This paper investigates the existence of pure strategy Nash equilibria in discontinuous and nonquasiconcave games. We introduce a new notion of continuity, called weakly continuous security, which is weaker than the most known weak notions of continuity, including the surrogate point secure of SSYM game of Carbonell-Nicolau and Mclean (Econ Theory, 2018a), the continuous security of Barelli and Meneghel (Econometrica 81:813–824, 2013), C-security of McLennan et al. (Econometrica 79:1643–1664 2011), generalized weakly transfer continuity of Nessah (Economics 47:659–662, (...) 2011), generalized better-reply security of Carmona (Econ Theory 48:1–4, 2011), Barelli and Soza (On the existence of Nash equilibria in discontinuous and qualitative games, 2009), Barelli and Meneghel (Econometrica 81:813–824, 2013), lower single deviation property of Reny (Further results on the existence of Nash equilibria in discontinuous games. University of Chicago, 2009), better-reply security of Reny (Econometrica 67:1029–1056, 1999) and the results of Prokopovych (Econ Theory 48:5–16, 2011, Econ Theory 53:383–402, 2013) and Carmona (J Econ Theory 144:1333–1340, 2009). We show that a compact, convex and weakly continuous secure Hausdorff locally convex topological vector space game has a pure strategy Nash equilibrium. Moreover, it holds in a large class of discontinuous games. (shrink)

We examine the relationship between social insurance contributions and earnings management for publicly listed firms in China. Our empirical results show that the social insurance contributions burden significantly reduces the degree of earnings management by reducing the level of free cash flow. Additionally, the negative relation between social insurance contributions burden and earnings management is more pronounced when the internal and external social insurance pressures are high and when the firms are large non-state-owned enterprises. We also discuss the heterogeneity among (...) firms for different financing constraints, external financing environment, regional marketization, and internal and external corporate governance. Finally, we further find that under the dual collecting system, although the social security administration is a better collecting agency, the local tax bureau acting with full responsibility is more effective than the collecting system. (shrink)

“Economic man does not ask himself ethical questions”. Yet securities trading inevitably raises many ethical issues, and ethical behaviour may be restricting and costly. Drawing on his economics background and his executive experience in the insurance and pension investment industry, as well as supervisory positions on the European Option Exchange, Dr Goslings analyses the securities markets and their structure, and explores their moral strengths and weaknesses in The Netherlands and elsewhere, before offering some practical recommendations. He has held part time (...) professorships at Erasmus University and Maastricht University teaching finance and is currently preparing a new course on risk and insurance. He is also active as an independent consultant at Wentholtweg 26, 7214 EG Epse, The Netherlands. (shrink)

Invasive measures, as special investigative measures are defined, are ante delictum measures. They are applied only in situations in which the evidence cannot be obtained by conventional methods, and are needed for the smooth conduct of criminal proceedings. The financial means for the application of these invasive measures for the needs of defence and security are allocated with a budget by the legislative authority. The main hypothesis of this paper states that: supervision over the application and financing of the (...) implementation of special investigative measures has a positive impact / or is in direct correlation with the effective construction/development and functioning of the security-defence system, especially from the aspect of the principles of: good governance, transparency, accountability, proportionality, and efficient application of financial resources. Starting from the indicated hypothesis, the research in the paper is based on two variables: independent variable, i.e., the supervision over the application and financing of the implementation of the special investigative measures, and a dependent variable, i.e., the effective development and proper and efficient functioning of the security-defence system. From a methodological point of view, the paper uses a combined approach of qualitative and quantitative analysis, through research, measurement, and comparison of: adopted international standards regarding the application of special investigative measures, the regulations in the Macedonian normative framework, the content of the instructions and the implementation manuals of the special investigative measures by the relevant institutions in the Macedonian society. (shrink)

ABSTRACT Asset‐market bubbles occur dependably in laboratory experiments and almost as reliably throughout economic history—yet they do not usually bring the global economy to its knees. The Crash of 2008 was caused by the bursting of a housing bubble of unusual size that was fed by a massive expansion of mortgage credit—facilitated, in turn, by the longest sustained expansionary monetary policy of the past half century. Much of this mortgage credit was extended to people with little net wealth who made (...) slender down payments, so that when the bubble burst and housing prices declined, their losses quickly exceeded their equity. These losses were transmitted to the financial system—including banks, investment banks, insurance companies, and the institutional and private investors who provided liquidity to the mortgage market through structured securities. It seems that many of these institutions became insolvent; it is certain that they became illiquid. Liquidity loss and solvency fears created a feedback cycle of diminished financing, reduced housing demand, falling housing prices, more borrower losses, and further damage to the financial system and eventually the stock market and the real economy. There are important parallels with the housing and financial‐market booms that led up to the Crash of 1929 and the Great Depression. (shrink)

