The Family as an Incomplete Annuities Market

A new empirical study of the relation between money, nominal income, prices, and real output in postwar quarterly U.S. data rejects virtually all of the conclusions reached by Families provide individuals with risk sharing opportunities which may not otherwise be available. Within the family there is a degree of trust and a level of information which alleviates three key problems in the provision of insurance by markets open to the general public, namely, moral hazard, adverse selection, and deception. The informational advantages of pooling risk within families must be set against the inability of families to provide complete insurance because of the small size of the risk pooling group. This paper demonstrates how families can provide insurance against uncertain dates of death. Death risk sharing family arrangements effectively constitute an incomplete annuities market. Our analysis indicates that these arrangements even in small families can substitute by more than70% for complete annuities. Given the adverse selection problem and transactions costs in public annuity markets, risk pooling in families may well be preferred to purchasing market annuities. In the absence of organized public markets in annuities, these risk sharing arrangements provide powerful economic incentives for marriage and family formation. The paper suggests that inter-family transfers need have nothing to do with altruistic feelings; rather, they may simply reflect risk sharing behavior of completely selfish family members.

The effect of corporate restructuring on the shareholders’ value: the case of GEC/Marconi

GEC/Marconi’s transformation from a diversified conglomerate to a focused telecommunications and information technology company was an eventful and rambling transmission that resulted in the deterioration of shareholders’ value. It represents one of the most dramatic falls from grace in British corporate history and one of the greatest corporate governance fiascos of all time. The study investigates the wealth effects of Marconi’s sell-offs and acquisitions on its shareholders’ value by calculating the abnormal returns on the announcement days of all the disposals/acquisition during 1996-2002. The results support the view that shareholders’ value increases when a company proceeds to corporate sell-offs to pursue a focus strategy. However, the authors conjecture that GEC/Marconi has destroyed shareholders’ value through these disposals/acquisitions because of several mistakes, such as being prone to heavy debt

Philosophy Enters the Optics Laboratory: Bell's Theorem and its First Experimental Tests (1965-1982)

This paper deals with the ways that the issue of completing quantum mechanics was brought into laboratories and became a topic in mainstream quantum optics. It focuses on the period between 1965, when Bell published what now we call Bell's theorem, and 1982, when Aspect published the results of his experiments. I argue that what was considered good physics after Aspect's experiments was once considered by many a philosophical matter instead of a scientific one, and that the path from philosophy to physics required a change in the physics community's attitude about the status of the foundations of quantum mechanics.Comment: 57 pages, accepted by Studies in History and Philosophy of Modern Physic

Men after feminism: what’s left to say?

In a paper first delivered at the University of Barcelona (2006), Segal focuses on the future of men after the feminist movement. Among the many topics Segal broaches is that masculinity(ies) studies should not be viewed as usurping women's studies in the academy

Active Learning in Sophomore Mathematics: A Cautionary Tale

Math 245: Multivariate Calculus, Linear Algebra, and Differential Equations with Computer I is the first half of a year-long sophomore sequence that emphasizes the subjects\u27 interconnections and grounding in real-world applications. The sequence is aimed primarily at students from physical and mathematical sciences and engineering. In Fall, 1998, as a result of my affiliation with the Science, Technology, Engineering, and Mathematics Teacher Education Collaborative (STEMTEC), I continued and extended previously-introduced reforms in Math 245, including: motivating mathematical ideas with real-world phenomena; student use of computer technology; and, learning by discovery and experimentation. I also introduced additional pedagogical strategies for more actively involving the students in their own learning—a collaborative exam component and in-class problem-solving exercises. The in-class exercises were well received and usually productive; two were especially effective at revealing normally unarticulated thinking. The collaborative exam component was of questionable benefit and was subsequently abandoned. Overall student performance, as measured by traditional means, was disappointing. Among the plausible reasons for this result is that too much material was covered in too short a time. Experience here suggests that active-learning strategies can be useful, but are unlikely to succeed unless one sets realistic limits to content coverage