A hasznossági függvények és a kockázatsemleges mérték

A cikkben a pénzügyi válságban központi szerepet játszó, származtatott termékek árazásának a kérdését elemzem. A származtatott termékek árazásának legalapvetőbb koncepciója a kockázatsemleges mérték. Az elmélet legfőbb hiányossága az, hogy a pénzügyi elméletet a valószínűség-számítás és a sztochasztikus folyamatok keretében helyezi el, és azt a látszatot kelti, hogy elegendő a valódi mértéket kicserélni a kockázatsemleges mértékre, és az ott felírt modelleket a piaci adatokhoz kalibrálni. Ugyanakkor a kockázat semleges mérték éppen a preferenciák által torzított valószínűségeket adja meg, így alapvetően a piaci szereplők preferenciáit, félelmeit, és nem a tényleges valószínűségeket tükrözi. Mivel ezek a preferenciák gyorsan változnak, a valószínűségi intuíció gyakran félrevezeti a döntéshozókat.

Parametrikus nyugdíjreformok és életciklus-munkakínálat (Parametric pension reforms and life-cycle labour supply)

A társadalombiztosítási nyugdíjrendszer finanszírozása pusztán a demográfiai folyamatok következtében is jelentős terhet ró majd a költségvetésére, amin a különböző parametrikus és paradigmatikus nyugdíjreformok enyhíthetnek. A reformok azonban hosszú távon olyan viselkedési, munkakínálati reakciókat válthatnak ki, amelyek alapvetően változtatják meg a költségvetési hatásokat. Az 1999 és 2009 között Magyarországon megfigyelhető átlagos munka- és nyugdíjkorprofilok bemutatása után arra tettünk kísérletet, hogy mikroökonómiai alapon határozzuk meg néhány alapvető parametrikus nyugdíjreformnak a férfiak életciklus-munkakínálatára gyakorolt hatását. A modell paramétereit a magyar gazdaság 1999 és 2009 közötti jellemzőinek megfelelően kalibráltuk. Eredményeink szerint a helyettesítési ráta csökkentése, a nyugdíjkorhatár emelése és a svájci indexálás árindexálásra cserélése összességében számottevően növeli az egyes képzettségi csoportok munkakínálatát, s a fiatalabb korosztályok javára csoportosítja át az életciklus-munkakínálatot, míg a nyugdíj kiszámításához figyelembe vett évek számának megváltoztatása nem hoz jelentős aggregált hatást, és nem jár a munkakínálat korcsoportok közötti átcsoportosításával. ____ Financing the social-security pension system will weigh heavily on the government budget in developed countries, merely through the projected demographic processes. The burden could be eased by various parametric and paradigmatic pension reforms, but in the long run such reforms may trigger behavioural, labour-supply responses, which may alter the budgetary effects fundamentally. Having described the average work and pension profiles in Hungary between 1999 and 2009, the authors use a microeconomic approach in an attempt to assess the effect of certain parametric pension reforms on the life-cycle labour supply of males. The parameters for the model were calibrated for the characteristics of the Hungarian economy. The results show that decreasing the replacement rate, increasing the retirement age and replacing Swiss indexation of pensions by price indexation cause a considerable increase in the labour supply of all education-level groups, whereas changing the number of years considered in computing pensions does not have a significant aggregate effect. While introducing price indexation increases the labour supply of all cohorts by the same amount, the other reforms reallocate the life-cycle labour supply, mainly towards younger age-groups.

The Literary Experience of Young Adults with Narratives: Towards Becoming a Person

The literary experience allows for subjectivities of individuals to flourish, a characteristic which makes this experience essential to readers’ self-concept development. This paper gives an overview of the empirical and theoretical literature that relates the literary experience (including both narrative literature and narratives of the self) to readers’ personal growth.

Payroll Taxes and Personal Liability

Many corporate officers and responsible employees may be exposing their personal assets to liability for unpaid corporate payroll taxes. The authors discuss where liability may arise and identify strategies to avoid personal liability.

The Beacon, March 6, 2008

Vol. 20, Issue 54, 8 pages

The Christology of Jesus' Disciples

The question of whether Jesus claimed to be the Messiah, and if so in what sense, is one of the most important in historical Jesus research. Although many factors play a role in answering this question, one has been neglected for far too long: the Christology of Jesus’ disciples. This thesis provides a much needed analysis of the disciples’ view of Jesus. Numerous Gospel passages are evaluated using criteria, such as the criterion of multiple independent attestation and the criterion of embarrassment, to determine their historicity. These passages are then studied against the background of Second Temple Judaism to determine how the disciples viewed Jesus. The analysis demonstrates that from the time Jesus’ disciples first began following him they believed he was the Messiah. Ultimately, this conclusion strongly reinforces the view that Jesus made a messianic claim for himself.

