Intertemporal choice under timing risk: An experimental approach

This paper investigates how individuals evaluate delayed outcomes with risky realization times. Under the discounted expected utility (DEU) model, such evaluations depend only on intertemporal preferences. We obtain several testable hypotheses using the DEU model as a benchmark and test these hypotheses in three experiments. In general, our results show that the DEU model is a poor predictor of intertemporal choice behavior under timing risk. We found that individuals are averse to timing risk and that they evaluate timing lotteries in a rank-dependent fashion. The main driver of timing risk aversion is nothing but probabilistic risk aversion that stems from the nonlinear treatment of probabilities.     

Detecting parameter shift in garch models

This paper applies recent theories of testing for parameter constancy to the conditional variance in a GARCH model. The supremum Lagrange multiplier test for conditional Gaussian GARCH models and its robustified variants are discussed. The asymptotic null distribution of the test statistics are derived from the weak convergence of the scores, and the critical values from the hitting probability of squared Bessel process.

Monte Carlo studies on the finite sample size and power performance of the supremum LM tests are conducted. Applications of these tests to S&P 500 indicate that the hypothesis of stable conditional variance parameters can be rejected.     

Forced to work and liberated from work

The work-welfare nexus is essential in all social policy regimes. The question is in what situations individuals should be entitled to social welfare benefits and in which situations they should be obliged to work. Social welfare law and administrative practices define mechanisms that separate the deserving poor from people able to work. This article analyses the functions and character of these "separation mechanisms" in Sweden during three periods in history: a) in rural society in the late 19th century; b) in industrial society during the successful years of the Swedish model from World War II until the late 1970s; and c) the present, including the period of welfare retrenchment and reconsideration since the early 1980s. The conclusion is that Swedish social policy has always been strongly work-oriented, but the specific form and content of the work ethic has varied under the influence of different ideologies and handled in different social policy institutions. Under specific conditions the work line has been either generous or restrictive and it has been based on structural attempts to improve the opportunities to work as well as on attempts to strongly pressure the individual to work. The work line of today is seen as an interesting attempt to combine an effort to create good work through improved work conditions and an effort to reinforce elements of work enforcement in the social insurance system.     

Liquid nitrogen treatment of hand and plantar warts.

The author reports on a study of the liquid nitrogen treatment of warts at the Rutgers University Student Health Center. He demonstrates that liquid nitrogen therapy is a safe, effective treatment method, appropriate for use by nurses and other primary providers in a college health setting.     

A pilot study of the contribution of empathy to burnout in Salvation Army Officers

Although empathy has been found to distinguish effective counsellors from less effective counsellors, human services professionals who continually experience negative emotional reactions to the feelings that clients express in counselling may be at risk of developing burnout. This study examined the hypothesis that emotional empathy rather than cognitive empathy is associated with burnout. The sample of human services professionals consisted of 71 Salvation Army Officers. Multiple regression was used to investigate whether the dimensions of empathy could predict three aspects of burnout: personal accomplishment, emotional exhaustion and depersonalization. The first regression analysis indicated that personal distress and empathic concern were significant predictor of personal accomplishment. The second analysis indicated that personal distress was a significant predictor of emotional exhaustion. The third indicated that empathic concern was a significant predictor of depersonalization. Although these results support the hypothesis, personal distress was negatively associated with personal accomplishment, whereas empathic concern was positively associated with personal accomplishment. The small size of the sample may have influenced the reliability of the findings. A multidimensional approach to the role of empathy in counselling may help human services professionals to manage their emotional reactions when they engage in counselling with distressed clients.     

A Tabu Search Heuristic for the Location of Multi-Type Protection Devices on Electrical Supply Tree Networks

The problem of determining the number of multi-type protection devices and their locations on electrical supply tree networks with subtree dependency is investigated. The aim is to reduce the amount of inconvenience caused to customers that are affected by any given fault on the networks. An appropriate implementation of tabu search is proposed. We exploit a variable neighborhood and a soft aspiration level, and we embed a data structure and reduction tests into the search to speed up the process. Computational tests are performed on randomly generated electrical tree networks varying in size and branch complexity with encouraging results.     

Employment and filial relations: Is there a conflict?

Since children, particularly daughters, are among the most important sources of help and support for older Americans, it has been suggested that women's increasing employment will affect filial relations. Empirical evidence on this issue is inconsistent, in part due to the use of nonprobability samples. Few studies have measured effects for men. We attempt to broaden the scope of this question beyond help to the frail elderly by asking whether employment affects filial relations in general. We examine effects of hours employed on telephone contact, visiting, feelings of closeness, filial attitudes, and assistance to biological parents, for an area probability sample of men and women over 40. There are no effects of employment for men or women on contact, closeness, or assistance. For the vast majority of this population sample, contact and assistance involve few hours per week, and thus do not seem to conflict with employment.