicuous conservatism results: agents of different qualities choose levels below those that would be chosen if quality were observable. This happens because bad agents must cloak their identity by choosing the same risk level as good agents, and good agents are more likely to distinguish themselves if they reduce the risk level. Our results contrast starkly with those for the case when risk choice cannot be observed.

Developing an Index to Measure Sub-municipal Level Urban Sprawl

The present study aims to develop an index composed of different spatial variables to measure the urban sprawl levels of a municipality located in Southern Spain. According to the findings, urban sprawl can be measured not only on the metropolitan level but also on a more detailed and precise level, such as sub-municipal. A group of experts chosen for their suitability in measuring urban sprawl select six spatial variables (population density, net residential density, coverage ratio, land use types, percentage of residential land use, and average year of construction). These variables are aggregated using Choquet integral, a technique that combines interactions between those variables providing greater coherence to the complexity that is inherent in the creation of composite sprawl indexes. This methodology has been demonstrated to be valid and appropriate in evaluating urban expansion at sub-municipal level, but can also be applied to other scales once it is clearly a phenomenon in which interaction between criteria exists. The resulting composite index allows the assignment of different levels of sprawl to the urban areas consistent with their morphology and landscape.     

Variance estimation when donor imputation is used to fill in missing values

Donor imputation is frequently used in surveys. However, very few variance estimation methods that take into account donor imputation have been developed in the literature. This is particularly true for surveys with high sampling fractions using nearest donor imputation, often called nearest‐neighbour imputation. In this paper, the authors develop a variance estimator for donor imputation based on the assumption that the imputed estimator of a domain total is approximately unbiased under an imputation model; that is, a model for the variable requiring imputation. Their variance estimator is valid, irrespective of the magnitude of the sampling fractions and the complexity of the donor imputation method, provided that the imputation model mean and variance are accurately estimated. They evaluate its performance in a simulation study and show that nonparametric estimation of the model mean and variance via smoothing splines brings robustness with respect to imputation model misspecifications. They also apply their variance estimator to real survey data when nearest‐neighbour imputation has been used to fill in the missing values. The Canadian Journal of Statistics 37: 400–416; 2009 © 2009 Statistical Society of Canada     

A bayesian estimator for the dependence function of a bivariate extreme‐value distribution

Any continuous bivariate distribution can be expressed in terms of its margins and a unique copula. In the case of extreme‐value distributions, the copula is characterized by a dependence function while each margin depends on three parameters. The authors propose a Bayesian approach for the simultaneous estimation of the dependence function and the parameters defining the margins. They describe a nonparametric model for the dependence function and a reversible jump Markov chain Monte Carlo algorithm for the computation of the Bayesian estimator. They show through simulations that their estimator has a smaller mean integrated squared error than classical nonparametric estimators, especially in small samples. They illustrate their approach on a hydrological data set.     

A transnational practice between fractured homes: Second-generation Turkish–German migrants’ experiences of visiting and being visited

The paper explores the multiple ways in which visits affect the understanding of home for the Turkish–German second generation who have relocated to Turkey. Based on thematic–narrative analysis of 116 life-story interviews with second-generation ‘returnees’ in five regions of Turkey, three types of visits are identified: (i) family visits to Turkey whilst growing up in Germany; (ii) visits to Germany after the second generation has ‘returned’ to Turkey; (iii) visits to Turkey by the second generation's Germany-residing relatives and friends. Each type has different meanings for the visitors and the visited, creating fluid reflections on the meaning of home, which, especially for the second-generation ‘returnees’, tends to become fractured. Constantly comparing their two home(-land)s since childhood, they often simultaneously feel both ‘here’ and ‘there’ as a result of changing attachments and a mix of positive and negative experiences in both locales with their families, friends and the dominant others.     

“Having a family is the new normal”: Parenting in neoliberal academia during the COVID-19 pandemic

The outbreak of the COVID-19 pandemic has made explicit the burden of care shouldered by academic mothers, in addition to juggling their scholarly commitments. Although discussions are abundant on the impact of caring responsibilities on the careers of women academics, neoliberal academia continues to minimize such struggles. Despite the disruptions to family routines caused by the health crisis, academic institutions have expected academic mothers and fathers to continue undertaking their professional responsibilities at the same level as before, disregarding their parenting demands. This paper contributes to the research on parenthood in academia by looking at how, throughout the pandemic, academic parents have negotiated the tensions between parenthood and academic demands, and by investigating the strategies they use to confront neoliberal culture of academic performativity, even amid the health crisis. The paper engages with the “space invaders” concept used by Puwar (2004) to analyze the “hypervisibility” of academic mothers' and fathers' “bodies out of place” during the pandemic, and to investigate their “renegade acts” against the uncaring attitudes of their institutions. Evidence is drawn from a qualitative study conducted during December 2020 and January 2021 among scholars affiliated to Portuguese academic institutions: 17 in-depth interviews conducted with women, and two mixed-gender focus groups. Our results research reveal how the experiences of academic mothers and fathers were not uniform during the pandemic. In addition, it shows how, despite their commitment to their academic responsibilities, these parents have crafted various resistance strategies to confront the institutional pressure to continue maintain their working routines, and instead positioning themselves as “more than just academics.”     

Workgroup interdependence and satisfaction from a developmental perspective: the moderating role of the group’s life cycle stage / Interdependencia y satisfacción en el grupo de trabajo desde la perspectiva del desarrollo: el rol moderador de la fase del ciclo de vida grupal

From a developmental perspective, workgroups adjust and modify the way they function over time. The present study aims to test, at the group level, the moderating role of the group’s life phase in the relationship between workgroup interdependence ties in terms of task, outcome and functions, assessed by social network density and group satisfaction. A sample of 84 teams from various companies participated in this research. The results showed that the group’s development phase determines the way that outcome interdependence density in teams is associated with satisfaction and reveal the existence of differences between the second and fourth development stages. Therefore, the group’s life cycle stage should be considered as a relevant variable in research and intervention with groups in the workplace.