Elicitability and identifiability of set-valued measures of systemic risk

Finance and Stochastics - Identification and scoring functions are statistical tools to assess the calibration of risk measure estimates and to compare their performance with other estimates, e.g....     

A supermartingale relation for multivariate risk measures

The equivalence between multiportfolio time consistency of a dynamic multivariate risk measure and a supermartingale property is proven. Furthermore, the dual variables under which this set-valued supermartingale is a martingale are characterized as the worst-case dual variables in the dual representation of the risk measure. Examples of multivariate risk measures satisfying the supermartingale property are given. Crucial for obtaining the results are dual representations of scalarizations of set-valued dynamic risk measures, which are of independent interest in the fast growing literature on multivariate risks.     

Glyphosate—A love story. Ordinary thoughtlessness and response‐ability in industrial farming

More than 8.6 billion kilograms of glyphosate have been used worldwide since the 1970s. Herbicide tolerant crops became the lynchpin of the technological revolution for large‐scale farming first in the United States and Canada, and now in Europe. Zero‐till farming, as a production scheme and a world view, is based on simplifications promoted by a handful of transnational corporations with the complicity of politicians looking for easy solutions for problems, such as climate change, erosion and the hunger in the world. At the same time, the massive use of glyphosate is branded as an endocrine disrupter, causing cancer, male sterility and infertility. It interferes with soil bacteria and acts on the equilibrium of soil fungi. Glyphosate resistant crops connect farmers to far away consumers ingesting the food they grow together with the traces of chemicals. Farmers intra‐act with the myriads of life‐forms of the soil eco‐system. How do they perceive the life in the soil, when they spray chemicals? The article explores the political dimensions of the agency of both humans and non‐humans to understand the effects of the modernizing project of zero‐till, as well as to identify spaces and scales of possibility from where alternatives can emerge.     

The rate of convergence of the core for a purely competitive sequence of economies

The purpose of the paper is to show that for ‘most’ purely competitive sequences of economies on a compact set of agents' characteristics the core converges to the set of equilibria at least as fast as the inverse of the number of agents. It is assumed that agents have smooth, convex preferences with non-zero Gaussian curvature. This rate of convergence is obtained for a purely competitive sequence with regular limit distribution.     

A model of task demands,social structure,and leader–member exchange and their relationship to job satisfaction

In the present study, we examine task demands, leader–member exchange, and social structure in their relationship to job satisfaction. Based on the reflections of Seers and Graen in their dual attachment model, in the present study we combined task demands, leader–member exchange, and social structure in a model of antecedents of job satisfaction. The resulting model was tested using structural equation modelling. While task demands and leader–member exchange are related to their respective equivalents in job satisfaction, social structure is positively related to a latent factor job satisfaction, indicating that the social structure of a job has an impact on different facets of job satisfaction. The results are discussed with respect to sample characteristics.     

Controlling in ?sterreichischen Familienunternehmen – dargestellt am Bundesland Ober?sterreich

Trotz der hohen volkswirtschaftlichen Bedeutung zeichnet sich das Controlling durch eine im Vergleich geringe Besch?ftigung mit dem Thema Familienunternehmen aus. Ausgehend von der Hypothese, dass Familienunternehmen in h?herem Ausma? sozio?konomische Ziele verfolgen und in geringerem Umfang Controlling-Instrumente einsetzen als Nicht-Familienunternehmen, werden die Ergebnisse einer empirischen Untersuchung für die Region Ober?sterreich pr?sentiert. Als Ergebnis dieser Studie zeigt sich, dass die Ziele der befragten Familienunternehmen – abgesehen von der H?he der geforderten Eigenkapitalrenditen – kaum von jenen der Nicht-Familienunternehmen differieren. Andererseits ist bei Familienunternehmen ein hoher Professionalisierungsgrad im Bereich des Einsatzes von Controlling-Instrumenten erkennbar.     

Womit befassen sich kommunikationswissenschaftliche Abschlussarbeiten?

Transfer is an e-journal of the German academic association of journalism and communication (DGPuK), publishing abstracts of excellent theses in communication in German speaking countries. Since 1999, more than 1.000 abstracts have been collected. This article presents a content analysis of all abstracts published between 1999 and 2008 (n?=?1.056). The objective is to contribute to the ongoing debate about the identity of German speaking communication research and thus adding results to existing studies on journal publications and surveys among researchers. The content analysis examines the issues, the media analyzed, the use of theoretical and empirical approaches and the dominance of public communication as issue – as compared to interpersonal communication – of the studies, based on the abstracts published. Results show that the issues analyzed and the methods applied have not changed much over the years. A somehow alarming result is the fact that only very few abstracts explicitly refer to a theory. This raises the question of the deceasing relevance of theories in today’s communication research.     

Climate policy targets in emerging and industrialized economies: the influence of technological differences, environmental preferences and propensity to save

Although emerging economies claim that industrialized countries need to reduce their carbon emissions first, stabilization of the future global climate system requires immediate action by all countries. In a stylized two-country intertemporal general equilibrium model, we derive welfare maximizing emission caps in emerging and industrialized countries, taking account of country differences in technology, environmental preferences and propensity to save. Simultaneous target setting is compared to a sequential one in which the industrialized country commits itself to binding targets first. In the latter case, when the industrialized economy has stronger environmental preferences and a lower relative pollution production share, the industrialized economy can increase its joint economic and environmental welfare by setting a laxer target. On the other hand, when the emerging economy has considerably higher environmental preferences, our results suggest that the industrialized economy will choose a more restrictive target in a sequential setting than in a simultaneous one, contrary to first thought that a first mover is always pursuing a ‘symbolic’ policy with a lax target.     

Optimal Dynamic Control of Visitors and Endangered Species in a National Park

To enable visitors to enjoy nature while protecting endangered species is the key challenge for national parks around the world. In our optimal dynamic control model, a park management maximizes tourism revenues and conservation benefits net of control costs by choosing optimal dynamic levels of conservation and visitor management. The optimization is constrained by an extended food chain model representing species-habitat-visitor interactions. We illustrate for a game bird in an Alpine national park that ecotourism can indeed lead to ecosystem degradation when the park management is more concerned about increasing tourism revenues than about achieving the conservation target and if the endangered species is unknown to most visitors. If, however, the park management is well aware of the potentially negative consequences of ecotourism and hence cares for species conservation, limited ecotourism can provide funding for species conservation which ensures population levels above the uncontrolled steady state.