On a class of law invariant convex risk measures

We consider the class of law invariant convex risk measures with robust representation r_h,p(X)=sup_fò₀¹ [AV@R_s(X)f(s)-f^p(s)h(s)] ds\rho_{h,p}(X)=\sup_{f}\int_{0}^{1} [AV@R_{s}(X)f(s)-f^{p}(s)h(s)]\,ds, where 1≤p<∞ and h is a positive and strictly decreasing function. The supremum is taken over the set of all Radon–Nikodym derivatives corresponding to the set of all probability measures on (0,1] which are absolutely continuous with respect to Lebesgue measure. We provide necessary and sufficient conditions for the position X such that ρ _h,p (X) is real-valued and the supremum is attained. Using variational methods, an explicit formula for the maximizer is given. We exhibit two examples of such risk measures and compare them to the average value at risk.     

The potential benefits to LDCs of trade liberalization in beef and sugar by industrialized countries

Zusammenfassung Vorteile der Entwicklungsl?nder aus einer m?glichen Handelsliberalisierung für Rindfleisch und Zucker in den Industriel?ndern. - Die Studie geht von der Annahme aus, da\ die Gruppe der Industriel?nder ihre gegenw?rtigen Handelshemmnisse für Zucker und Rindfleisch aufhebt, und versucht zu ermitteln, welche potentiellen ?nderungen an Wohlfahrt und Devisenerl?sen sich daraus für die Entwicklungsl?nder ergeben. Grundlage ist ein komparativ-statisches Gleichgewichtsmodell für den Weltmarkt eines Gutes. Die Ergebnisse deuten darauf hin, da\ die Entwicklungsl?nder für beide Produkte zusammengenommen eine Steigerung ihrer Devisenerl?se um 6,6 bis über 12 Milliarden US-Dollar pro Jahr (auf der Basis von 1980) erwarten k?nnen. Das ist nicht nur absolut oder relativ sehr viel, sondern auch im Vergleich zu der laufenden Entwicklungshilfe.

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Résumé Bénéfices potentiels des PVD à cause d’une libéralisation de commerce en viande de boeuf et sucre par les pays industrialisés. - Cette étude essaie d’identifier le changement potentiel de bien-être et des revenus en devises des PVD en supposant que le groupe des pays industrialisés éliminent leurs obstacles commerciaux actuels pour la viande de boeuf et le sucre. Le cadre essentiel est un modèle du type comparatif statique d’équilibre de marché mondial d’un seul bien. Les résultats suggèrent que pour les deux biens ensemble les PVD pourraient attendre une augmentation des revenus en devises entre 6,6 et plus que 12 milliards US $ par année (base 1980): un montant très grand non pas seulement en terme absolu ou relatif mais aussi en comparaison avec l’aide de développement pour les PVD.

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Resumen Los beneficios potenciales de la liberalización de las importaciones de carne y azúcar en los países industrializados para los países en desarrollo. - Este trabajo intenta estimar el cambio en el bienestar y en el ingreso de divisas de los países en desarrollo, asumiendo que el grupo de países industrializados elimina las barreras al comercio actualmente vigentes para el azúcar y la carne. El marco teórico lo constituye un modelo de equilibrio de mercado para una materia prima de tipo comparativo-estático. Los resultados sugieren que para ambas materias primas los países en desarrollo podrían registrar un aumento en le ingreso de divisas entre 6,6 y 12 mil millones de dólares por a?o (a precios de 1980). Estas cifras no sólo son muy altas en términos absolutes o relativos, sino también si se las compara con los flujos de la ayuda al desarrollo.

     

Export Entry,Export Exit and Productivity in German Manufacturing Industries

This paper contributes to the flourishing literature on exports and productivity by using a unique newly available panel of exporting establishments from the manufacturing sector of Germany from 1995 to 2004 to test three hypotheses motivated by a theoretical model by Hopenhayn (Econometrica 1992): (H1) Firms that stop exporting in year t were in t?1 less productive than firms that continue to export in t. (H2) Firms that start to export in year t are less productive than firms that export both in year t?1 and in year t. (H3) Firms from a cohort of export starters that still export in the last year of the panel were more productive in the start year than firms from the same cohort that stopped exporting in between. While results for West Germany support all three hypotheses, this is only the case for (H1) and (H2) in East Germany.     

