Too risk averse to purchase insurance?

This paper suggests a new explanation for the low level of annuitization, which is valid even if one assumes perfect markets. We show that, as soon there is a positive bequest motive, sufficiently risk averse individuals should not purchase annuities. A model calibration accounting for lifetime risk aversion generates a significantly smaller willingness-to-pay for annuities than the one generated by a standard time-additive model. Moreover, the calibration predicts that riskless savings finance one third of consumption, in line with empirical findings.     

Credibility and Inflation Expectations: What we can tell from seven emerging economies?

This study is a contribution to the literature concerning credibility and its effect on the distribution between forward-looking behavior and backward-looking behavior for formation of inflation expectations in the case of emerging economies. Based on data gathered from seven inflation targeting emerging economies (Brazil, Chile, Colombia, Mexico, Poland, South Africa, and Turkey), this paper analyzes how much the credibility associated with the inflation target contributes to anchoring expectations. The findings denote that although credibility is relevant to reduce inflation expectations, these countries present low monetary credibility and thus the backward-looking behavior is predominant for the formation of inflation expectations. Therefore, in order to improve the expectations channel of monetary policy in emerging economies, a policy of increasing transparency regarding inflation expectations is mandatory to the central banks’ task of anchoring inflation expectations.     

Modernity as Masquerade: Representations of Modernity and Identity in Turkish Humour Magazines

This article aims at an alternative analysis of Turkish “modernity” by analysing the representations in a popular humour magazine. This study departs from the idea that representations in “low” discourses in Turkey can provide us with a text other than those of the official-dominant discourses in order to see how the certainty and positivity attributed to the modern identity in the dominant ideology is elaborated, demystified, and subverted as well as contained. Essentially, in the magazine, one of the main sources of humour derives from the clash of two main identities, between those who are modern, civil, urban, and effeminate and those who are traditional, uncivil, rural, and super-masculine. In the modern urban space, the modern and traditional become a stake in the power struggles between groups. This struggle operates through tastes, styles, and the body, which are at the same time means of identity construction as well as marks of identity. This duality and the concomitant dualities have come to structure all significatory practices to such an extent that everything gets symbolically overloaded by these series of dualities. In this struggle, the essence and appearance duality is the main framework within which Turkey's modernity and identity are represented. “Modernity” is signified as a masquerade, a play of appearances and a stake in the power struggles among groups rather than as a measure of progress. Bodies, sexuality, and masculinity become the nodal points of the expression of identity struggles, not only of social groups but also of the Turkish nation.     

Migrant encounters with neo-colonial masculinity: producing European sovereignty through emotions

The EU/European political community’s reaction to irregular migrants is ambivalent. On the one hand, migrants are produced as people to be pitied, rescued, and saved. On the other hand, they are feared, despised, and left to die. The article explores this ambivalence from a gender perspective and asks how sovereign masculinities are produced through emotional performances in the politics of migration control and management. It will be argued that emotions such as fear, disgust, and compassion are performed in the biopolitical security governance of irregular migration by producing a “socially abject” life as its object. This is a life that is to be killed, despised, and saved. Encounters between the irregular migrant and a European border security actor constitute a neo-colonial masculinity. During the moment of the encounter with the other’s life, sovereignty is produced through emotional performances of border security actors. The discussion concludes with illustrations of how racialized bodies and lives are produced as objects of fear, disgust, and compassion through European neo-colonial masculinity. The article speaks to the debates in the literature on masculinities in global politics, emotions and politics, and critical border studies.     

Validation of the Flourishing Scale and Scale of Positive and Negative Experience in Portugal

The Flourishing Scale (FS) and the Scale of Positive and Negative Experience (SPANE) created by Diener et al. (Soc Indic Res 97:143–156, 2010) are instruments that assess psychological flourishing and feelings (positive and negative, and the difference between the two). In this study, the psychometric properties of both scales were explored by using two Portuguese samples (I: n = 734; II: n = 194). Reliability analysis and a multi-group confirmatory factorial analysis (MCFA) of both scales were performed. To examine the validity of FS and SPANE we analyzed their correlations with other well-being and happiness measures. Results showed that the Portuguese versions of both scales have good psychometric properties, and they also showed convergent validity. Results also demonstrated the unidimensional structure of the FS and a two-factor solution for the SPANE. The multi-group CFA of both scales evidenced an invariant structure. Both Portuguese versions of the scales behave consistently with the original and may be used in future studies of well-being.     