Data compilation on the biological response to ocean acidification: environmental and experimental context of data sets and related literature

The exponential growth of studies on the biological response to ocean acidification over the last few decades has generated a large amount of data. To facilitate data comparison, a data compilation hosted at the data publisher PANGAEA was initiated in 2008 and is updated on a regular basis (doi:10.1594/PANGAEA.149999). By January 2015, a total of 581 data sets (over 4 000 000 data points) from 539 papers had been archived. Here we present the developments of this data compilation five years since its first description by Nisumaa et al. (2010). Most of study sites from which data archived are still in the Northern Hemisphere and the number of archived data from studies from the Southern Hemisphere and polar oceans are still relatively low. Data from 60 studies that investigated the response of a mix of organisms or natural communities were all added after 2010, indicating a welcomed shift from the study of individual organisms to communities and ecosystems. The initial imbalance of considerably more data archived on calcification and primary production than on other processes has improved. There is also a clear tendency towards more data archived from multifactorial studies after 2010. For easier and more effective access to ocean acidification data, the ocean acidification community is strongly encouraged to contribute to the data archiving effort, and help develop standard vocabularies describing the variables and define best practices for archiving ocean acidification data.

The Pratt Pouch Provides a Three-Fold Access Increase to Antiretroviral Medication for Births outside Health Facilities in Southern Zambia.

INTRODUCTION: Modern day antiretroviral therapy allows HIV+ pregnant women to lower the likelihood of viral transmission to their infants before, during, and after birth from 20-45% to less than 5%. In developing countries, where non-facility births may outnumber facility births, infant access to safe antiretroviral medication during the critical first three days after birth is often limited. A single-dose, polyethylene pouch ("Pratt Pouch") addresses this challenge by allowing the medication to be distributed to mothers during antenatal care. METHODS: The Pratt Pouch was introduced as part of a one year clinical feasibility study in two districts in Southern Province, Zambia. Participating nurses, community health workers, and pharmacists were trained before implementation. Success in achieving improved antiretroviral medication access was assessed via pre intervention and post intervention survey responses by HIV+ mothers. RESULTS: Access to medication for HIV-exposed infants born outside of a health facility increased from 35% (17/51) before the introduction of the pouch to 94% (15/16) after (p<0.05). A non-significant increase in homebirth rates from 33% (pre intervention cohort) to 50% (post intervention cohort) was observed (p>0.05). Results remained below the national average homebirth rate of 52%. Users reported minimal spillage and a high level of satisfaction with the Pratt Pouch. CONCLUSION: The Pratt Pouch enhances access to infant antiretroviral medication in a rural, non-facility birth setting. Wide scale implementation could have a substantial global impact on HIV transmission rates from mother to child.

El género epistolar en la prensa como visión ciudadana de la esfera pública en Colombia

A partir de un análisis temático inductivo, este artículo explora la visión ciudadana sobre la esfera pública expresada en las cartas de los lectores de los diarios El Tiempo y El Heraldo de Colombia. Los resultados muestran cómo la identidad colectiva de los lectores apareció en forma transversal en las cartas, para dar cuenta de una comunidad de adultos que se autodefine como “colombianos de bien”. El análisis reveló dos unidades de significado: posturas sobre la administración de lo público y antagonismos en la esfera pública, centrada en el conflicto político con las guerrillas. A través de estas se pudieron hacer visibles los llamamientos vívidos de los lectores al gobierno, funcionarios públicos, actores al margen de la ley y a sus compatriotas, para movilizarse para exigir cambios sociales largamente esperados.

El periodismo deportivo condicionado por la gestión comunicativa de los clubes de fútbol: el caso del FC Barcelona

Las relaciones entre los gabinetes de Comunicación de los clubes de fútbol y los periodistas deportivos se enmarcan en el modelo de Gieber y Johnson (1961) por el que el hecho de que ambos compartan objetivos comunes, donde los gabinetes de Comunicación necesitan que los medios publiquen determinadas informaciones y los periodistas precisan de noticias que publicar, provoca una pérdida de independencia por parte de los periodistas, ya que necesitan a esos departamentos como fuentes. En la actualidad, los departamentos de Comunicación de los clubes de fútbol, como el del FC Barcelona, se han constituido en gatekeepers. Esto ha acentuado las históricas diferencias que existen entre los periodistas y los profesionales de la comunicación corporativa, incrementado por el control informativo de estos departamentos lo que provoca constantes tensiones entre ambos.

Item and task difficulty in a B2 reading examination: perceptions of test-takers and CEFR alignment experts compared with psychometric measurements

The article presents a study of a CEFR B2-level reading subtest that is part of the Slovenian national secondary school leaving examination in English as a foreign language, and compares the test-taker actual performance (objective difficulty) with the test-taker and expert perceptions of item difficulty (subjective difficulty). The study also analyses the test-takers’ comments on item difficulty obtained from a while-reading questionnaire. The results are discussed in the framework of the existing research in the fields of (the assessment of) reading comprehension, and are addressed with regard to their implications for item-writing, FL teaching and curriculum development.

The U.N. convention on the rights of the child: Relevance and application to pediatric clinical bioethics

This article provides an overview of the relevance and import of the U.N. Convention on the Rights of the Child (CRC) to child health practice and pediatric bioethics. We discuss the four general principles of the CRC that apply to the implementation of all rights contained in the document, the right to health articulated in Article 24, and the important position ascribed to parents in fulfilling the rights of their children. We then examine how the CRC is implemented and monitored in law and practice. The CRC and associated principles of child rights provide strategies for rights-based approaches to clinical practice and health systems, as well as to policy design, professional training, and health services research. In light of the relevance of the CRC and principles of child rights to children’s health and child health practice, it follows that there is an intersection between child rights and pediatric bioethics. Pediatric bioethicists and child rights advocates should work together to define this intersection in all domains of pediatric practice.