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Article
Publication date: 27 June 2019

Anran Chen, Steven Haberman and Stephen Thomas

Although it has been proved theoretically that annuities can provide optimal consumption during one’s retirement period, retirees’ reluctance to purchase annuities is a…

268

Abstract

Purpose

Although it has been proved theoretically that annuities can provide optimal consumption during one’s retirement period, retirees’ reluctance to purchase annuities is a long-standing puzzle. The purpose of this paper is to use behavioral model to analyze the low demand for immediate annuities.

Design/methodology/approach

The authors employ cumulative prospect theory (CPT), which contains both loss aversion and probability transformations, to analyze the annuity puzzle.

Findings

The authors show that CPT can explain the unattractiveness of immediate annuities. It also shows that retirees would be willing to buy a long-term deferred annuity at retirement. By considering each component from CPT in turn, the loss aversion is found to be the major reason that stops people from buying an annuity while the survival rate transformation is an important factor affecting the decision of when to receive annuity incomes.

Originality/value

This paper identifies CPT as one of the reasons for the low demand of immediate annuities. It further suggests that long-term deferred annuities could overcome behavioral obstacles and become popular among retirees.

Details

Review of Behavioral Finance, vol. 11 no. 3
Type: Research Article
ISSN: 1940-5979

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Book part
Publication date: 23 October 2009

Zoltan Butt, Steven Haberman, Richard Verrall and Victoria Wass

The approach to the determination of damages for loss of future earnings in Britain is by means of a simple formula in which an annual loss (the multiplicand) is multiplied by a…

Abstract

The approach to the determination of damages for loss of future earnings in Britain is by means of a simple formula in which an annual loss (the multiplicand) is multiplied by a discounted work life expectancy (WLE – the multiplier) to produce a lump sum, the capitalised value of which is intended to provide an ‘assumed annuity’ equivalent to the annual loss. The discounted WLE is calculated with reference to actuarially determined figures which are published in the Ogden Tables. The Ogden Tables provide a set of statistical tables with explanatory notes for use in personal injury and fatal accident cases. These tables are collated by an inter-disciplinary working party comprising lawyers, accountants and actuaries, including the Government Actuary. Their purpose is to provide lawyers in England and Wales with the information that will enable them to undertake the calculation of a future pecuniary loss without recourse to evidence from financial experts. As such it is a requirement that the tables and procedures be readily comprehensible to lawyers.1

Details

Personal Injury and Wrongful Death Damages Calculations: Transatlantic Dialogue
Type: Book
ISBN: 978-1-84855-302-6

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Book part
Publication date: 23 October 2009

Gary R. Albrecht, Ph.D., North Carolina is an economist at Albrecht Economics located in Winston-Salem. He specializes in economic forecasting and forensic economics. He has been…

Abstract

Gary R. Albrecht, Ph.D., North Carolina is an economist at Albrecht Economics located in Winston-Salem. He specializes in economic forecasting and forensic economics. He has been an Assistant and Adjunct Associate Professor at Wake Forest University, and he was the Director of Econometric Modeling at the University of Kansas. He is a past vice president of the National Association of Forensic Economics. His research has been published in the Journal of Forensic Economics, Journal of Legal Economics, Trial Briefs, and The Earnings Analyst, in addition to his authoring various economic research reports and book chapters. He holds a Ph.D. degree in Economics from Indiana University.

Details

Personal Injury and Wrongful Death Damages Calculations: Transatlantic Dialogue
Type: Book
ISBN: 978-1-84855-302-6

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Book part
Publication date: 23 October 2009

John O. Ward

All of the above proposals are realities in Western Europe, and it is suggested that the adoption of such “reforms” would substantially reduce the transaction costs of providing…

Abstract

All of the above proposals are realities in Western Europe, and it is suggested that the adoption of such “reforms” would substantially reduce the transaction costs of providing compensation to deserving plaintiffs, improve the efficiency of the tort system, and provide manufacturers and service providers with greater predictability and “fairness” in potential tort damages in the United States.

Details

Personal Injury and Wrongful Death Damages Calculations: Transatlantic Dialogue
Type: Book
ISBN: 978-1-84855-302-6

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Book part
Publication date: 31 January 2025

Robert J. Antonio

This chapter focuses on the conservative Heritage Foundation's “Project 2025” and especially its comprehensive Mandate for Leadership, which provides a detailed plan for…

Abstract

This chapter focuses on the conservative Heritage Foundation's “Project 2025” and especially its comprehensive Mandate for Leadership, which provides a detailed plan for fundamental policy and administrative changes to be instituted in a Trump second term. It advocates an unparalleled concentration of executive power, elimination of the independence of the civil service and Department of Justice from the office of the president, and institution of permanent dominance of Trumpian conservatism. The specific focus is on the Mandate's proposed antienvironmental policies, which are weaved throughout the document and are designed to roll back sweepingly previous climate-change and environmental protection policies. Stressing maximal usage, production, and export of fossil fuel, the Trumpian “energy dominance agenda” is in polar contradiction to climate science policy aimed at decarbonizing the economy and society and averting catastrophic climate change and a “Hothouse Earth.” The Mandate's postfactual discourse combined with its advocacy of an all-powerful president and conspiratorial vision of the “woke” left as public enemy has definite protofascist overtones.

