Power logics of consumers’ gendered (in)justices: reading reproductive health interventions through the transformative gender justice framework

ABSTRACT

Global gender asymmetries in marketing and consumer behavior were recently exemplified by the Transformative Gender Justice Framework (TGJF). The TGJF, however, lacks an explicit reference to power – an aspect that becomes apparent when it is used to assess a consumer phenomenology. In this article we augment the TGJF by building out the power logics and by empirically testing it through an assessment of the reproductive market in Uganda. We capture macro-, meso-, and micro-level power asymmetries, and explore how bio-power and control over resources melds with local gender relations and agentic practices that (i) leave social marketing efforts misaligned with embodied realities, and (ii) result in dichotomies and tensions in the reproductive health market as the North–South strive to define the modern-traditional, medical-pleasurable, and women-men nature of contraceptives.     

Discrete hedging of American-type options using local risk minimization

Local risk minimization and total risk minimization discrete hedging have been extensively studied for European options [e.g., Schweizer, M., 1995. Variance-optimal hedging in discrete time. Mathematics of Operation Research 20, 1–32; Schweizer, M., 2001. A guided tour through quadratic hedging approaches. In: Jouini, E., Cvitanic, J., Musiela, M., Option pricing, interest rates and risk management, Cambridge University Press, pp. 538–574]. In practice, hedging of options with American features is more relevant. For example, equity linked variable annuities provide surrender benefits which are essentially embedded American options. In this paper we generalize both quadratic and piecewise linear local risk minimization hedging frameworks to American options. We illustrate that local risk minimization methods outperform delta hedging when the market is highly incomplete. In addition, compared to European options, distributions of the hedging costs are typically more skewed and heavy-tailed. Moreover, in contrast to quadratic local risk minimization, piecewise linear risk minimization hedging strategies can be significantly different, resulting in larger probabilities of small costs but also larger extreme cost.     

Robustly Hedging Variable Annuities With Guarantees Under Jump and Volatility Risks

Recent variable annuities offer participation in the equity market and attractive protection against downside movements. Accurately quantifying this additional equity market risk and robustly hedging options embedded in the guarantees of variable annuities are new challenges for insurance companies. Due to sensitivities of the benefits to tails of the account value distribution, a simple Black–Scholes model is inadequate in preventing excessive liabilities. A model which realistically describes the real world price dynamics over a long time horizon is essential for the risk management of the variable annuities. In this article, both jump risk and volatility risk are considered for risk management of lookback options embedded in guarantees with a ratchet feature. We evaluate relative performances of delta hedging and dynamic discrete risk minimization hedging strategies. Using the underlying as the hedging instrument, we show that, under a Black–Scholes model, local risk minimization hedging can be significantly better than delta hedging. In addition, we compare risk minimization hedging using the underlying with that of using standard options. We demonstrate that, under a Merton's jump diffusion model, hedging using standard options is superior to hedging using the underlying in terms of the risk reduction. Finally, we consider a market model for volatility risks in which the at‐the‐money implied volatility is a state variable. We compute risk minimization hedging by modeling at‐the‐money Black–Scholes implied volatility explicitly; the hedging effectiveness is evaluated, however, under a joint model for the underlying price and implied volatility. Our computational results suggest that, when implied volatility risk is suitably modeled, risk minimization hedging using standard options, compared to hedging using the underlying, can potentially be more effective in risk reduction under both jump and volatility risks.     

Price determinants of Aboriginal art, and its role as an alternative asset class

This paper analyzes auction results for over 4000 paintings by Australian Aboriginal artists to investigate determinants of prices in the Aboriginal art market. This is the first financial study of an indigenous art market, and hedonic, repeat sales and hybrid regression analyses find it shares price determinants with traditional art markets (with price premia attached to artist name, death, painting size, leading auction house, and winter sale). However, Aboriginal art’s unique features significantly affect prices, particularly works that use traditional Aboriginal media and those with reputation-affirming traits. An Aboriginal Art Index provides 6.6% annual return (standard deviation 17.9%), which is comparable to traditional asset classes and superior on a risk-adjusted basis. Returns to Aboriginal art are negatively correlated with returns from other assets, and so it adds value to a diversified investment portfolio.     

Demographic Trends in the Industrial World: Europe's Declining Population?

What will be the effects of a decline in population? David Coleman, of Oxford University, shows that Europe is faced by a population decline between now and 2020 and reviews some of the consequences.     

Urban housing and social malaise

The author notes the failures of post-war development of the inner cities in the UK and the serious social consequences these have had on the quality of life. A previous study on housing design in New York is outlined and the author explains the findings of very recent work by the Land Use Research Unit at King's College, London. This study was based in Oxford and London and took six types of social malaise (all related to the activities of children) as test measures for analysing the effects of 18 design variables. The findings for the blocks of flats were compared with a sample of 350 houses. A list of recommendations is given and the author finally calls for independent research in this field and a new approach to the subject of land use.     

Housing: Conditions for Success in Government Policy

Dr David Coleman of Oxford University analyses the recent housing legislation and claims that the Government has further to go in reforming the housing market