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Abstract

This paper addresses the issue of measuring tolerance, viewed as a multifaceted phenomenon involving several different social domains. We develop a multidimensional index for Likert-scale data, characterized by the following features: (i) it reflects the individual’s intensity of tolerant attitudes towards each social domain; (ii) the index can be broken down by dimension in order to determine the contribution of each dimension to overall tolerance; (iii) the index combines the different dimensions of tolerance using a weighted scheme that reflects the importance of each dimension in determining the overall level of tolerance. To show how this new measure of tolerance works in practice, we carry out a case study using an Italian recent survey asking the opinion of university students about different subjects, such as interreligious dialog, women/religion relationship, religion/death relationship, homosexuality, and multicultural society.

Abstract

This paper proposes a Bayesian estimation algorithm to estimate Generalized Partition of Unity Copulas (GPUC), a class of nonparametric copulas recently introduced by [18]. The first approach is a random walk Metropolis-Hastings (RW-MH) algorithm, the second one is a random blocking random walk Metropolis-Hastings algorithm (RBRW-MH). Both approaches are Markov chain Monte Carlo methods and can cope with ˛at priors. We carry out simulation studies to determine and compare the efficiency of the algorithms. We present an empirical illustration where GPUCs are used to nonparametrically describe the dependence of exchange rate changes of the crypto-currencies Bitcoin and Ethereum.

Abstract

We show that each infinite exchangeable sequence τ1, τ2, . . . of random variables of the generalised Marshall–Olkin kind can be uniquely linked to an additive subordinator via its deFinetti representation. This is useful for simulation, model estimation, and model building.

Abstract

This paper investigates risk-based premiums in ex-ante insurance guaranty schemes. Exchange rate risk is incorporated into the asset portfolio to reflect the growing practice of life insurers taking offshore risks for yield enhancement. The closed-form solutions of the risk-based premium charged by the insurance guaranty fund are derived. Our premium rating includes currency mismatches between assets and liabilities, and the effects of early closure, capital forbearance, and grace periods are fully explored. First, we discover that the insurance guaranty fund premium is underestimated if currency fluctuation uncertainty is overlooked. Second, the premium is higher under regulatory forbearance than it is under the Merton stock put option, which implies that the cost is substantial. Finally, we note that the premium increases with higher financial leverage and greater foreign exposure in the asset portfolio. The results of our analysis provide further insight for regulators to implement regulatory policies and insurance guaranty schemes.

Abstract

The article analyzes the interconnectedness and gaps between two interrelated streams of literature, evolving in different time periods, by employing bibliometric tools. The research on the factors of life insurance demand started in the late 1960s and early 1970s, while more intensive works on the drivers of lapses in life insurance appeared during the 2000s. We map the research fields using our own criteria to create clusters and visualize the flow of knowledge within and between the clusters employing citation network analysis (CNA). We contribute by providing the most comprehensive systematic review that integrates both fields, additionally encapsulating studies on the demand for policy loans. The article detects the most important drivers of life insurance policyholder behavior during his/her lifetime and opens new horizons for future research.

Abstract

Mathematical models of economic dynamics and growth are usually expressed in terms of differential equations/inclusions (in the case of continuous time) or difference equations/inclusions (if discrete time is assumed).3 This class of models includes von Neumann-Leontief-Gale type dynamic input-output models to which the paper refers. The paper focuses on the turnpike stability of optimal growth processes in a Gale non-stationary economy with discrete time in the neighbourhood of von Neumann dynamic equilibrium states (so-called growth equilibrium). The paper refers to Panek (2019, 2020) and shows an intermediate result between the strong and very strong turnpike theorem in the non-stationary Gale economy with changing technology assuming that the prices of temporary equilibrium in such an economy (so-called von Neumann prices) do not change rapidly. The aim of the paper is to bring mathematical proof that the introduction of these assumptions making the model more realistic does not change its asymptotic (turnpike-like) properties.

Abstract

For r ∈ (1, 2], the authors establish sufficient conditions for the existence of solutions for a class of boundary value problem for rth order Caputo-Hadamard fractional differential inclusions satisfying nonlinear integral conditions. Both cases of convex and nonconvex valued right hand sides are considered.

Abstract

The aim of this paper is to examine a complex pattern of mutual interdependence between Unified Growth Theory (subroutine) and the evolution of the entire field of economic growth theories (main routine) from a philosophical and methodological perspective. The analysis utilises the recently introduced concept of research routine (and respectively, subroutine) aimed at an explanation of the evolution of scientific research. The study identifies the influence of the subroutine (and its specific concept of demographic transition) on the core concepts of the main routine: human capital, population growth and learning. The results are based on network analyses of extensive bibliometric evidence from Scopus and the Web of Knowledge.

Abstract

This paper develops a static model of endogenous task-based technical progress to study how factor scarcity induces technological progress and changes in factor prices. The equilibrium technology is multi-dimensional and not strongly factor-saving in the sense of Acemoglu (2010). Nevertheless, labour scarcity induces labour productivity growth. There is a weak but no strong absolute equilibrium bias. This model provides a plausible interpretation of the famous contention of Hicks (1932) about the role of factor prices and factor endowments for induced innovations. It may serve as a microfoundation for canonical macro-economic models. Moreover, it accommodates features like endogenous factor supplies and a binding minimum wage.