Two studies replicate the anomaly identified by Frederick, Meyer and Levis (2015) and Frederick, Levis, Malliaris and Meyer (2018). People show typical risk averse behavior by valuing risk below the focal lottery’s expected value, but they do not bid above its expected value for the hedge that eliminates the risk. Following the authors, we conduct finer analyses by separating participants into two groups – “experts” who understand that acquiring the hedge makes winning certain versus “novices” who do not understand the winning implications of acquiring the hedge. We find that (1) “experts” are more inclined to purchase the hedge compared to the “novices” and (2) unlike the “novices,” they value the hedge significantly more than the risk instrument, but only if they are given the risk instrument free of charge. However, even there, the hedge valuations are significantly less than the lottery’s expected value suggesting that the anomaly described in Frederick et al. (2015, 2018) is robust and likely to affect the way our discipline conceptualizes and models risk behavior.

This study reports on recent changes in the use of the hedges kind of and sort of in spoken British English over the past twenty years. A quantitative analysis of these features within subsets of the original BNC 1994 (BNC Consortium 2007) and BNC 2014 (Love et al. 2017) suggests a systematic encroaching of kind of into contexts that are traditionally occupied by sort of. This is highlighted in apparent-time patterns in which younger speakers are leading in use as well as real-time patterns that show a significant increase in use between 1994 and 2014.

The hedges sort of and kind of are often treated as semantically equivalent, yet show distributional differences across different varieties of English. This article reports on an ongoing shift in the use of kind of as well as a relatively stable use of sort of. Its main focus is a detailed sociolinguistic analysis of both variants, which, in addition to social factors involved, teases apart some of the linguistic aspects of this shift.

In line with the theme of this special issue, the article draws attention to the usefulness of comparable, or comparably made, corpora that allow for focused studies of linguistic change across speakers, generations, registers and communities.

The prior literature disregards the time-varying conditional correlation and its importance for portfolio diversification when it assesses the risk-return profile of fine wine with that of stocks. To address this limitation, this paper applies a dynamic conditional correlation model and examines the co-movements between fine wine and stock prices in the United Kingdom (UK). Based on monthly data from January 2001 to February 2014, we find that fine wine is a hedge against movements in UK stocks. Nevertheless, it cannot act as an effective safe haven during market turmoil. Those findings have noteworthy implications for financial advisors and portfolio managers who are interested in alternative investments. (JEL Classifications: G1, G11, Q1, Q14)

Crop index microinsurance is a novel product that has been piloted and implemented in many developing countries. We attempt to give an overview of crop index microinsurance, covering the major issues needed to design, price and implement a crop index microinurance programme. In some ways, providing insurance to the poor is fundamentally different to providing insurance to the middle-income or rich; in other ways, including in the actuarial fields of product design, pricing and risk financing, there are strong similarities. We offer a stylised discussion of these differences and similarities, with particular reference to issues of potential interest to actuaries, and propose an actuarial framework for crop index microinsurance. Case studies from Malawi and the Philippines provide examples for what does and what does not seem to work in crop index microinsurance, and motivation for further work needed.

English some and Swedish någon have a number of ‘subidentificational’ meanings, as in English some general (or other) has been shot; it was some shooting (or something). This paper reviews those meanings and attempts to determine how many context-invariant meanings are needed in order to account for their full range of meanings in context. By explicitly setting out processes of inference generation within a Gricean framework, it is found that for a large number, only one underlying (i.e. coded) meaning is required, which in context generates inferences such as lack of speaker knowledge, recall or interest in the NP referent, regarding either its type or which entity it is. Nevertheless, not all meanings can be handled in this way and additional coded meanings are required. Two diachronic pathways are discussed via which one coded meaning might extend to another. Some conclusions relevant for future work on indefinites are drawn.