Real property, probate, and trust journal最新文献

{"title":"Optimal Insurance Without the Nonnegativity Constraint on Indemnities: Ambiguity and Belief Heterogeneity","authors":"Mario Ghossoub","doi":"10.2139/ssrn.3014934","DOIUrl":"https://doi.org/10.2139/ssrn.3014934","url":null,"abstract":"In Arrow's (1971) classical problem of optimal insurance design, a linear deductible schedule is optimal for an Expected-Utility (EU) maximizing decision maker (DM), if the premium depends on the indemnity's actuarial value, if the DM and the insurer share the same probabilistic beliefs about the realizations of the random loss, and under the classical constraints that, in each state of the world, the indemnity is nonnegative and does not exceed the value of the loss. Raviv (1979) re-examined Arrow's problem and concluded that the presence of a deductible is due to both the nonnegativity constraint on the indemnity and the variability in the cost of insurance. In an effort to test this statement, Gollier (1987) relaxes the nonnegativity constraint and argues that the existence of a deductible is only due to the variability in the cost of insurance. In this paper, we test whether the intuition behind Gollier's result still holds under more general preferences for the DM and the insurer. We consider a setting of ambiguity (one-sided and then two-sided) and a setting of belief heterogeneity. We drop the nonnegativity constraint and assume no cost (or a fixed cost) to the insurer, and we derive closed-form analytical solutions to the problems that we formulate. In particular, we show that an optimal indemnity (resp., retention) no longer includes a deductible provision (resp., is not equal to the realized loss). Moreover, the optimal indemnity (resp., retention) can be negative (resp., higher than the realized loss) for small values of the loss, or in case of no loss. This is in line with the intuition behind Gollier's finding in the case of belief homogeneity and no ambiguity.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"352 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80057623","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Of Buildings, Statues, Art, and Sperm: The Right to Destroy and the Duty to Preserve","authors":"G. Alexander","doi":"10.31228/osf.io/5g8jc","DOIUrl":"https://doi.org/10.31228/osf.io/5g8jc","url":null,"abstract":"Cornell Journal of Law and Public Policy, Spring 2018, Vol. 27, No.3Markets require some sort of property rights, including transferability. Without transferable property rights market relations cannot get off the ground. Moreover, markets assume that these rights refer to some resource, some thing that is the object of the market relationship. In this sense property is, as some commentators recently have argued, about things. Saying that property is about things doesn’t tell us very much, though. It tells us nothing about the sorts of things that are the object of property rights, and it gives no indication whether property rights are uniform and fixed regardless of the sort of thing involved. Things are not all of a piece; pencils are not Picassos. There is no good reason to think that the law of property should treat all things alike. Modularity can take us only so far. Property law does and should make distinctions regarding the rights that owners have or don’t have and the extent of those rights depending upon the sorts of things they own.This Article investigates distinctions that property law does draw or should draw with respect to the right to destroy. That right has important implications for the market because the consequence of full exercise of the right, i.e., destruction of the thing, is complete and irrevocable removal of an asset from future market transactions. Where the asset involved is of a fungible sort, a pencil, for example, there is little cause for concern about this loss. The losses about which we worry, however, are those involving non-fungible items, pearls of great price. Such losses include historic buildings and important works of art. Disputes involving the right to destroy have ranged farther, though. Among the most contentious and sensitive of these are disputes over the disposition of human reproductive material. These controversies too have implications for the market, as human sperm and eggs may be sold and bought under certain conditions.Despite its importance, the right to destroy is one of the least discussed twigs in the proverbial bundle of rights constituting ownership. A recent article by Lior Strahilevitz analyzes the right in detail. Other than his article, only an earlier article by Edward McCaffery, and 1999 book by the late Joseph Sax, Playing Darts with a Rembrandt, have discussed the right to destroy within the past several decades. McCaffery’s essay takes the position that most courts have adopted, rejecting the claim that owners have the right to destroy that which they own. McCaffery regards such a right as “an embarrassment in Anglo-American law.” This appears to be the conventional wisdom, with the recent edition of Black’s Law Dictionary excluding the right to destroy from the incidents of ownership included in its definition of ownership. More recently, however, Lior Strahilevitz has provided a powerful defense of the right to destroy. Strahilevitz bases his argument substantially on expre","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"136 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73094009","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Neural Networks Applied to Chain-Ladder Reserving","authors":"Mario V. Wuthrich","doi":"10.2139/ssrn.2966126","DOIUrl":"https://doi.org/10.2139/ssrn.2966126","url":null,"abstract":"Classical claims reserving methods act on so-called claims reserving triangles which are aggregated insurance portfolios. A crucial assumption in classical claims reserving is that these aggregated portfolios are sufficiently homogeneous so that a coarse reserving algorithm can be applied. We start from such a coarse reserving method, which in our case is Mack's chain-ladder method, and show how this approach can be refined for heterogeneity and individual claims feature information using neural networks.