The decision about when and how much to annuitize is an important element of the retirement planning of most individuals. Optimal annuitization strategies depend on the individual’s exposure to annuity risk, meaning the possibility of meeting unfavorable personal and market conditions at the time of the annuitization decision. This article studies optimal annuitization strategies within a life-cycle consumption and portfolio choice model, focusing on stochastic interest rates as an important source of annuity risk. Closing a gap in the existing literature, our numerical results across different model variants reveal several typical structural effects of interest rate risk on the annuitization decision, which may however vary depending on preference specifications and alternative investment opportunities: When allowing for gradual annuitization, annuity risk is temporally diversified by spreading annuity purchases over the whole pre-retirement period, with annuity market participation starting earlier in the life cycle and becoming more extensive with increasing interest rate risk. Ruling out this temporal diversification possibility, as embedded in many institutional settings, incurs significant welfare losses, which are increasing with higher interest rate risk, together with larger overall demand for annuitization.

The repeated proliferation of restraints to competition should not overshadow the agency of downstream firms when confronted with the ability of cartels to challenge the established innovation strategies of their consumers. This article explores the relations between Renault and the aluminium cartels during the first half of the twentieth century, in peace and war. Strategies were similar on both sides: the creation and maintenance of a balance of power, compromise, and the reopening of competition. Yet, when the cartel set up an automotive department and then rallied to the idea of a people’s car, it attracted the interest of broader stakeholders—engineers, other suppliers, the government, and even trade unions—but failed to persuade carmakers. Large industrial consumers can limit the impact of cartels, and destabilize them, by resorting to vertical integration. However, their underlying aim is not necessarily to destroy the cartel but rather to obtain better terms for their own business. Ultimately, their market power enables them to achieve relative stability. Who derives the main benefits from these compromises, both vertically and horizontally, as they sometimes limit or extend the scope of action of both parties?

After 30 years of groundbreaking work, the SITI Company leaves behind a landscape changed by their presence. Their lasting legacy includes a challenge to how theatre is conceived and executed, a remarkable contribution to the way in which theatre artists hone their craft, and an infl uential example of how a theatre ensemble can thrive.

We present a robust, five-locus phylogeny of the Megasporaceae and, based on this, propose several taxonomic innovations. The new genus Antidea is erected for Aspicilia brucei, which occupies a position near the base of the phylogeny, and the new species Aspicilia indeterminata and A. suavis are described from Montana. We also show that all North American (and some European) records of Aspilidea myrinii are misidentifications with many representing a second species in the genus, differing from A. myrinii by having elevated apothecia and narrower ascospores and for which we make the new combination Aspilidea subadunans. Finally, we make the new combinations Lobothallia determinata and L. peltastictoides, and report the lichenicolous fungus Sagediopsis aspiciliae (on A. subadunans) as new to North America.

Sixteen species and two varieties of lichenicolous fungi are reported from Rhizoplaca s. lat. Four species and one variety are described as new to science: Caeruleoconidia ahtii Zhurb. (on Rhizoplaca s. str.), with hyaline to pale greyish turquoise, comparatively large conidia; Cercidospora mongolica Zhurb. & Cl. Roux (on Rhizoplaca s. str.), with a reddish brown (above) to pale brownish grey to colourless (below) exciple, mostly 4-spored asci, and (0‒)1(‒2)-septate ascospores, mostly 23‒28.5 μm long; C. tyanshanica Zhurb. & Cl. Roux (on Protoparmeliopsis and Rhizoplaca s. str.), with a uniformly grey exciple, mostly 4-spored asci, and (0‒)1(‒2)-septate ascospores, mostly 25.5‒31.5 μm long; Stigmidium pseudosquamariae Zhurb. (on Protoparmeliopsis), inducing brown cerebriform galls, with consistently immersed ascomata and well-developed pseudoparaphyses of type b sensu Roux & Triebel (1994); and Arthonia clemens var. peltatae Zhurb. (on Protoparmeliopsis), with a brown epihymenium without grey shade. An unidentified species of Leptosphaeria growing on Protoparmeliopsis peltata, and Lichenostigma cf. chlaroterae growing on P. peltata and Rhizoplaca chrysoleuca are briefly characterized. Arthonia clemens is newly reported for Kazakhstan, Kyrgyzstan and the Republic of Sakha (Yakutia) in Russia; Cercidospora melanophthalmae is new to Kazakhstan, Kyrgyzstan and Mongolia; Didymocyrtis rhizoplacae is new to Russia; Lichenoconium lecanorae and Muellerella erratica are new to Kyrgyzstan; Stigmidium squamariae s. lat. is new to Kazakhstan, Kyrgyzstan and Turkmenistan. Didymocyrtis rhizoplacae is documented for the first time on Rhizoplaca subdiscrepans, and Pyrenidium actinellum s. lat. on Protoparmeliopsis. A key to 36 species of lichenicolous fungi and lichens known to occur on Rhizoplaca s. lat. is provided.

In the latest in our series reviewing archived copies of Legal Information Management and The Law Librarian – as the journal was once known – LIM's co-editors leaf through the four editions published in 1994, while they also take a quick look at an issue from 2001 which featured a contributor who has since gone on to greater things …

Upon ending his 30-year collaboration with Anne Bogart and SITI company, Suzuki Tadashi reflects on the unprecedented longevity and success of the SITI collective in the US, an economically driven, capitalist country.

This article argues that beneath the veneer of legitimacy in the organ, tissue, and body part transplantation systems exists a horrifying history of human commodification whose vestiges surprisingly linger in contemporary supply and allocation systems. This history, as the Article demonstrates, dates back to the colonial period in the United States, where “grave robbing” became an important feature in the advancement of medicine. This legacy lives on.

In 2010 film and theatre historian David Mayer urged researchers to look to early film for evidence of continuing traditions of Victorian pantomime, arguing its “audiences tolerated, even enjoyed, the same sight-gags and hackneyed routines that amused their Victorian ancestors.” This article is a response to his challenge and in the process explores wider interconnections. The harlequinade was the portion of the pantomime that occurred after key characters from the narrative pantomime opening are transformed into Clown, Harlequin, Pantaloon, and Columbine. These stock figures, originally derived from commedia dell'arte, perform a series of comic scenes via mime, dance, and physical action rather than dialogue. Having been an important feature of Regency and Victorian pantomimes, by the end of the nineteenth century the harlequinade had largely vanished (with certain exceptions such as the Britannia Theatre), causing Clement Scott to lament that it is “a pleasure lost for ever and denied to the generation of to-day.” My contention is that there is a direct line of inheritance from the harlequinade through stand-alone comic ballets to chase scenes in early film. All demand a particular type of physical performance, choreographed fast-paced action, and humor. Uncovering the tradition allows us better to understand this form of popular amusement and see how Harlequin's antics were reinterpreted for new audiences. Starting from a seemingly unremarkable comic entertainment produced in 1871 at a minor London theatre, the Britannia Theatre in Hoxton, and bearing the intriguing title of Ki-Ki-Ko-Ko-Oh-Ki-Key, I trace its heritage as embodied culture, establishing its links to early nineteenth-century pantomime harlequinade and to simian performance, tracking the appearance of comic or dumb ballets in theatres and music halls in Britain, France, and the United States through one family of performers, the Lauris, and finally identifying the legacy of the complex trap work in silent film of the early twentieth century by examining Lupino Lane's Joyland (1929).