THE INFORMATION TECHNOLOGY REVOLUTION AND THE UNSECURED CREDIT MARKET

The information technology (IT) revolution coincided with the transformation of the U.S. unsecured credit market. Households' borrowing increased rapidly and there was an even faster increase in bankruptcy filings. A risk of default model with asymmetric information and costly screening is introduced to study this period. When information costs are high, the design of contracts under private information prevents some households from borrowing with a risk of default. As information costs drop, households borrow more and bankruptcy filings increase. Quantitative exercises suggest that the IT revolution may have played an important role in the transformation of the unsecured credit market. (JEL E43, E44, G33)     

A simple two-stage design for quantitative responses with application to a study in diabetic neuropathic pain

Two-stage designs offer substantial advantages for early phase II studies. The interim analysis following the first stage allows the study to be stopped for futility, or more positively, it might lead to early progression to the trials needed for late phase II and phase III. If the study is to continue to its second stage, then there is an opportunity for a revision of the total sample size. Two-stage designs have been implemented widely in oncology studies in which there is a single treatment arm and patient responses are binary. In this paper the case of two-arm comparative studies in which responses are quantitative is considered. This setting is common in therapeutic areas other than oncology. It will be assumed that observations are normally distributed, but that there is some doubt concerning their standard deviation, motivating the need for sample size review. The work reported has been motivated by a study in diabetic neuropathic pain, and the development of the design for that trial is described in detail.     

Bayesian robustness of the compound Poisson distribution under bidimensional prior: an application to the collective risk model

The distribution of the aggregate claims in one year plays an important role in Actuarial Statistics for computing, for example, insurance premiums when both the number and size of the claims must be implemented into the model. When the number of claims follows a Poisson distribution the aggregated distribution is called the compound Poisson distribution. In this article we assume that the claim size follows an exponential distribution and later we make an extensive study of this model by assuming a bidimensional prior distribution for the parameters of the Poisson and exponential distribution with marginal gamma. This study carries us to obtain expressions for net premiums, marginal and posterior distributions in terms of some well-known special functions used in statistics. Later, a Bayesian robustness study of this model is made. Bayesian robustness on bidimensional models was deeply treated in the 1990s, producing numerous results, but few applications dealing with this problem can be found in the literature.     

Profile of the Present Slovak Society and its Regional Differences

The article is the first attempt in assessment of the development and the present situation of social structure and stratification in Slovakia. Its principal aim is to develop the profile of the present society in Slovakia, which reflects the pace and complexity of the transformation process and its impact on society. Processing of Micro census data from 2003 led to creation of the profile of society in Slovakia at the national level based on income distribution but also knowledge on regional societies and differences between them were obtained. It was found out that the present profile of the society in Slovakia is pear-shaped which means strong representation of lower strata and weaker representation of higher middle and high strata. The profile disclosed some specific features and inconsistencies in the present society of Slovakia, which were, and still are determined by many non standard past and present phenomena and processes often disguised by reforms. The information drawn in regions has facilitated identification of the basic nature and structure of regional societies, some of their specific features and negative elements and to demonstrate their highly differentiated character.

The importance of being mature: the effect of demographic maturation on global per capita GDP

Given that savings behaviour and worker productivity have strong life-cycle components and given that demographic profiles vary across countries, population age structure should be linked to differences in levels of economic development. In this paper, we measure the economic importance of age structure variation for the global economy. We find that demographic maturation has been associated with nearly half of the evolution of global per capita GDP since 1960. We also find that age structure differences can account for just over half of the variation in worldwide per capita GDP (i.e. the lack of sigma convergence) observed since 1960.

The U.S. Health System and Immigration: An Institutional Interpretation1

We examine the institutions that comprise the U.S. health system and their relationship to a surging immigrant population. The clash between the system and this human flow originates in the large number of immigrants who are unauthorized, poor, and uninsured and, hence, unable to access a system largely based on ability to pay. Basic concepts from sociological theory are brought to bear on the analysis of this clash and its consequences. Data from a recently completed study of health institutions in three areas of the United States are used as an empirical basis to illustrate various aspects of this complex relation. Implications of our results for theory and future health policy are discussed.     

Getting to know reality and breaking stereotypes: the experience of two generations of working disabled women

This paper sets out the results of a Spanish study of the experience and meaning of work among disabled women of two generations, with three types of disability (physical, visual and hearing). Performing a socially recognised activity such as a job is a source of emotional welfare and self‐esteem. Moreover, it confers a certain social status. For the participants in this study the kind of work involved, whether productive, paid and ‘extra‐domestic’ or ‘reproductive’, unpaid and done at home, acquires different meanings, since for disabled women, sexist stereotypes – already more or less accentuated in the culture – social attitudes towards disability and personal factors introduce relevant differences, while leading to conflicts and dilemmas that these women have to solve. At any rate, their sense of responsibility in performing all types of work should be emphasised as evidence of their sense of independence and personal competence, forming a keystone in their construction of a sense of identity and social integration.     

Staff Reactions Toward Lesbian,Gay, or Bisexual (LGB) People Living in Residential Aged Care Facilities (RACFs) Who Actively Disclose Their Sexual Orientation

Fifty-three staff members currently working in residential aged care facilities located in Barcelona, Spain, were asked about the way they would react if a resident told them that he or she felt sexually attracted and had maintained sexual relationships with another resident of the same gender. Acceptance of non-heterosexual sexual orientation was a frequent answer, and around one in four professionals stated that they would try helping the resident in question, by offering a private space or giving some emotional support. However, some reactions were not consistent with a respectful approach toward sexual diversity, as, for instance, informing the resident’s family or advising the resident to keep his or her sexual orientation hidden. We highlight the importance of developing formal policies and offering formal training to staff in order to address the specific needs of older LGB people living in RACFs.