Anthropogenic and climatic controls on surface water across the contiguous United States

Anthropogenic activities and climatic processes heavily influence surface water resources by causing their progressive depletion, which in turn affects both societies and the environment. Therefore, there is an urgent need to understand the contribution of human and climatic dynamics on the variation of surface water availability. Here, this investigation is performed on the contiguous United States (CONUS) using remotely-sensed data. Three anthropogenic (i.e., urban area, population, and irrigation) and two climatic factors (i.e., precipitation and temperature) were selected as potential drivers of changes in surface water extent and the overlap between the increase or decrease in these drivers and the variation of surface water was examined. Most of the river basins experienced a surface water gain due to precipitation increase (eastern CONUS), and a reduction of irrigated land (western CONUS). River basins of the arid southwestern region and some river basins of the northeastern area encountered a surface water loss, essentially induced by population growth, along with a precipitation deficit and a general expansion of irrigated land. To further inspect the role of population growth and urbanization on surface water loss, the spatial interaction between human settlements and surface water depletion was examined by evaluating the frequency of surface water loss as a function of distance from urban areas. The decline of the observed frequency was successfully reproduced with an exponential distance-decay model, proving that surface water losses are more concentrated in the proximity of cities. Climatic conditions influenced this pattern, with more widely distributed losses in arid regions compared to temperate and continental areas. The results presented in this Thesis provide an improved understanding of the effects of anthropogenic and climatic dynamics on surface water availability, which could be integrated in the definition of sustainable strategies for urbanization, water management, and surface water restoration.

The secondary market for life insurance policies in the United States market evolution and product valuation

In this work we discuss the secondary market for life insurance policies in the United States of America. First, we give an overview of the life settlement market: how it came into existence, its growth prospects and the ethical issues it arises. Secondly, we discuss the characteristics of the different life insurance products present in the market and describe how life settlements are originated. Life settlement transactions tend to be long and complex transactions that require the involvement of a number of parties. Also, a direct investment into life insurance policies is fraught with a number of practical issues and entails risks that are not directly related to longevity. This may reduce the efficiency of a direct investment in physical policies. For these reasons, a synthetic longevity market has evolved. The number of parties involved in a synthetic longevity transaction is typically smaller and the broker-dealer transferring the longevity exposure will be retaining most or all of the risks a physical investment entails. Finally, we describe the main methods used in the market to evaluate life settlement investments and the role of life expectancy providers.