Cryptodemocracy and its institutional possibilities

The Review of Austrian Economics - Democracy is an economic problem of choice constrained by transaction costs and information costs. Society must choose between competing institutional frameworks...     

Extending financial literacy to insurance literacy: a survey approach

We extend behavioural research in investment and retirement savings to insurance, by investigating factors that may influence individuals’ insurance decision making. These factors include financial literacy, specialist insurance education and some behavioural biases. Based on a definition of insurance literacy that requires both having, and applying insurance knowledge, we find from a survey of postgraduate students that financial literacy does not necessarily translate to insurance literacy, whereas more specialised education can improve insurance literacy. Results also indicate specialist education potentially reduces susceptibility to anchoring effects.     

Cost-effectiveness of brentuximab vedotin plus chemotherapy as frontline treatment of stage III or IV classical Hodgkin lymphoma

Objective: The ECHELON-1 trial demonstrated efficacy and safety of brentuximab vedotin plus doxorubicin, vinblastine, and dacarbazine (A?+?AVD) vs doxorubicin, bleomycin, vinblastine, and dacarbazine (ABVD) as frontline therapy for stage III/IV classical Hodgkin lymphoma. This analysis evaluated the cost-effectiveness of A?+?AVD from a US healthcare payer perspective.

Methods: The incremental cost-effectiveness ratio (ICER), defined as the incremental costs per quality-adjusted life year (QALY) gained, was estimated using a non-homogenous semi-Markov cohort model with health states defined on progression following frontline treatment, and for those with progression, receipt of autologous stem-cell transplant (ASCT), and progression after ASCT. Patients undergoing ASCT were classified as refractory or relapsed based on timing of progression. Probabilities of progression/death with frontline therapy were based on parametric survival distributions fit to data on modified progression-free survival (mPFS) from ECHELON-1. Duration of frontline treatment and incidence of adverse events were from ECHELON-1. Utility values for patients in the frontline mPFS state were based on EQ-5D data from ECHELON-1. Other inputs were from published sources. A lifetime time horizon was used. Costs and QALYs were discounted at 3%. Analyses were conducted alternately using data on mPFS for the overall and North American populations of ECHELON-1.

Results: The ICER for A?+?AVD vs ABVD was $172,074/QALY gained in the analysis using data on mPFS for the overall population and $69,442/QALY gained in the analysis using data on mPFS for the North American population of ECHELON-1. The ICER is sensitive to estimated costs of ASCT and frontline failure.

Conclusion: The ICER for A?+?AVD vs ABVD based on ECHELON-1 is within the range of threshold values for cost-effectiveness in the US. A?+?AVD is, therefore, likely to be a cost-effective frontline therapy for patients with stage III/IV classical Hodgkin lymphoma from a US healthcare payer perspective.

Trial registration: ClinicalTrials.gov identifier: NCT01712490.     

Cryptojacking injection: A paradigm shift to cryptocurrency-based web-centric internet attacks

Crypto-mining attacks have emerged as a new generation of web-based attacks which have seen cybercriminals eschew the infamous crypto ransomware. The watering hole attack vector has by far been the most widely employed attack methodology but it faces the task of luring the victim to the infected web resources. However, cryptojacking injection presents a paradigm shift to web-based crypto-mining attacks in that it eliminates the need for a pivotal third-party such as the exploitable web server. Thus, instead of attacking credit card and other private information of e-commerce users, attackers seek to maliciously abuse a victim’s CPU to generate cryptocurrency. In this paper, we investigate and evaluate cryptojacking injection – a state-of-the-art web-centric attack vector in the crypto-mining attacks landscape. We formulate an attack model based on finite state machines which depicts the various breaches of confidentiality, integrity and availability in the web system as the attack progresses. We show how this new attack vector attacks some of the core components of e-commerce (URL, HTTP and HTML) to generate Monero crypto currency from benign web users. We evaluate our modeling approach with a series of experiments with two attack scenarios using different operating systems. Results show that the attack is indeed cross-platform and feasible on any operating system of a browser-capable device. We analyze the generated network traffic during the attack and draw features such as URLs and the parsed files, the associated cryptographic hashes, and the IP addresses of the crypto-mining domains. These, together with host-based features such as exhaustive CPU usage can be used as indicators of compromise and subsequently act as feed into intrusion detection systems.     

