Consumer Attitudes Toward Health and Health Care: A Differential Perspective

Measures of attitudes of health care consumers toward their own health behaviors and health care institutions reveal the overall pattern of their views as well as their segmented views. Results suggest that some consumers may take a more scientific approach to health care and prevention than others and that demographics, health status, and health consciousness are partial predictors of that consumer approach. Policy makers for health care should formulate and target programs with different segments of the population in mind.     

PURPOSE-BUILT RETIREMENT HOUSING FOR SALE

Sheltered housing for the elderly has traditionally been provided by local authorities and charitable organizations but it seems that they can no longer meet the housing needs of this group. In the last few decades, there has been a significant rise in home-ownership amongst retired people. Two features of this are important. First, those retired people who have been used to owning their own homes may be unwilling to consider somewhat institutional types of housing. Second, as a group, although eligible for specialist retirement housing provided by local authorities and charitable agencies, elderly owner-occupiers find it nearly impossible to qualify for such accommodation as they are not considered to be in need. Recently there has been a move by the private sector to provide purpose-built accommodation for sale to the elderly. How far the needs of the elderly can be met by this type of housing was investigated in two related studies. The first involved interviewing a sample of residents living in sheltered accommodation, while the second study surveyed respondents of retirement age at present living in ordinary housing. The investigation has shown that a considerable demand exists for purpose-built housing for sale to the elderly.     

Institutional Markets,Financial Marketing,and Financial Innovation

Firms and institutions are monitored and controlled through a complex set of implicit and explicit contractual relations. Because of these agency theoretic relations, institutional behavior in financial markets is not a simple reflection of the preference structures of individuals. Institutional preferences give rise to a demand for new financial instruments and innovations, even when the returns on these instruments are “spanned” in the sense of complete pricing. The innovations can be thought of as solving moral hazard problems. An agency theoretic example serves to illustrate the demand, supply, and financial marketing of stripped securities. In short, institutions matter.     

On the Cross-sectional Relation between Expected Returns and Betas

There is an exact linear relation between expected returns and true “betas” when the market portfolio is on the ex ante mean-variance efficient frontier, but empirical research has found little relation between sample mean returns and estimated betas. A possible explanation is that market portfolio proxies are mean-variance inefficient. We categorize proxies that produce particular relations between expected returns and true betas. For the special case of a zero relation, a market portfolio proxy must lie inside the efficient frontier, but it may be close to the frontier.     

Social construction of consumer risk assessments

Subjects in a laboratory experiment were randomly assigned to a condition wherein they were able to discuss potential benefits and risks of a new technology within a small group, or a condition wherein they evaluated the new technology as individuals only. Structural equation analysis indicated that perceived risk, when formed through contact with others, had a significantly different impact on risk response, as measured by intentions and behaviour, than perceived risk that was formed without contact with others. Incorporating a social process perspective and methodology into future research may provide improved understanding of the determinates of consumer risk perception and of the relationship between risk perception and risk response.     

A Comment on Excess Asset Reversions and Shareholder Wealth

This study re-examines the earlier finding of Alderson and Chen (1986a) that financial markets do not consider excess pension assets in determining share prices and that significant increases in shareholder wealth occur when an overfunded pension plan is terminated. The results document that specific event-time contamination (corporate restructuring announcements) provides the driving force for all the earlier findings.