Art and Money

This paper investigates the impact of equity markets and top incomes on art prices. Using a newly constructed art market index, we demonstrate that equity market returns have had a significant impact on the price level in the art market over the last two centuries. We also find empirical evidence that an increase in income inequality may lead to higher prices for art, in line with the results of a numerical simulation analysis. Finally, the results of Johansen cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices.Art market;Equities;Income inequality;Cointegration;Comovement

"Medikamente sind Bomben" - zum Metapherngebrauch von Lungentransplantations-Patienten mit guter oder ungenügender Compliance

Fragestellung: Nach einer Organtransplantation finden komplexe psychologische Verarbeitungsprozesse statt. In der vorliegenden Studie wurde untersucht, welche Metaphern im Zusammenhang mit Transplantationserfahrungen verwendet werden, und ob Unterschiede zwischen Patienten mit guter bzw. ungenügender Compliance im Gebrauch dieser Metaphern bestehen. Methode: 14 lungentransplantierte Patienten wurden in einem halbstrukturierten Interview zu ihren Transplantationserfahrungen befragt. Ihre Compliance wurde von den behandelnden Ärzten eingeschätzt. Die Auswertung der Interviews erfolgte anhand einer Metaphernanalyse, welche Hinweise auf vor- und unbewusste Vorstellungen der Patienten liefert. Die Interraterreliabilität über die Metapherngruppen war Cohen’s Kappa K = 0.8. Ergebnisse: Die Patienten konzeptualisierten ihren Körper, aber auch ihr Selbst als ein “Gefäß”, dass sowohl materielle (z.B. die Lunge) wie immaterielle Objekte (z.B. Gedanken an den Spender, Affekte) enthält. Der wichtigste Unterschied zwischen den Compliance-Gruppen bestand darin, dass Patienten mit ungenügender Compliance eine grössere Distanz zur transplantierten Lunge erlebten. Auch konzeptualisierten sie ihren Körper bzw. ihr Selbst nicht als ein Gefäß, das die Lunge enthält. Diskussion: Die Ergebnisse zeigen, dass gute Compliance mit einer erfolgreichen Organintegration assoziiert ist, welche die Zugehörigkeit der Lunge in einem als Gefäß konzeptualisierten Körper bzw. Selbst umfasst. Patienten mit ungenügender Compliance nehmen die Lunge eher als Fremdkörper wahr. Diese Verarbeitungsprozesse sind teils bewusster, teils vor- und unbewusster Natur

Psychological response and quality of life after transplantation: a comparison between heart, lung, liver and kidney recipients

PRINCIPLES: Various non-specific questionnaires were used to measure quality of life and psychological wellbeing of patients after organ transplantation. At present cross-organ studies dealing specifically with the psychological response to a transplanted organ are non-existent in German-speaking countries. METHODS: The Transplant Effects Questionnaire TxEQ-D and the SF-36 Quality of Life Questionnaire were used to examine the psychological response and quality of life of 370 patients after heart, lung, liver or kidney transplantation. The organ groups were compared with regard to psychosocial parameters. RESULTS: 72% of patients develop a feeling of responsibility for the received organ and its function. This feeling is even stronger towards the patient's key relationships i.e. family, friends, the treatment team and the donor. 11.6% worry about the transplanted organ. Heart and lung patients report significantly fewer concerns than liver and kidney patients. Overall, only a minority of patients report feelings of guilt towards the donor (2.7%), problems in disclosing their transplant to others (2.4%), or difficulties in complying with medical orders (3.5%). Lung transplant patients show significantly better adherence. CONCLUSIONS: A feeling of responsibility towards those one is close to and towards the donor is a common psychological phenomenon after transplantation of an organ. Conscious feelings of guilt and shame are harboured by only a minority of patients. The fact that heart and lung patients worry less about their transplant might have primarily to do with the greater medical and psychosocial support in this group

Combination Forecasts of Bond and Stock Returns: An Asset Allocation Perspective

We investigate the out-of-sample forecasting ability of the HML, SMB, momentum, short-term and long-term reversal factors along with their size and value decompositions on U.S. bond and stock returns for a variety of horizons ranging from the short run (1 month) to the long run (2 years). Our findings suggest that these factors contain significantly more information for future bond and stock market returns than the typically employed financial variables. Combination of forecasts of the empirical factors turns out to be particularly successful, especially from an an asset allocation perspective. Similar findings pertain to the European and Japanese markets

What do patients think after lung-transplantation about their self, body, and social network? A quantitative analysis of categorical interview data

Objective: Psychosocial aspects have been investigated in transplant medicine mainly by the means of various structured questionnaires. To date only few interview data are available on patients thoughts about their self, the transplanted lung or the medication, and the relationship between these thoughts and compliance or gender. Methods: Twenty patients were interviewed after transplantation about their perceptions on self, body, transplanted lung, medication and social network. Their compliance was rated by the attending physicians. The overall interrater-reliability for the category groups was Kappa=.8. The article presents quantitative results of the content analysis. Results: Statements were made most frequently about the patients' social network and their self, and significantly less frequently about their body, lung and medication. "Closeness", "distance" and "depression" where main issues that these patients were dealing with. "Closeness" and "distance" played major roles in interpersonal relationships as well as in the relationship to the new lung. Depression mainly had to do with health burdens and the psychosocial consequences of the transplantation (e.g. financial worries). Women made significantly more statements about their social network than men; furthermore they formulate more accented emotional evaluations. Patients with low compliance were more frequently preoccupied with their self, their body as well as the experience of "dependence" and "achievement" than patients with high compliance; also low compliant patients made more critical statements. Conclusions: For lung transplant recipients social relationships are the prime topic of their daily experience. With respect to compliance behaviour, special attention should be paid to the patients' self and body perception as well as to their experience of dependence. These results should be confirmed in studies with larger sample sizes

Algorithm Engineering in Robust Optimization

Robust optimization is a young and emerging field of research having received a considerable increase of interest over the last decade. In this paper, we argue that the the algorithm engineering methodology fits very well to the field of robust optimization and yields a rewarding new perspective on both the current state of research and open research directions. To this end we go through the algorithm engineering cycle of design and analysis of concepts, development and implementation of algorithms, and theoretical and experimental evaluation. We show that many ideas of algorithm engineering have already been applied in publications on robust optimization. Most work on robust optimization is devoted to analysis of the concepts and the development of algorithms, some papers deal with the evaluation of a particular concept in case studies, and work on comparison of concepts just starts. What is still a drawback in many papers on robustness is the missing link to include the results of the experiments again in the design

Compressed representation of a partially defined integer function over multiple arguments

In OLAP (OnLine Analitical Processing) data are analysed in an n-dimensional cube. The cube may be represented as a partially defined function over n arguments. Considering that often the function is not defined everywhere, we ask: is there a known way of representing the function or the points in which it is defined, in a more compact manner than the trivial one