Are religious consumers more ethical and less Machiavellian? A segmentation study of Millennials

Millennial consumers are increasingly becoming important actors in business that account for sufficient purchasing power. However, Millennials are infamously narcissistic and their views of ethics are more relaxed than previous generations (i.e., Baby Boomers, Generation X). Millennials remain poorly understood in general, especially in the context of developing countries. Hence, the purpose of this study was to profile this generation by segmenting Millennials in Indonesia and investigating differences between these segments on their ethical beliefs and Machiavellianism, an important personality characteristic. This study used a convenience sample from a university in Indonesia (N = 540). The TwoStep cluster analysis produced three segments, namely, “The Religious Millennials”, “The Lukewarm Religious Millennials” and “The Least Religious Millennials”. Consumers who are highly religious are less likely to engage in various unethical behaviours. Interestingly, no significant differences were found between The Lukewarm Millennials and The Least Religious Millennials on their ethical beliefs. This research makes several research contributions. First, this study extended the Hunt–Vitell theory of ethics, where an individual (i.e., Millennials) confronts a problem perceived as having ethical content. Second, the study examined consumer ethics in the context of developing countries where religion plays a significant role in people’s daily life. Third, through understanding different segments, the results assist educators, social marketers and public policy makers in creating an effective campaign to reduce unethical behaviour among Millennials.     

The Relationship Between Union Membership and Net Fiscal Impact

This paper develops the first evidence on how individuals’ union membership status affects their net fiscal impact, the difference between taxes they pay and cost of public benefits they receive, enriching our understanding of how labor relations interacts with public economics. Current Population Survey data between 1994 and 2015 in pooled cross‐sections and individual first‐difference models yield evidence that union membership has a positive net fiscal impact through the worker‐level channels studied.     

麦肯锡调查：当今的企业如何对一线进行管理

大多数企业并未对一线管理人员提供足够的培训，或者对其职责进行恰当的定位，以创造最大价值。令该问题雪上加霜的是，高层领导常常意识不到妨碍一线绩效提高的问题。而拥有得力的一线管理人员的企业则采取与之不同的做法。     

State Prices of Conditional Quantiles: New Evidence on Time Variation in the Pricing Kernel

We develop a set of statistics to represent the option‐implied stochastic discount factor and we apply them to S&P 500 returns between 1990 and 2012. Our statistics, which we call state prices of conditional quantiles (SPOCQ), estimate the market's willingness to pay for insurance against outcomes in various quantiles of the return distribution. By estimating state prices at conditional quantiles, we separate variation in the shape of the pricing kernel from variation in the probability of a particular event. Thus, without imposing strong assumptions about the distribution of returns, we obtain a novel view of pricing‐kernel dynamics. We document six features of SPOCQ for the S&P 500. Most notably, and in contrast to recent studies, we find that the price of downside risk decreases when volatility increases. Under a standard asset pricing model, this result implies that most changes in volatility stem from fluctuations in idiosyncratic risk. Consistent with this interpretation, no known systematic risk factors such as consumer sentiment, liquidity or macroeconomic risk can account for the negative relationship between the price of downside risk and volatility. Copyright © 2016 John Wiley & Sons, Ltd.     

No pain,no gain: insights into changing individual volitional behaviour

• Physical activity is an important component of a healthy lifestyle. The purpose of this study is threefold: first, to empirically examine the effect of attitudes on people's intentions towards starting a new physical activity in three weight groups; second, to explore differences within various demographic groups; and finally, to offer research and practical implications for social marketers who are working in the area of physical activity. A total of 1459 respondents participated in an online survey. Our findings indicate that when individuals hold both negative and positive attitudes towards physical activity, they will have higher intentions to start a new physical activity. Empirical examination identified that overweight and obese people have more negative and less positive attitudes than healthier people toward physical activity. The results indicate that overcoming negative attitudes and reinforcing positive attitudes remain as a necessary condition to influence volitional behaviours such as physical activity, which requires cognitive processing and actions in order for the behaviour to be changed. People engaging in physical activities understand both positive and negative effects of physical activities, and they may engage in physical activities despite knowing there are short‐term costs.

Copyright © 2015 John Wiley & Sons, Ltd.     

Strategies and pitfalls in the infrastructure development of airports: A comparison of Milan Malpensa and Berlin Brandenburg International airports

The paper analyses two airport investment projects in Europe: the completed investment at Milan Malpensa Airport and the investment at Berlin Brandenburg International. The two facilities were chosen because of similarities in their market environments. The paper examines the history of the projects, their objectives, demand forecasts, assessment methodologies and the strategies of the main carriers that use them. A comparison between expectations and outcomes for Malpensa a decade after its opening allows examination of the validity of the parameters used in the decision-making. The criteria being used to assess the investment in Berlin Brandenburg International are explored.