This paper examines how aversion to risk and aversion to intertemporal substitution determine the strength of the precautionary saving motive in a two-period model with Selden/Kreps-Porteus preferences. For small risks, we derive a measure of the strength of the precautionary saving motive which generalizes the concept of “prudence” introduced by Kimball [12]. For large risks, we show that decr...

The neural basis of action understanding in humans remains disputed, with some research implicating the putative mirror neuron system (MNS) and some a mentalizing system (MZS) for inferring mental states. The basis for this dispute may be that action understanding is a heterogeneous construct: actions can be understood from sensory information about body movements or from language about action,...

We prove that the Chow motive of an anisotropic projective homogeneous variety of type F4 is isomorphic to the direct sum of twisted copies of a generalized Rost motive. In particular, we provide an explicit construction of a generalized Rost motive for a generically splitting variety for a symbol in K3 (k)/3. We also establish a motivic isomorphism between two anisotropic non-isomorphic projec...

In many European countries, a majority of employees are hired under very protective labor contracts that restrict the ability of the employer to dismiss them. In particular, employees can take to courts the firm’s layoff motive. Given the high costs specific to so-called economic motives and judges’ limited ability to process an ever growing flow of cases, in the last few years firms have been ...