On a curious property of 3435

Folklore tells us that there are no uninteresting natural numbers. But some natural numbers are more interesting then others. In this article we will explain why 3435 is one of the more interesting natural numbers around. We will show that 3435 is a Munchausen number in base 10, and we will explain what we mean by that. We will further show that for every base there are finitely many Munchausen numbers in that base.Comment: 5 pages, 1 table Added suggestions of Andrew Baxte

The EMU and German Cross-Border Portfolio Flows

The paper analyzes the effect of European financial integration, especially of the EMU, on gross portfolio flows between Germany and 47 countries from 1987 to 2002. A gravity model of bilateral asset trade is estimated. The results reveal that there is substantially more portfolio trade between Germany and countries also participating in the EMU. This effect evolves smoothly over time. In particular in 2002, cross-border portfolio flows between Germany and EMU countries are significantly larger compared to flows between Germany and Denmark, the UK, and Sweden which are part of the EU-15 but not of the Euro area. Moreover, changes in exchange rate volatility, financial market development and increased real economic integration among EMU countries have significant effects on German gross portfolio flows, but they can not account for the positive effect on German gross portfolio flows due to the formation of the EMU. Finally, the EMU effect on gross portfolio flows is revealed to be larger for countries with more developed banking and equity markets and for country pairs with more correlated business cycles.

Institutional Determinants of International Equity Portfolios - A Country-Level Analysis

Despite large potential gains, international equity investment is less diversified across countries than predicted by the international version of the traditional capital asset pricing model (ICAPM). This paper provides empirical evidence on the impact of capital market frictions on international equity portfolios using data on bilateral equity holdings. Two important findings are reported: First, besides a home bias in equities, a ‘friendship bias’ can be observed for some country pairs. Second, indirect barriers such as the degree of financial market development and especially information asymmetries have strong explanatory power, whereas direct barriers such as capital flow restrictions have no impact on the portfolio share of foreign equities.

A Neutral Temporal Deontic STIT Logic

In this work we answer a long standing request for temporal embeddings of deontic STIT logics by introducing the multi-agent STIT logic TDS . The logic is based upon atemporal utilitarian STIT logic. Yet, the logic presented here will be neutral: instead of committing ourselves to utilitarian theories, we prove the logic TDS sound and complete with respect to relational frames not employing any utilitarian function. We demonstrate how these neutral frames can be transformed into utilitarian temporal frames, while preserving validity. Last, we discuss problems that arise from employing binary utility functions in a temporal setting

The Varieties of Ought-implies-Can and Deontic STIT Logic

STIT logic is a prominent framework for the analysis of multi-agent choice-making. In the available deontic extensions of STIT, the principle of Ought-implies-Can (OiC) fulfills a central role. However, in the philosophical literature a variety of alternative OiC interpretations have been proposed and discussed. This paper provides a modular framework for deontic STIT that accounts for a multitude of OiC readings. In particular, we discuss, compare, and formalize ten such readings. We provide sound and complete sequent-style calculi for all of the various STIT logics accommodating these OiC principles. We formally analyze the resulting logics and discuss how the different OiC principles are logically related. In particular, we propose an endorsement principle describing which OiC readings logically commit one to other OiC readings

Pension Reform in Germany:

The paper examines the long-term implications of various reform options on retirement entry decisions and the actual retirement age of older workers. It focuses on the changes in pension legislation since 1992 and the reform options discussed by the German Social Security Reform Commission installed in 2002 (�Rürup Commission�). Our simulations show that the early-retirement adjustment factors introduced by the 1992 pension reform will raise the average effective retirement age for men by almost two years. The two-year increase in all relevant age limits proposed by the �Rürup Commission� would raise retirement age of men by another eight months.

Pension Reform in Germany: The Impact on Retirement Decisions

The financing problems beleaguering the public pension system have again shifted the spotlight onto the retirement age. This paper examines the impact of various reform options on the actual retirement choices of older workers. The paper focuses in particular on the long-term implications of the changes implemented in pension legislation since 1992 and the reform options discussed by the German Social Security Reform Commission installed in 2002, the so called "Rürup Commission". Our simulations show that the early-retirement pension adjustment factors introduced by the 1992 pension reform will, in the long term, raise the average effective age of retirement for men by somewhat less than two years. The across-the-board two-year increase in all the relevant age limits proposed by the "Rürup Commission" would raise the effective average age of retirement of men by about eight months. If the actuarial adjustment factor is increased from 3.6% to 6% per year, the effective average retirement age rises by almost two years. The effects are considerably weaker for women.

Pension Reform in Germany: The Impact on Retirement Decisions

The paper examines the long-term implications of various reform options on retirement entry decisions and the actual retirement age of older workers. It focuses on the changes in pension legislation since 1992 and the reform options discussed by the German Social Security Reform Commission installed in 2002 (“Rürup Commission”). Our simulations show that the early-retirement adjustment factors introduced by the 1992 pension reform will raise the average effective retirement age for men by almost two years. The two-year increase in all relevant age limits proposed by the “Rürup Commission” would raise retirement age of men by another eight months.

Pension Reform in Germany: The Impact on Retirement Decisions

The financing problems beleaguering the public pension system have again shifted the spotlight onto the retirement age. This paper examines the impact of various reform options on the actual retirement choices of older workers. The paper focuses in particular on the long-term implications of the changes implemented in pension legislation since 1992 and the reform options discussed by the German Social Security Reform Commission installed in 2002, the so called R?rup Commission'. Our simulations show that the early-retirement pension adjustment factors introduced by the 1992 pension reform will, in the long term, raise the average effective age of retirement for men by somewhat less than two years. The across-the-board two-year increase in all the relevant age limits proposed by the R?rup Commission' would raise the effective average age of retirement of men by about eight months. If the actuarial adjustment factor is increased from 3.6% to 6% per year, the effective average retirement age rises by almost two years. The effects are considerably weaker for women.