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89552006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of Parameter Uncertainty in Insurance Pricing and Reserve with the Temperature-Related Mortality Model","authors":"M. Seklecka, A. Pantelous, Colin O’Hare","doi":"10.2139/ssrn.2935445","DOIUrl":"https://doi.org/10.2139/ssrn.2935445","url":null,"abstract":"Changes in mortality rates have an impact on the life insurance industry, the financial sector (as a significant proportion of the financial markets is driven by pension funds), the governmental agencies, and the decision and policy makers. Thus, the pricing of financial, pension and insurance products that are contingent upon survival or death and which is related to the accuracy of central mortality rates is of key importance. Recently, a temperature-related mortality (TRM) model was proposed by Seklecka et al. (2017), and it has show evidence of outperformance compared with the Lee and Carter (1992) model and several other of its extensions, when mortality-experience data from the United Kingdom is used. There is a need for awareness, when fitting the TRM model, of model risk when assessing longevity-related liabilities, especially when pricing long term annuities and pensions. In this paper, the impact of uncertainty on the various parameters involved in the model is examined. We demonstrate a number of ways to quantify model risk in the estimation of the temperature-related parameters, the choice of the forecasting methodology, the structures of actuarial products chosen (e.g., annuity, endowment and life insurance), and the actuarial reserve. Finally, several tables and figures illustrate the main findings of this paper.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90058642","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effect of Taxes on the Location of Property-Casualty Insurance Firms","authors":"Martin Grace, D. Sjoquist","doi":"10.2139/ssrn.3187474","DOIUrl":"https://doi.org/10.2139/ssrn.3187474","url":null,"abstract":"States levy insurance premium taxes, which are essentially gross receipt taxes on premiums. A very unusual characteristic of insurance premium taxes is that in each state in which an insurance company writes premiums, the firm pays the higher of the tax rate in the state in which the company is domiciled and the state in which the policy is written. Thus, the choice of location has a significant effect on the firm’s tax liability. Using firm-level data for the property-casualty (P-C) insurance industry, we calculate the firm-specific tax rate for each P-C firm for every possible state of domicile. We estimate a conditional logistic model to analyze the effect of these insurance premium taxes on the choice of the state of domicile of existing and relocated firms. We find robust evidence of a small, negative, and statistically significant effect of the insurance premiums tax rate on the choice of the state of domicile.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"49 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89172487","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Citgo, Sponsored by Boston: Why We Shouldn't Landmark Ads","authors":"M. McGuire","doi":"10.2139/SSRN.3265504","DOIUrl":"https://doi.org/10.2139/SSRN.3265504","url":null,"abstract":"The Citgo sign, a massive lighted advertisement just beyond the bounds of Fenway Park, is a Boston landmark. The sign has been a fixture in the Boston skyline for decades. For almost as many years, the city has debated whether to give the sign protected landmark status, freezing the advertisement—and potentially much of the surrounding development—in place. \u0000Unquestionably, the Citgo sign and other advertisements like it meet statutory criteria for landmark designation, and landmarking them would serve the goals supposed to be furthered by historic preservation in general. But landmarking advertisements, as opposed to buildings, boats and bridges, presents constitutional and statutory issues that should give landmarks commissions pause. \u0000This Note is the first to explore the many legal problems caused by landmarking advertisements. It also addresses certain policy concerns raised by decisions to grant the legal protection of historic preservation laws to ads. In designating advertisements as landmarks, cities expose themselves to takings claims (by affected property owners) and statutory economic- hardship claims (by affected advertisers) that could ultimately force taxpayers to bear the cost of advertising for profitable corporations. And because advertisements communicate, while more traditional subjects of historic preservation do not, landmarking them could also subject cities to compelled-speech claims. Unlike the takings and economic-hardship claims, First Amendment violations cannot be satisfied by paying just compensation. \u0000The potential landmarking of the Citgo sign is used as a case study to explain the issues, but the problems would accompany the decision to landmark almost any advertisement. The approaches suggested for decisions to landmark advertisements would serve any preservation commission. \u0000I have posted the paper on SSRN to be accessed by the Boston Landmarks Commission and other interested parties in the ongoing Citgo sign debate.