Germany is considered to be a pioneer of social security systems; nonetheless, globalization and demographic changes have put enormous pressure on them. A solution is not yet in sight as the debate on the future of the German social security systems still lacks consensus. We argue that ideas matter and that the debate can benefit from a deeper reflection on the concept of social security. This objective is pursued along two lines. First, we take a historical perspective (...) and reconstruct the development of Germany's social security systems. Second, we scrutinize from a theoretical perspective how social security is conceptualized in public and theoretical debates. Behind the various positions, we identify four basic ideal types. We then analyze how these ideal types account for the benefits of social security systems and what role they assign to corporations in providing social security. While two ultimately reinforce potential conflicts between different groups in society, the other two ideal types reveal possible benefits for all. The last ideal type actually conceptualizes social security systems as insurance that fosters risky but overall productive investments in human and other forms of capital. Therefore, it can be shown that social security systems are not necessarily threatened by globalization and that incentives exist for corporations to invest in the provision of social security. (shrink)

In the current era of the Sustainable Development Goals, many countries are attempting to strengthen their health system and achieving Universal Health Coverage. The Korean National Health Insurance system functions as a core element of health financing, contributing to achieving UHC by promoting public health and social security through insurance benefits for prevention, diagnosis, treatment, rehabilitation, childbirth, and health promotion. The Republic of Korea achieved 100% NHI coverage of the target population in 1989, 12 years after the introduction of (...) the social insurance system. However, poor coverage of health services and lack of financial protection are major obstacles to achieving UHC. Therefore, the Korean government announced and implemented ‘Moon Jae-in Care’ in August 2017 to enhance the coverage rate of NHI by 70%. First, this study reviews the existing health insurance system in Korea from the perspective of health financing and UHC. Second, it analyses ‘Moon Jae-in Care’, based on the main framework of UHC. Third, it considers the ethical implications of these developments, with focus on the principles of equity, fairness, autonomy, and solidarity. Although the NHI reform is expected to propel Korean health care closer to UHC, many ethical, social, and political issues remain. (shrink)

There is an increasing awareness of the importance of food security, of which the UN’s Millennium Development Goals are the best measure. Although some progress has been made in some regions, much progress still needs to be made in Sub-Saharan Africa, where agriculture largely remains subsistence and personal savings extremely low, and where population growth outstrips economic growth.Thus, there has been a renewed effort to bring these problems back on the development agenda. Food insecurity is a major manifestation of (...) poverty, and hence agricultural development is the most effective way out of rural poverty.The ethical imperative is to bring about the political will to effect such development. Institutions must be built that focus on smallholder development as an engine of economic growth. Along with classic issues of development , the rural poor, who respond well to market-based development and are thus good micro-credit risks, must be given access to markets and finances.The drive to bring the rural poor into the market is frustrated, however, by the subsidies that the Northern nations use to prop up their own markets and farmers. One of the most pressing ethical questions, then, remains how the North can continue to support its subsidy system, while, at the same time, contributing to development work. (shrink)

The past three decades have seen a decline in traditional industries in the United Kingdom and there has been a relative decline in the value of physical assets to the UK economy. At the same time, the value of intangible assets seen in intellectual property rights have increased considerably. As such, IP rights represent important assets for companies and often comprise the foundation for market dominance and continued profitability. There is a structural uncertainty in the law relating to the use (...) of IP as collateral for the purpose of raising debt finance and this may impact upon the survival of firms with high ratios of intangible to tangible assets. This article considers the proper goals for an effective credit and security regime in IP. It examines the significance of the availability of collateral to the lending decision and also considers whether the reluctance to maximise the use of IP as security reflects inherent difficulties which arise out of the nature of IP as economic assets. This has implications for the reform of English personal property security law and the development of bright line priority rules associated with Article 9 of the US Uniform Commercial Code which is often cited as a model for reform of English law. (shrink)

Critical analyses of international financial markets tend to explain changes over recent decades in terms of a resurgent liberalism. This paper employs a systems theoretical approach to argue that there has been a far more fundamental transformation in the operations of these financial markets than simply a shift towards more liberalized regimes of regulation. The use of risk as resource and the systematic randomness of these new operational trends have perverse implications not only for the integrity of political systems but (...) also for the neoliberal promoters and players inside the new complex system of global finance. (shrink)

