Suchergebnisse

Some consumption goods, such as housing, involve long-term commitments and their levels of consumption can only be altered with substantial transaction costs. Even though the commitment effect on risk preferences, portfolio choice, and asset prices has been studied, little research has been conducted on its effect on insurance demand. In this paper, we propose a two-stage model to investigate the optimal demand for insurance by agents who derive utility from the consumption of two goods, an easily adjustable good (food) and a commitment good (housing). Our numerical analysis supports the prediction by Chetty and Szeidl (2007) that commitments help rationalize the high demand for insurance against moderate losses. Moreover, our model can explain the low insurance demand for catastrophic risks to some extent. We extend our model to include both insurance purchase and investment in a risky asset. Our results indicate that, with commitments, insurance appears to be a normal good within certain wealth regions. We also find that only when the initial wealth and housing are rather inconsistent individuals are likely to purchase insurance and lottery tickets simultaneously.

The paper will present the state of the art of the existent constructional solutions of the adjustable grooved feed section of a single screw extruder. This section is characterized by the fact that during the extrusion process it is possible to change the geometrical elements of the grooves without the need to stop the operation of the extruder and conduct the time-consuming exchange of the grooved sleeve. Next, different new conceptions will be presented. Selected solutions will be presented as 3D virtual models. For this reason software Catia v5 will be used. The developed models are fully functional. They were tested for their regularity and collision occurrence. Also, virtual prototypes were created to determine the risk of any irregularities during movement. Selected models underwent numerical calculations. The range of the conducted numerical analyses included calculations concerning the estimation of the strength of construction elements exposed to the pressure caused by the transfer of polymer in the form of pellets as well as thermal calculations enabling to receive the temperature distribution as a result of friction of the material against the inner walls of the grooved section. Also, calculations for particular models were made, in which a geometrical element was changed, e.g. the height of grooves. The results included the output, the average melt temperature at die exit, the pressure, the mechanical power consumption, the length required for melting, the mixing degree (quantified by WATS, a measure of the average strain suffered by all the particles inside the extruder) and the viscous dissipation (calculated as the ratio between the maximum and the barrel temperatures). ; European Union, Horizon 2020 research and innovation programme under the Marie Skłodowska-Curie

SUMMARY
Using the Italian Survey of Household Income and Wealth, we study whether the drop in interest rates following the Great Recession was associated with an increase in consumption for households with Adjustable Rate Mortgages (ARM) relative to those with Fixed Rate Mortgages (FRM). After the reduction in mortgage payments, consumption of ARM holders increases relative to FRM but the implied marginal propensity to consume is not statistically different from zero. We suggest three explanations for the weak consumption response to the income shock. First, cash-on-hand and debt heterogeneity may attenuate the consumption response. Second, borrowers believe that the income shock was short-lasting, and that interest rates would likely increase in the future, implying a small effect on consumption. Third, the shock is offset partly by a reduction in income from financial assets owned by mortgagors. The findings have implications for the conduct of monetary policy interventions and the credibility of the future path of interest rates, pass-through of monetary policy, and design of the mortgage market.

Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that a sizable decline in mortgage payments (up to 50 percent) induces a significant increase in car purchases (up to 35 percent). This effect is attenuated by voluntary deleveraging. Borrowers with lower incomes and housing wealth have significantly higher marginal propensity to consume. Areas with a larger share of ARMs were more responsive to lower interest rates and saw a relative decline in defaults and an increase in house prices, car purchases, and employment. Household balance sheets and mortgage contract rigidity are important for monetary policy pass-through. (JEL D12, D14, E43, E52, G21, R31)

Thesis ( Ph.D. (Communication Arts and Innovation))--National Institute of Development Administration, 2019 ; This research aims to study the influence, strategies and marketing communication management of the alcoholic beverage manufacturers. The campaign communication in reducing, avoiding and quitting alcohol consumption of the Thai Health Promotion Foundation (Thai Health)and influential people that affect consumption behavior based mainly on the Information Processing Theory. In order to stop the alcohol consumption to have a great impact on the overall society, all the relevant factors must be integrated with the policy planning related to the government and private sectors marketing communication and the concerned parties' that conduct the reduce-avoid-quit alcohol drinking campaigns. Research methodology is the integration of both quantitative and qualitative methods. Findings show that: 1) Marketing communication of the alcohol manufacturers and influential people communication have statistically significant positive influence. Both affect the positive sensory perception and memory. Later, these communications will send positive influence to alcohol consumers' analytical thinking and processing. Finding also showed that when the communications passed through analytical thinking and processing it was not related to alcohol consumption behavior. The external factors such as values, attitudes and emotions that mixed together as an internal sensory had no influence on the alcohol consumption behavior. 2) The integrated marketing communication patterns and strategies by alcohol manufacturers are more flexible, immediate adjustable and can reach the target group better than those of the Thai Health communication campaigns due to the difference of important factors such as operational procedures, budgets and resources. This difference has the direct influence to the level of success of the set goal of each organization. ; [preview](https://repository.nida.ac.th/bitstream/662723737/5017/3/b208140.pdf.jpg)

This book discusses efforts to control the low-frequency vibration transmission of typical power equipment and pipeline systems of ships, exploring the use of active and passive hybrid vibration isolation and adjustable dynamic vibration absorption technologies. It also proposes an adaptive feed-forward control strategy and studies a distributed feed-forward control hardware system. In addition, the book presents a three-way dynamic vibration absorption theory used to design a pipeline-system adjustable dynamic vibration absorber, which offers a number of advantages, such as compact structure, easy assembly and disassembly, low power consumption, excellent vibration control effect and wide frequency band adjustable ability, etc. This book is a valuable resource for researchers and engineers in the fields of noise and vibration control, active control systems, active vibration isolation and adaptive dynamic vibration absorption.

The paper provides a model of household consumption and portfolio allocation which incorporates housing as both a consumption good and a component of wealth. Household utility depends, possibly nonseparably, on two goods: nondurable consumption, which is costlessly adjustable, and housing, which is subject to a nonconvex adjustment cost. Households face housing price risk in the sense that the relative price of housing varies over time, and can invest in a wide variety of financial assets in addition to housing. This single, reasonably tractable, model generates testable implications for portfolio allocation, risk aversion, asset pricing, and the dynamics of nondurable consumption. (JEL D14, G11, R21)

AbstractWe examine the effect of monetary policy on household spending when households are indebted and interest rates on outstanding loans are linked to short-term interest rates. Using administrative data on balance sheets and consumption expenditure of Swedish households, we reveal the cash-flow transmission channel of monetary policy. On average, indebted households reduce consumption spending by an additional 0.23–0.55 percentage points in response to a one-percentage-point increase in the policy rate, relative to a household with no debt. We show that these responses are driven by households that have some or a large share of their debt in contracts where interest rates vary with short-term interest rates, such as adjustable-rate mortgages (ARMs), which implies that monetary policy shocks are quickly passed through to interest expenses.