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89093108","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Collaborative Housing and Blockchain","authors":"Sergio Nasarre-Aznar","doi":"10.2478/admin-2018-0018","DOIUrl":"https://doi.org/10.2478/admin-2018-0018","url":null,"abstract":"Access to housing is a crucial issue worldwide. It is still under discussion whether collaborative economy is enhancing or, on the contrary, constraining access. In this context, the concept of ‘collaborative housing’ (collaborative economy applied to the funding, access and organisation of housing) arises to address a range of situations that might potentially help people to access housing, such as co-housing or the so-called ‘intermediate tenures’. Disintermediation through blockchain technology, and the resultant effect of a reduction in the transaction costs of access to housing, is one of those trends regarding collaborative housing. Accordingly, the adaptation of the disintermediation mechanism to the real estate conveyance and land registry, as in many other sectors of the collaborative economy, is timely. This can be achieved by exploring the potential of this mechanism in enhancing traditional methods of this sector through possible technological solutions. This paper presents a preliminary discussion on the different types of collaborative housing and the potentials of the blockchain technology to facilitate access to housing in relation to real estate conveyancing and registration.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82650653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Reclassification Risk in the Small Group Health Insurance Market","authors":"Sebastián Fleitas, Gautam Gowrisankaran, A. L. Lo Sasso","doi":"10.3386/W24663","DOIUrl":"https://doi.org/10.3386/W24663","url":null,"abstract":"We evaluate reclassification risk in the small group health insurance market from a period before ACA community rating regulations. Using detailed individual-level data from a large insurer, we find a pass through of 16% from health risk to premiums with enrollee fixed effects, and 70% without fixed effects. The fixed effects estimates identify the extent to which the insurer passes through changes in risk to changes in premiums while the higher estimates without fixed effects may be due to more risk rating for new accounts. Our estimates control for selection into insurance take-up with a non-parametric selection model, using individual risk and industrial sector as exclusion restrictions. Our results are also robust to other possibilities, including potential measurement error of risk scores and slow pass through over time. We seek to explain why our fixed effects estimates are much closer to community rating than full experience rating. The limited pass through may be due to implicit “guaranteed renewability” contracts with one-sided pricing commitment on the part of the insurer, as our results are broadly consistent with the equilibrium pass through that would occur under these contracts. Our results cannot be explained by market power, search frictions, or slow pass through over time. We simulate the value that is generated by the insurer’s pricing policy relative to counterfactual pricing policies. The insurer’s policy generates 60% of the welfare gain from community rating relative to full experience rating. Even community rated plans generate substantial reclassification risk due to high out-of-pocket costs.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"7 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84454126","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Competition, Land Price, and City Size","authors":"S. Kichko","doi":"10.2139/ssrn.3168633","DOIUrl":"https://doi.org/10.2139/ssrn.3168633","url":null,"abstract":"\u0000 Larger cities typically give rise to two opposite effects: tougher competition among firms and higher production costs. Using an urban model with substitutability of production factors and pro-competitive effects, I study product market responses to an increase in city population, land-use regulations and commuting costs. I show that those responses depend on the land intensity in production. If the input share of land is low, a larger city attracts more firms setting lower prices, whereas for an intermediate land share, city expansion increases both the mass of firms and product prices. For a high land share, the mass of firms decreases with city size while product price increases. Softer land-use regulations and/or lower commuting costs reinforce pro-competitive effects, making city residents better-off via lower product prices and broader diversity.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"40 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87370757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do Firms Purposefully Change Capital Structure?: Evidence from a Growth Shock to Pharmaceutical Firms","authors":"Erasmo Giambona, J. Golec, Florencio López de Silanes","doi":"10.2139/ssrn.2162376","DOIUrl":"https://doi.org/10.2139/ssrn.2162376","url":null,"abstract":"Do firms make significant changes to capital structures over time? We use the passage of the Biologics Price Competition and Innovation Act as a shock to pharmaceutical firms' growth prospects, and study their subsequent capital structure changes. The biosimilar-opportunity led pharmaceutical firms to make their debt structures less constraining. Using a difference-in-difference approach, we show that pharmaceutical firms increased unsecured debt, shortened debt maturity, and reduced convertible debt. Additionally, new debt covenants were not more restrictive than old debt covenants, and leverage decreased for firms with high initial leverage. Results support the view that firms actively manage their debt structure.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"7 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89575689","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}