This article examines regulation’s understanding of technology in American financial markets as means for rethinking the contours and institutional limits of governance in the age of financialization. The article identifies how the Securities and Exchange Commission perceived markets and their conceptual relation to technology throughout much of the long twentieth century by distilling the “ontologies” expressed by the agency’s leadership. Despite the fact that SEC’s commissioners recognized technologies as playing a central role in the market’s current and future operations, these (...) were never effectively brought under regulatory scrutiny even when such action fell under the commission's jurisdictional remit. Rather than regulating technologies as constitutive of markets, the governance of the material devices of finance was discursively kept at arm's-length by presenting them as intractable objects that were external to financial innovation. Triangulating across several techniques of computational text analysis, this article shows how this interpretation of technology mirrored distinct shifts in how regulators understood markets, from being physical trading sites populated by agents that required vetting and certification to a distributed, multi-sited system surveilled through transparency and disclosure. Throughout these ontological transitions, technology’s inscrutability remained, limiting the capacity of the state and its regulatory agencies to shape the evolution of finance and its underlying infrastructures. (shrink)

With the increasing mobility of the rural population in China and the growing number of residents moving to the cities for work or study, rural society is forming a pluralistic, interest-centered, “open” social networks relations that follows the modern rule of law contract. Based on Chinese General Social Survey data, the results of the empirical study finds that social insurance can significantly enhance the social interactions of rural residents in China, that is, formal social security system in rural areas (...) promotes informal social security mechanisms such as social interactions. The results of the grouping test show that rural residents in China’s different regions were affected by social insurance in different ways. Social insurance has a greater impact on the social interactions in the eastern region than in the middle and western regions. The propensity score matching method was used to reduce the sample selection bias, and the findings of the paper were found to be robust. (shrink)

In 1989 the Oregon Legislature voted not to wait any longer for national leaders to serve up a solution to the problem of the millions of Americans (450,000 in Oregon) who are uninsured for health care. Under the leadership of Senator John Kitzhaber, President of the Oregon Senate, the lawmakers put together a package of bills designed to bring every Oregonian the security of third party financing for needed health care. The Oregon Plan's key innovation is the idea that, (...) from a societal perspective, some health services can be declared more important than others. From that central idea came the thought that the whole range of health services could be arrayed to reflect social priorities relevant to Medicaid budgeting and the design of new health insurance programs for “the uninsured.”. (shrink)

What level of government subsidy of higher education is justified, in what form, and for what reasons? We answer these questions by applying the hypothetical insurance approach, originally developed by Ronald Dworkin in his work on distributive justice. On this approach, when asking how to fund and deliver public services in a particular domain, we should seek to model what would be the outcome of a hypothetical insurance market: we stipulate that participants lack knowledge about their specific resources and risks, (...) and ask what insurance contracts they would take out to secure different types of benefit and protection in the domain in question. The great benefit of the hypothetical insurance approach is that it allows us to take apparently intractable questions about interpersonal distribution and transform them into questions about intrapersonal distributions: that is, questions about how an individual would choose to distribute risks and resources across the various lives that they might end up living, in light of their individual ambitions and preferences. Applying this approach to higher education, we argue that the UK model of higher education funding in which the costs of an individual's higher education are shared between general taxation and the individual herself, with the latter element to be paid retrospectively through an income-contingent state-backed loan, is vindicated as just. In particular, we argue that it is more just than alternatives such as a graduate tax, full funding through general taxation, and full privatisation. (shrink)

In the 1990s, large insurance companies failed in virtually every major market, prompting a fierce and ongoing debate about how to better protect policyholders. Drawing lessons from the failures of four insurance companies, When Insurers Go Bust dramatically advances this debate by arguing that the current approach to insurance regulation should be replaced with mechanisms that replicate the governance of non-financial firms.Rather than immediately addressing the minutiae of supervision, Guillaume Plantin and Jean-Charles Rochet first identify a fundamental economic rationale for (...) supervising the solvency of insurance companies: policyholders are the "bankers" of insurance companies. But because policyholders are too dispersed to effectively monitor insurers, it might be efficient to delegate monitoring to an institution--a prudential authority. Applying recent developments in corporate finance theory and the economic theory of organizations, the authors describe in practical terms how such authorities could be created and given the incentives to behave exactly like bankers behave toward borrowers, as "tough" claimholders. (shrink)

