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...     

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.     

Uncertainty and Incest—Beyond True and False Commentary on Janice Haaken's Pillar of Salt

In this discussion of Pillar of Salt, I address the ambiguous location of truth within the false-memory controversy. Proposing a vision of traumatic history and knowledge as inherently confusional with regard to truth, I share with the author a repudiation of simple true-false dichotomies. Arguing for a new epistemological paradigm, I examine the nature of traumatic truth (and falsehood) and the way confusional history is manifest in this controversy.     

Adaptive and Generative Learning: Implications from Complexity Theories

One of the most important classical typologies within the organizational learning literature is the distinction between adaptive and generative learning. However, the processes of these types of learning, particularly the latter, have not been widely analyzed and incorporated into the organizational learning process. This paper puts forward a new understanding of adaptive and generative learning within organizations, grounded in some ideas from complexity theories: mainly self‐organization and implicate order. Adaptive learning involves any improvement or development of the explicate order through a process of self‐organization. Self‐organization is a self‐referential process characterized by logical deductive reasoning, concentration, discussion and improvement. Generative learning involves any approach to the implicate order through a process of self‐transcendence. Self‐transcendence is a holo‐organizational process characterized by intuition, attention, dialogue and inquiry. The main implications of the two types of learning for organizational learning are discussed.     

Social Exclusion in Britain 1991—1995

The purpose of this paper is to offer a working definition of social exclusion and to operationalize it in such a way that an initial empirical analysis of social exclusion in Britain today can be undertaken. After a brief review of conceptions of social exclusion and some of the key controversies, we operationalize one definition based on the notion of participation in five types of activity—consumption, savings, production, political and social. Using the British Household Panel Survey, indicators for participation on these dimensions are developed and analysed both cross-sectionally and longitudinally for the period 1991–5. We find strong associations between an individual's participation (or lack of it) on the five different dimensions, and on each dimension over time. However, there is no distinct group of socially excluded individuals: few are excluded on all dimensions in any one year and even fewer experience multiple exclusion for the whole period. The results support the view that treating different dimensions of exclusion separately is preferable to thinking about social exclusion in terms of one homogeneous group.     

Objectifying or Liberating? Investigation of the Effects of Sexting on Body Image

Scholars are divided as to whether sexting—an unprecedented sexual activity using digital media—is objectifying or sexually liberating. One notion is that sexting involves the representation of an individual’s sexuality in the presence of others and thus reinforces objectification. Another perspective contends that the self-portrayal of the body in sexting facilitates the exploration of sexual subjectivity and is, therefore, sexually liberating. By testing a model of sexting, objectified body consciousness (body surveillance, body shame, and body control beliefs), and comfort with nudity (indicator of sexual liberation) on 361 college students in Hong Kong, the current study revealed that, across genders, sexters demonstrated higher levels of body surveillance, body shame, and comfort with nudity than nonsexters. The results suggest that sexting is both sexually objectifying and liberating and that it has opened up a new sexual arena that combines sexual objectification and empowerment.     

Working for Patients? The Right Approach?

This paper is a slightly revised version of a Memorandum requested by the House of Commons Social Services Select Committee to assist the Committee in its analysis of the White Paper Working for Patients (Cm 555). It was submitted to the Committee on 28 February 1989. The paper follows up the authors'earlier study of the reform of the NHS (Barr, Glennerster and Le Grand, 1988), prepared at the request of the Select Committee prior to the publication of the White Paper.
The success or failure of the White Paper depends crucially on the precise details of the way in which its proposals are implemented. The Working Papers, although providing some more information as to how the White Paper's proposals will be implemented, do not in the main address the issues that concern us here.
Given the inescapable tension between cost and quality, quality control will be absolutely critical if the incentives to economize on the use of resources are not on occasion to lead to unacceptable reductions in quality — reductions which might well apply differentially by socioeconomic group.     

Motivation and Commissioning: Perceived and Expressed Motivations of Care Home Providers

Commissioning of social care for older people has seen major changes since the early 1990s. Considerable responsibility now rests with local authority staff, whose views of care home providers’ motivations, their perceived strengths and weaknesses as service providers, will have a bearing on commissioning decisions. We examine commissioners’ views of provider motivations in eight English local authorities and compare their perceived motivations with providers’ expressed motives. Data were collected through semi‐structured face‐to‐face interviews with commissioners and care home providers. Providers are generally perceived by commissioners as highly altruistic, but also relatively financially motivated individuals. Further analysis revealed significantly different views towards profit‐maximizing, which commissioners perceive as very important, while providers consider it to be of little motivational value. Private sector providers are described by commissioners as significantly more motivated by personal income. Associations are found between commissioners’ perceptions of motivations and the nature of their relationships with providers. Perceptions of providers’ motivations appear important within the commissioning framework.