Saving and Investing Over the Life Cycle and the Role of Collective Pension Funds

Summary This paper surveys the academic literature on optimal saving and investment over an individual’s life cycle. We start out with a simple benchmark model with separable and smooth preferences, one aggregate risk factor and riskless wage income. Within this simple setting, optimal saving and investment behavior are explored from the perspective of individuals. Subsequently, we investigate various constraints to optimal individual decision making. We discuss how collective pension schemes may help to relieve some of the market incompleteness that arises from these constraints while at the same time introducing new types of constraints. Finally, various extensions to the benchmark setting are analyzed: a more elaborate modelling of human capital, additional risk factors, and other types of preferences. We thank Peter Kooreman for helpful comments on an earlier version and Roel Mehlkopf for research assistance.     

Challenging Traditional Culture? How Personal and National Collectivism-Individualism Moderates the Effects of Content Characteristics and Social Relationships on Consumer Engagement with Brand-Related User-Generated Content

Consumers across the globe increasingly engage with user-generated content about brands on social networking sites (i.e., brand-related user-generated content [Br-UGC]). As online consumer behavior does not occur in a cultural void, the present study extends earlier research by explicitly examining how the collectivism-individualism dimension, both at the national and at the personal level, influences consumers’ engagement (“liking,” commenting on, and sharing) with different types of Br-UGC created by different sources. Results based on a diverse sample of participants from South Korea, Thailand, the Netherlands, and the United States (N?=?812) suggest that collectivism-individualism at the national level moderates the effects of content characteristics and social relationships on Br-UGC engagement. Moreover, consumers who hold the same values as others in their national culture are more comfortable sharing informative Br-UGC.     

Tourism and crime: A conference

This conference did not solve the problem of crime in tourist-recreation destination regions. It did, however, allow interested participants an opportunity to inventory and generalized the crime problems and prospects as they related to a few destination regions in the Southeast. Differing criminal laws, law enforcement, gun-control laws, sentencing practices, and jury selection leave little doubt as to the truth of the statement that punishment for a crime is dependent on where the crime takes place. ∠ Further study of deceptive crime statistics and criminal characteristics for rural America is a much needed research goal for the planning and design of more viable tourist-recreation destination regions.     

THE FUTURE OF STATE INSURANCE REGULATION: CAN IT SURVIVE?

Abstract: As Congress continues to debate the future of financial services affiliations, state insurance regulators are faced with blurred lines of regulatory authority and the opportunity of federal banking regulators to preempt their decisions and their enforcement of consumer protection statutes. This article attempts to remind readers of the history and significance of state insurance regulation and provide clear evidence of its continued importance in the future of the conglomerated financial services marketplace.     

How to serve sustainability performance in businesses? An appetizing recipe to link practices to performance in business sustainability research

Recent critiques claim that business sustainability scholarship offers little evidence on how to effectively address business unsustainability. In this article, we demonstrate why this problem exists. Specifically, we argue that the literatures on internal practices of business sustainability, and on the sustainability performance of businesses, do not speak to each other and that explanatory models also fail to bridge a corresponding gap in the field. We argue for the development of a subfield of sustainability performance in businesses and explain the types of inquiries that should be developed. Finally, we suggest how scholars in the business sustainability field could contribute to the development of better understanding of sustainability performance in businesses.     

Comparative North American and European gateway logistics: the regionalism of freight distribution

The global freight distribution system has been impacted by convergence in terms of technology, infrastructure, modes and terminals. Still, in spite of strong converging forces, it can be argued that logistical practices are far from being uniform. This paper analyses the regionalism in freight transport systems by providing a comparative analysis of gateway logistics practices in North America and Europe. It is demonstrated that Europe and North America are not walking the same paths when it comes to the configuration of transport and logistics networks, via operational decisions and the setting of a regulatory framework. The attributes of gateways, corridors, hinterlands, regulation, governance, value chains and labor provide an analytical framework to understand the regionalism of freight distribution in the North American and European contexts, as well as anywhere else.