Les professeurs Macey et Miller analysent la relation entre l’assurance des dépôts et l’ inadé quation dans la structure des échéances des actifs et passifs des banques commerciales. Après avoir critiqué l’hypothèse traditionnelle concernant la réglementation, d’après laquelle les banques sont incitées à financer les actifs à long terme par des passifs à court terme parce que l’assurance des dépôts garantie par l’Etat stimule le crédit des banques et subventionne les passifs à court terme, ils utilisent l’analyse économique des décisions (...) publiques pour soutenir qu’une version modifiée de l’hypothèse de la réglementation est la meilleure explication de la déstructuration des échéances des actifs et passifs bancaires.Finalement, ils considèrent que soutenir l’hypothèse de la réglementation n’entraîne pas l’ acceptation du modèle d’assurance des dépôts garantie par l’Etat tel qu’il existe aux Etats-Unis aujourd’hui.Professors Macey and Miller explore the relationship between deposit insurance and the mismatch in the term structure of commercial banks’ assets and liabilities. After criticizing the traditional regulatory hypothesis, which posits that banks have incentives to fund long-term assets with short-term liabilities because government-sponsored deposit insurance enhances bank credit and subsidizes short-term liabilities, they use public choice theory to argue that a modified version of the regulatory hypothesis is the best explanation for the mismatch in the term structure of banks’ assets and liabilities. Finally, they argue that embracing the regulatory hypothesis does not imply acceptance of the government-sponsored deposit insurance scheme as it exists in the U.S. today. (shrink)

In a recent study by Cai et al. about water shortages in Beijing-Tianjin-Hebei urban areas, virtual water has become the central concept of the groundwater security strategy by suggesting increasing imports of water-intensive agricultural products instead of utilizing the depleted groundwater resources for production. However, despite reviewing the content, we could not see how the authors discussed the households’ economic and financial issues from both production and consumption perspectives.

Examining the ways and extent to which systemic factors affect health outcomes with regard to quality, affordability and access to curative healthcare, this explorative book compares the relative merits of tax-funded Beveridge systems and insurance-based Bismarck systems. The Law and Policy of Healthcare Financing charts and compares healthcare system outcomes throughout 11 countries, from the UK to Colombia. Thematic chapters investigate the economic and legal explanations for the relevant similarities, variations and trends across the globe. Concluding that systemic factors may (...) be less significant than previously believed, this comprehensive book notes that no one system consistently outperforms the others, yet incentives and funding improvements may lift performances across all curative healthcare systems. Analytical and comparative, this book will be of interest to academics working in the fields of health law and health economics. Public authorities including health ministries, policymakers and international health organisations will also find this to be an invaluable resource. (shrink)

The United States, unlike all other industrialized nations, does not have a comprehensive public system for financing health care. Nevertheless, the magnitude of America's public health care financing effort is remarkable. Of the one trillion dollars the United States spent on health care in 1996, almost half, $483.1 billion, was spent by public programs. In 1995, Medicare—our social insurance program for persons over sixty-five and the long-term disabled—overed 37.5 million Americans; Medicaid—our program for indigent elderly and disabled persons and indigent (...) children and their families—covered 36.3 million. In 1996, Medicare and Medicaid spent $203.1 and $147.7 billion, respectively. The payment policies of these massive public health care programs have a profound effect on the provision of health care.Many of the recipients of Medicare and Medicaid suffer pain. In 1994, 376,200 Americans over age sixty-five died of cancer. Virtually all of these would have been Medicare recipients, and as many as 70 percent of them died in unrelieved pain. Nearly four million Americans over sixty-five endured the pain of inpatient surgery in 1995, again nearly all of whom were Medicare recipients. (shrink)

The United States, unlike all other industrialized nations, does not have a comprehensive public system for financing health care. Nevertheless, the magnitude of America's public health care financing effort is remarkable. Of the one trillion dollars the United States spent on health care in 1996, almost half, $483.1 billion, was spent by public programs. In 1995, Medicare—our social insurance program for persons over sixty-five and the long-term disabled—overed 37.5 million Americans; Medicaid—our program for indigent elderly and disabled persons and indigent (...) children and their families—covered 36.3 million. In 1996, Medicare and Medicaid spent $203.1 and $147.7 billion, respectively. The payment policies of these massive public health care programs have a profound effect on the provision of health care.Many of the recipients of Medicare and Medicaid suffer pain. In 1994, 376,200 Americans over age sixty-five died of cancer. Virtually all of these would have been Medicare recipients, and as many as 70 percent of them died in unrelieved pain. Nearly four million Americans over sixty-five endured the pain of inpatient surgery in 1995, again nearly all of whom were Medicare recipients. (shrink)