Quality of Web-based Information on Pathological Gambling

The present study aims to evaluate the quality of web-based information on gambling and to investigate potential content quality indicators. The following key words: gambling, pathological gambling, excessive gambling, gambling problem and gambling addiction were entered into two popular search engines: Google and Yahoo. Websites were assessed with a standardized proforma designed to rate sites on the basis of “accountability”, “presentation”, “interactivity”, “readability” and “content quality”. “Health on the Net” (HON) quality label, and DISCERN scale scores aiding people without content expertise to assess quality of written health publication were used to verify their efficiency as quality indicators. Of the 200 links identified, 75 websites were included. The results of the study indicate low scores on each of the measures. A composite global score appeared as a good content quality indicator. While gambling-related education websites for patients are common, their global quality is poor. There is a need for useful evidence-based information about gambling on the web. As the phenomenon has greatly increased, it could be relevant for Internet sites to improve their content by using global score as a quality indicator.     

Supplier Selection for Framework Agreements in Humanitarian Relief

In this study, we consider the supplier selection problem of a relief organization that wants to establish framework agreements (FAs) with a number of suppliers to ensure quick and cost‐effective procurement of relief supplies in responding to sudden‐onset disasters. Motivated by the FAs in relief practice, we focus on a quantity flexibility contract in which the relief organization commits to purchase a minimum total quantity from each framework supplier over a fixed agreement horizon, and, in return, the suppliers reserve capacity for the organization and promise to deliver items according to pre‐specified agreement terms. Due to the uncertainties in demand locations and amounts, it may be challenging for relief organizations to assess candidate suppliers and the offered agreement terms. We use a scenario‐based approach to represent demand uncertainty and develop a stochastic programming model that selects framework suppliers to minimize expected procurement and agreement costs while meeting service requirements. We perform numerical experiments to understand the implications of agreement terms in different settings. The results show that supplier selection decisions and costs are generally more sensitive to the changes in agreement terms in settings with high‐impact disasters. Finally, we illustrate the applicability of our model on a case study.     

The Capability Approach and Fuzzy Poverty Measures: An Application to the South African Context

One way of making the capability approach (CA) operational uses fuzzy poverty measures. In this paper, we present a new approach to applying these measures in the South African context using responses to a questionnaire on ‘The Essentials of Life’ in conjunction with a methodology for dealing with the vagueness of poverty. Our results suggest very low cut-offs for people or households to classify as definitely poor for some social indicators. These cut-offs are far lower than those Klasen used in his application of the CA. The attempt to apply the CA using Cheli and Lemmi’s ‘totally fuzzy and relative’ poverty measure in conjunction with our approach to specifying cut-offs can lead to incoherence. This measure can, nonetheless, be useful when social indicators have a ‘relativist component’. While the Cerioli and Zani measure does not lead to such incoherence, it also has a serious weakness.     

Selection,selection, selection: the impact of return migration

The evidence on the impact of return migration on the sending country is rather sparse, though growing. The contribution of this paper is in addressing various selectivity problems while quantifying the impact of return migration on wages of returnees using non-experimental data. Using Egyptian household-level survey data, I estimate the wages of return migrants controlling for several selectivity biases arising from emigration choice, return migration choice, labor force participation choice, and occupational choice following return. The findings provide strong evidence that overseas temporary migration results in a wage premium upon return, even after controlling for the various potential selection biases. However, the estimates underscore the significance of controlling for both emigration and return migration selections. Ignoring the double selectivity in migration would overestimate the impact of return migration on the wage premium of returnees, as migrants are positively selected relative to non-migrants, but returnees are negatively selected among migrants.