Eine methode zur Berechnung von Alters- und Invaliditätsrenten bei willkürlicher jährlicher Prämienzahlung

Abstract

Die sehwedische staatliche Pensionsversicherung ist bekanntlich als eine kombinierte Alters- und Invaliditätsversieherung organisiert. Mit 67 Jahren oder bei früher eingetretener Invalidität fängt die Auszahlung einer Pension an, deren Betrag sich als ein gewisses Prozent der einbezahlten Prämien ergiebt, für Manner 30 und für Frauen 24 Prozent. Diese Höchsbeträge werden jedoch für diejenigen Personen, die bei dem Inkrafttreten des Alterspensionsgesetzes eine gewisse Altersgrenze überschritten hatten, einigermassen modifiziert.     

Understanding a Two‐Sided Coin: Antecedents and Consequences of a Decomposed Product Advantage*

This paper investigates the antecedents and consequences of two product advantage components: product meaningfulness and product superiority. Product meaningfulness concerns the benefits that users receive from buying and using a new product, whereas product superiority concerns the extent to which a new product outperforms competing products. The present paper argues that scholars and managers should make a deliberate distinction between the two components because they are theoretically distinct and also have different antecedents and consequences. Data were collected through an online survey on 141 new products from high‐tech companies located in The Netherlands. The results reveal that new products need to be meaningful as well as superior to competing products to be successful. This finding is consistent with the prevailing aggregate view on product advantage in the literature. However, the results also show that the effects of the two components on new product performance are moderated by market turbulence. Although each component is important in that it forms a necessary precondition for the other to affect new product performance under circumstances of moderate market turbulence, meaningfulness is most important for new product performance in turbulent markets where preferences have not yet taken shape. In contrast, when markets become more stable, the uniqueness of meaningful attributes decreases, and new products that provide advantage by fulfilling their functions in a way that is superior to competing products are more likely to perform well. In addition, the study shows that the firm's customer and competitor knowledge processes independently lead to product meaningfulness and superiority, respectively. The findings also reveal that under conditions of high technological turbulence the customer and competitor knowledge processes complement each other in creating product meaningfulness and superiority. This implies that the level of technological turbulence puts requirements on the breadth of firms' market knowledge processes to create a new product with sufficient advantage to become successful. The paper concludes that neglecting the distinction between product meaningfulness and superiority when assessing a new product's advantage may lead to an incomplete insight on how firms can improve the performance of their new products.     

The effect of payment type on product-related emotions: evidence from an experimental study

Consumption and payments have been shown to be closely associated in consumers' minds. Based on the idea of ‘coupling’, it is hypothesized that product-related emotions will differ depending on payment type (i.e. repayment and prepayment). Moreover, it has been suggested that forecasted emotions do not always correspond to experienced emotions. This is tested in a longitudinal experiment, which simulated a saving and credit situation, and assessed forecasted and experienced product-related emotions. As hypothesized, prepayment led to more positive product-related emotions than repayment. Moreover, participants showed some inconsistencies between forecasted and experienced emotions. Implications for marketing and consumer education are discussed.     

Survival and efficiency curves for capital and the time-age-profile of vintage prices

The decline in the service flow from a stock of capital goods with age, due to the physical retirement of capital units and to the gradual loss of efficiency of each unit remaining, can be described by survival curves and efficiency curves. The paper reconsiders the relationship between these curves and the vintage prices of capital under neo-classical assumptions about perfect second hand markets and malleability, using duality between quantites and prices. Three examples with parametric survival and efficiency curves are presented. Concavity of the survival and efficiency curves may be compatible with convexity of the age-price profile. This approach is contrasted with the frequently cited Hulten-Wykoff approach. Empirical illustrations, focusing on the cenvexity/concavity issue, are given.     