Imputed Rent and Income Inequality: A Decomposition Analysis for Great Britain, West Germany and the U.S.

This article deals with income advantages derived from owner-occupied housing and their impact on the personal income distribution. Using micro-data from the British Household Panel Study (BHPS), the German Socio-Economic Panel (SOEP), and the U.S. Panel Study of Income Dynamics (PSID) we find distinct cross-national differences in terms of the prevalence and extent of imputed rent. Results from inequality decomposition analyses show this overall impact to be the net effect of two conflicting changes: On the one hand there is increasing income inequality between the groups of owneroccupiers and renters, respectively, and, on the other hand, we find inequality to be decreasing within the group of those owner-occupiers who own outright. When focussing on imputed rent as a means of old-age provision, our results for all three countries show an income advantage for, as well as a poverty reducing effect among the elderly. The empirical findings support the claim for the need of an improved harmonization of this non-cash income component especially for the purpose of cross-national comparative research.     

Unobservable industry characteristics and the innovation-concentration-advertising-maze: Evidence from an econometric study using panel data for manufacturing industries in the FRG, 1979–1986

In discussing the nexus between innovations and market structure it is often argued that industry characteristics (called opportunities) might play an important role as determinants of innovation, and that simultaneity rather than one-way causality prevails. We consider a three-equation model for innovation, advertising, and concentration. Based on pooled cross-section time-series data for 26 German manufacturing industries we estimate single equation models with and without fixed industry and/or time effects (to control for unobservable industry or time effects, respectively) and simultaneous equation systems including fixed effects, and controlling for extreme cases (outliers) or not. Furthermore, we use two different measures for innovations, i.e., the percentage of shipments due to new products, and the percentage of firms which classified themselves as innovators. Our results can be summarized as follows: (1) The firm size has no significant effect on innovation. One can, therefore, not conclude from this data set that large firms are more innovative than small ones; (2) unobservable industry effects do matter; (3) the treatment of outliers does matter; (4) simultaneity does matter (5) the way innovations are measured does matter; (6) different stories could be told based on the results of the systems of interdependent equations estimated.Earlier versions of this paper were presented at the annual meeting of the committee of industrial economists of the Verein fuer Socialpolitik at Hohenheim University in March, 1990, and at the 1990 conferences of the European Economic Association and the European Association for Research in Industrial Economics in Lisboa. We would like to thank participants of these meetings and three anonymous referees for helpful comments. A more complete version of the paper with a set of tables for the results of all computations is available from the authors on request.     

Strategische Steuerung der betrieblichen Gesundheitsförderung mit Strategy Maps

Zusammenfassung  Der vorliegende Beitrag widmet sich der Steuerung und Bewertung von Ma?nahmen der betrieblichen Gesundheitsf?rderung. Gesellschaftliche Ver?nderungen wie bspw. die Globalisierung oder der demografische Wandel führen dazu, dass die Gesundheit der Mitarbeiter in vielen Bereichen zu einem Engpassfaktor der Leistungserstellung geworden ist. Eine zentrale Rolle zur gezielten unternehmerischen Beeinflussung der personellen Ressourcen eines Unternehmens und damit auch der Gesundheit der Mitarbeiter spielt das Wissen über Ursache-Wirkungsbeziehungen im Bereich der betrieblichen Gesundheitsf?rderung und deren Einfluss auf den Erfolg der Leistungserstellung. Zur gezielten Steuerung der betrieblichen Gesundheitsf?rderung wird ein Rahmenkonzept vorgestellt, das aus der Logik der Balanced Scorecard und Strategy Maps abgeleitet wird und auf Ursache-Wirkungsbeziehungen basiert.

Early-Life Circumstances Predict Measures of Trust among Adults: Evidence from Hunger Episodes in Post-War Germany

Can a major shock in childhood permanently shape trust? We consider a hunger episode in Germany after World War II, and we construct a measure of hunger exposure from official data on caloric rations set monthly by the occupying forces, providing regional and temporal variations. We correlate hunger exposure with measures of trust using data from a nationally representative sample of the German population. We show that individuals exposed to low caloric rations in childhood have significantly lower levels of trust as adults. This finding highlights that early-life experiences can have long-term effects in domains other than health, where such effects are well documented.