This study aims to better promote the innovation and entrepreneurship of teachers and students in finance and economics colleges and universities in terms of food security. Based on the relevant theories such as food security, innovation and entrepreneurship, the questionnaire was used to investigate the issues related to food security of teachers and students in colleges and universities. Next, the Technique for Order Preference by Similarity to an Ideal Solution analysis method was introduced to evaluate the (...) safety metrics of the response subsystem. Finally, Internet of Things monitoring technology was applied to grain growth and sales. The research results show that college teachers and students have a disjointed cognition of food security as important talents in innovation and entrepreneurship. After the TOPSIS analysis method is used to study, when college teachers and students choose to start a business in food security, they must pay attention to the changes in economic factors. The IoT monitoring technology is applied to grain growth and sales, and the monitoring technology of the IoT could reduce the mortality rate of corn seedlings to 3.59%. The mortality rate of seedlings is much higher than that of farmers relying on their own experience to grow corn. Therefore, this has great reference significance for the innovation and entrepreneurship development of college teachers and students in food security at this stage. (shrink)

This article explores the relationship between diversification and energy security risks. It uses portfolio theory to conceptualise energy security as an insurance mechanism against disruptions to energy import markets. It provides quantitative measures of systematic and specific risks associated with Japanese energy imports during the period 1970—99. It suggests that Japan's policy of diversification of energy import sources has reduced specific risks, although fundamental changes in the political and economic structure of international energy and, in particular, oil markets (...) have also significantly reduced systematic risks. The article concludes that, despite their limitations, portfolio measures provide a much more theoretically and methodologically robust indicator of energy import security than traditional measures of dependence. (shrink)

This study examines the relative effects of three policy levers on health coverage and costs in plans aimed at covering all Americans. Specifically, using microsimulation analysis and hypothetical proposals, it assesses how the generosity of financial assistance, an employer mandate, and an individual mandate affect the level of uninsurance, distribution of coverage, and federal costs, holding delivery system and benefits constant. The results suggest that only an individual mandate would cover all the uninsured; neither an employer mandate nor generous subsidies (...) alone would be sufficient. The distribution of coverage would be least disrupted by an employer mandate, while 7.3% of people could lose employer coverage with generous subsidies and a voluntary purchasing pool. Federal costs would be highest under a combined individual and employer mandate since there would be costs to minimize disruption. Although less generous subsidies coupled with an individual mandate could yield universal coverage at a low federal cost, doing so would require large, new payments by individuals. Other key trade-offs are discussed. (shrink)

This is an important time to focus on the question of insurance discrimination based on health status. The nation once again is poised to embark on a major health care reform debate. Even as the number of uninsured stands at some 45 million persons, millions more may be poised to lose coverage during the worst economic downturn in generations. In addition, a large number of persons may be seriously under-insured, with coverage falling significantly below the cost of necessary health care. (...) In recent years, the proportion of insured persons who are underinsured has grown by 60% since 2003, reaching an estimated 25 million persons in 2007. Health care costs experienced by insured persons now account for more than 75% of all personal bankruptcies related to medical care. Underlying these figures is a national approach to health care financing for the non-elderly that effectively increases the odds that those who are in poor health status will be uninsured or underinsured. (shrink)

This paper examines the role that population vulnerabilities play in insurance coverage for a representative sample of Latinos and Asians in the United States. Using data from the National Latino and Asian American Study (NLAAS), these analyses compare coverage differences among and within ethnic subgroups, across states and regions, among types of occupations, and among those with or without English language proficiency. Extensive differences exist in coverage between Latinos and Asians, with Latinos more likely to be uninsured. Potential explanations include (...) the type of occupations available to Latinos and Asians, reforms in immigration laws, length of time in the United States, and regional differences in safety-net coverage. Policy implications are discussed. (shrink)

There is a wide variety of ethical arguments for public financing of health care that share a common structure built on a series of four logically related propositions regarding: the ultimate purpose of a human life or human society; the role of health and its distribution in society in advancing this ultimate purpose; the role of access to or utilisation of health care in maintaining or improving the desired level and distribution of health among members of society, and the role (...) of public financing in ensuring the ethically justified access to and utilisation of health care by members of society. This paper argues that economics has much to contribute to the development of the ethical foundations for publicly financed health care. It focuses in particular on recent economic work to clarify the concepts of access and need and their role in analyses of the just distribution of health care resources, and on the importance of economic analysis of health care and health care insurance markets in demonstrating why public financing is necessary to achieve broad access to and utilisation of health care services. (shrink)