Convexity theory for the term structure equation

We study the convexity and model parameter monotonicity properties for prices of bonds and bond options when the short rate is modeled by a diffusion process. We provide sharp conditions on the model parameters under which the convexity of the price in the short rate is guaranteed. Under these conditions, the price is decreasing in the drift and increasing in the volatility of the short rate. We also study the convexity properties of the logarithm of the price and find simple conditions on the coefficients that guarantee that the price is log-convex or log-concave.      

Strategic Planning in Research and Technology Institutes

Research and Technology Institutes (RTIs) are today facing the challenges of restructuring. New demands are being placed upon them in an increasingly uncertain financial and innovation environment. This paper, which is based upon a review of nine of the most successful RTIs in Europe, North America and East Asia, provides a framework for assessing RTIs and understanding how RTIs need to function to meet user needs within the context of national systems of innovation. The paper suggests some simple tools for identifying and classifying user needs as well as for assessing the strengths and weaknesses of RTIs. It is argued that this type of analysis is a prerequisite for the strategic planning and management of such institutes. The paper points out some of the operational aspects of RTI management where improvement opportunities are often possible.     

Environmental Regulations and Plant Exit

A qualitative response model is applied to study the relationship between environmental regulations and plant exit. The data set is Norwegian panel data for establishments in three manufacturing sectors that have high shares of units which have been under strict environmental regulations. In two of the sectors, the estimated exit probability of regulated establishments is, ceteris paribus, only one third of the exit probability of non-regulated establishments. We also find that the probability to change regulation status from being non-regulated to become regulated depends significantly on economic factors. In particular, establishments with weak profitability had the highest probability to come under environmental regulation.     

Dennis C. Rasmussen,The Infidel and the Professor: David Hume,Adam Smith,and the Friendship That Shaped Modern Thought

The Review of Austrian Economics -     

The economic burden of psoriasis with high comorbidity among privately insured patients in the United States

Objective: To evaluate the impact of comorbidities on healthcare resource use (HRU), and direct and indirect work-loss-related costs in psoriasis patients.

Methods: Adults with psoriasis (≥2 diagnoses, the first designated as the index date) and non-psoriasis controls (no psoriasis diagnoses, randomly generated index date) were identified in a US healthcare claims database of privately-insured patients (data between January 2010 and March 2017 were used). Psoriasis patients were stratified based on the number of psoriasis-related comorbidities (0, 1–2, or ≥3) developed during the 12?months post-index. All outcomes were evaluated during the follow-up period, spanning the index date until the end of continuous health plan eligibility or data cut-off. HRU and costs per-patient-per-year (PPPY) were compared in psoriasis and non-psoriasis patients with ≥12?months of follow-up.

Results: A total of 9,078 psoriasis (mean age?=?44?years, 51% female) and 48,704 non-psoriasis (mean age?=?41?years, 50% female) patients were selected. During the 12?months post-index, among psoriasis vs non-psoriasis patients, 71.0% vs 83.0% developed no psoriasis-related comorbidities, 26.3% vs 16.0% developed 1–2, and 2.6% vs 1.0% developed ≥3 psoriasis-related comorbidities. Compared to non-psoriasis patients, psoriasis patients had more HRU including outpatient visits (incidence rate ratios [IRRs]?=?1.52, 2.03, and 2.66 for 0, 1–2, and ≥3 comorbidities, respectively [all p?p?p?p?Conclusions: HRU and cost burden of psoriasis are substantial, and increase with the development of psoriasis-related comorbidities.     

Illiquidity transmission from spot to futures markets

We develop a model of illiquidity transmission from spot to futures markets that formalizes the derivative hedge theory of Cho and Engle (1999). The model shows that spot market illiquidity does not translate one to one to the futures market but, rather, interacts with price risk, liquidity risk, and the risk aversion of the market maker. The model's predictions are tested empirically with data from the stock market and markets for single-stock futures and index futures. The results support our model and show that the derivative hedge theory provides an explanation for the liquidity link between spot and futures markets.