Details

The Future of Agency
Type: Book
ISBN: 978-1-83608-978-0

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Article
Publication date: 1 July 1985

Steven Lysonski

Provides an empirical view of sexism in British magazine advertising in order to determine the frequency of role portrayals and the extent to which they have become more…

2282

Abstract

Provides an empirical view of sexism in British magazine advertising in order to determine the frequency of role portrayals and the extent to which they have become more progressive. Examines various categories of magazines for both men and women in order to detect any shifts in sexual stereotyping. Remarks that results show some change in portrayals from 1976 to 1982–1983, although these shifts were not dramatic. Concludes, however, that stereotypical images of men and women still persist in British magazines.

Details

European Journal of Marketing, vol. 19 no. 7
Type: Research Article
ISSN: 0309-0566

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Book part
Publication date: 23 October 2009

John O. Ward and Robert J. Thornton

This collection of original papers had its origin in a series of annual meetings of the National Association of Forensic Economics (NAFE) held in Great Britain, Ireland, Italy…

Abstract

This collection of original papers had its origin in a series of annual meetings of the National Association of Forensic Economics (NAFE) held in Great Britain, Ireland, Italy, and the United States from 2004 to 2008.1 NAFE sponsored these meetings to explore common research areas in the calculation of damages in personal injury and death litigation in Western Europe and the United States. NAFE was founded in 1986 and is the largest association of economists and other damages experts specializing in the calculation of economic damages in litigation in the United States and Canada. The Journal of Forensic Economics (JFE) is the journal of NAFE and has been the primary outlet of peer-reviewed research in forensic economics over the past 22 years. The field of forensic economics has generated a substantial literature on methodologies and empirical research in the calculation of damages in personal injury, death, employment, and commercial litigation; and the use of that literature in the United States and Canadian courts by economists, Certified Public Accounts (CPAs), and actuaries has become commonplace in the past two decades (Thornton & Ward, 1999).2

Details

Personal Injury and Wrongful Death Damages Calculations: Transatlantic Dialogue
Type: Book
ISBN: 978-1-84855-302-6

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Book part
Publication date: 12 March 2012

Rachael Gabriel and Richard Allington

The primacy of teacher effects on student achievement has been well documented from a variety of methodological approaches within the field of education research. Governments…

Abstract

The primacy of teacher effects on student achievement has been well documented from a variety of methodological approaches within the field of education research. Governments across the globe have or will address educational equity, especially the education of the poor, by designing programs to attract, train, develop, retain, and study more effective teachers. In their Concept Note, the World Bank also raises “fundamental questions” that balance upon an understanding of the development and measurement of teacher effectiveness. These include question 1: “What are the most important challenges in the next decade for building knowledge and skills for life and work in different country contexts?” and question 3: “What educational results should the Bank be accountable for in the next ten years, and how would we measure these achievements?” In this chapter, we build upon the extensive research that suggests teacher effectiveness ought to be the primary goal of educational reform efforts across the globe. We highlight the complexity of measuring effectiveness, especially across countries and varied contexts for education. We argue that the ways in which effectiveness is measured will have a direct impact on the potential of any reform policy to positively influence the overall effectiveness of a teaching force and the achievement of its students.

Details

Education Strategy in the Developing World: Revising the World Bank's Education Policy
Type: Book
ISBN: 978-1-78052-277-7

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Article
Publication date: 1 July 1993

Kirk Mann

At a time when the future of the British state pension is being debated events in Australia provide an interesting example of an alternative approach. This article examines the…

304

Abstract

At a time when the future of the British state pension is being debated events in Australia provide an interesting example of an alternative approach. This article examines the introduction in Australia of the 1992 Superannuation Guarantee Charge Bills (SGC). The article considers the key debates which accompanied the SGC along with the role of the Australian Council of Trade Unions (ACTU), the poverty lobby and employer organisations in the reform process. The Australian model can not simply be transposed to the UK but the politics of reform in this case illustrate the issues of equity, exclusion and social division that are likely to arise.

Details

International Journal of Sociology and Social Policy, vol. 13 no. 7
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 5 September 2018

Jill Bamforth, Charles Jebarajakirthy and Gus Geursen

The money management behavior of undergraduates determines their smooth transition into adulthood. Economic, social and psychological factors also affect undergraduates’ money…

6120

Abstract

Purpose

The money management behavior of undergraduates determines their smooth transition into adulthood. Economic, social and psychological factors also affect undergraduates’ money management behavior. Therefore, the purpose of this paper is to investigate how undergraduates manage and respond to economic, social and psychological factors affecting their money management behavior, and to examine whether this response changes as they make progress in their degree.

Design/methodology/approach

Adopting a qualitative exploratory approach, this study examined Australian undergraduates as they face many challenges to their money management behavior. The data were collected using six focus group discussions, held in three Australian universities, in which 47 undergraduates participated.

Findings

The findings have shown that their approach to manage spending, income, saving, peer relationships and stress changes as they make progress in their degree. However, they shared similar approaches to investment, followed parental money management advice and used technology for cost reduction, irrespective of the progress in their degree.

Research limitations/implications

This study was conducted with the data collected from a relatively small sample of respondents and was limited only to undergraduates. Moreover, this study was conducted in Australia, indicating that some of the results might be specific to the Australian context.

Practical implications

The findings of this study can be utilized by governments, financial institutions, educational institutions and parents who are interested in inculcating prudent money management behavior in undergraduates.

Originality/value

This study extends the scope of the literature beyond financial literacy, and has shown how undergraduates respond to economic, social and psychological aspects relating to money management behavior and how these responses vary as they make progress in their degree. This study has applied a qualitative exploratory approach, in contrast to quantitative methods which have generally been applied for studies relating to undergraduates’ money management behavior.

Details

International Journal of Bank Marketing, vol. 36 no. 7
Type: Research Article
ISSN: 0265-2323

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