Optimal dividend strategies for a compound Poisson risk process under transaction costs and power utility

We characterize the value function of maximizing the total discounted utility of dividend payments for a compound Poisson insurance risk model when strictly positive transaction costs are included, leading to an impulse control problem. We illustrate that well known simple strategies can be optimal in the case of exponential claim amounts. Finally we develop a numerical procedure to deal with general claim amount distributions.

A note on moments of dividends

We reconsider a formula for arbitrary moments of expected discounted dividend payments in a spectrally negative L,vy risk model that was obtained in Renaud and Zhou (2007, [4]) and in Kyprianou and Palmowski (2007, [3]) and extend the result to stationary Markov processes that are skip-free upwards.

Les paiements pour services environnementaux de la Fondation Natura Bolivia entre logiques réciprocitaires, redistributives et marchandes

La diffusion internationale des paiements pour services environnementaux (PSE) a été interprétée en 2010 par le gouvernement bolivien d'Evo Morales comme une réponse strictement néolibérale à la nécessité d'assurer une gestion durable des ressources naturelles. Supposée amener à terme à l'éviction de toute régulation autre que marchande - qu'elle s'applique à la nature ou aux rapports entre personnes -, la mise en place de PSE n'a pas été encouragée par les autorités nationales boliviennes. Des projets de PSE ont toutefois été lancés, dont les Acuerdos Reciprocos por el Agua (ARA), issus d'un partenariat public-privé dans le département de Santa Cruz. En analysant leur conception et leur fonctionnement au prisme du référentiel polanyien, nous montrons que, contrairement aux craintes gouvernementales, ces PSE ne font pas abstraction des logiques organisationnelles réciprocitaires et redistributives, ajustant au contexte local un objet global. The international dissemination of payments for ecosystem services (PES) has been interpreted in 2010 by the Bolivian government of Evo Morales as a strictly neo-liberal response to the need to ensure a sustainable management of natural resources. Supposed to contribute to the crowding-out of any other regulation than market - applied to the nature or the relationship between people - the implementation of PES was not encouraged by the Bolivian national authorities. However some PES projects stemming from a public-private partnership have been initiated at local level, as the Acuerdos Reciprocos por el Agua (ARA), in the department of Santa Cruz. Analysing their design and operating through the Polanyian framework, we show that, contrary to the government fears, these PES do not ignore the reciprocal and redistributive organisational logics, adjusting a global object to the local context.

Development of sales invoicing process in industrial services

The objective of this Master’s thesis is to find ways to streamline the invoicing process of the case company. In order to streamline the process, the bottlenecks and development areas of the present invoicing process needs to be identified. The bottlenecks are based on interviews made to personnel. The thesis also offers solutions to overcome the identified bottlenecks. The problem is the slowness of the invoicing process which should get rid off. The slow invoicing process causes delays in obtaining payments. There are many reasons for the slowness and inefficiency of the invoicing process. One of the biggest reasons is that the information systems are not deployed entirely. It causes additional work for everyone. Practices with the customers affect also to the smooth flow of invoicing. The contracts determine when the customer can be invoiced but also work approvals, missing work orders and customer’s own invoicing basis slow the process. The fastest and cheapest solution is to deploy the systems better and do things correctly. Thus duplicated work would decrease and resources would be saved. The work allocation should be modified and the practices with customer should be influenced too. In the future the meaning of IT should be highlighted and new devices exploited.

Amacy Matthews Letters, 1918

The correspondence is dated October 19, 1918 and December 17, 1918. Amacy Matthews was the treasurer for the Township of Crowland. The correspondence is from J.W. [John Wells] Marshall, the county school inspector and relates to payments to be made to each teacher listed in the correspondence. Each letter includes the signature of the teacher acknowledging receipt of the funds. Teachers listed are Orlin McKenney, Edward Farr, Leonard Matthews, Charles Terreberry, Hiram Pratt, William VanAlstine, Grant Jenkinson and Harry Terreberry.

Wakeman Burritt fonds, 1807-1814

Wakeman Burritt (1785-1847) was a merchant and ship owner who conducted his business in New York, New Orleans, LA, Charleston, SC, and the West Indies. Despite the difficulties that the Embargo Act of 1807 and the War of 1812 posed to trade and commerce, Burritt managed to run a successful business, dealing in commodities such as foodstuffs, cloth, cotton, and soap. He owned three ships, the Brig Cannon, Brig Eunice and Brig Sampson. In 1809, he married Grace Burr (1787-1874). Together they had at least one child, Francis Burritt (1811-1861).

Wakeman Burritt Fonds

Fonds consists of correspondence between Wakeman Burritt and his business associates, as well as receipts and documents concerning the shipping vessels Brig Cannon, Brig Eunice, Brig Sampson, and several other vessels. Reference is made in some documents to the effects of politics on commerce, most notably the Embargo Act of 1807 and the War of 1812. The correspondence consists of 53 letters, 40 of the letters being addressed to Wakeman Burritt, with the remaining 13 letters being retained copies of letters written by Burritt to Samuel Cannon. There are also 17 letters written to Burritt by LeGrand Cannon of Norwalk, CT. The remaining letters to Burritt consist of two letters from his wife Grace Burritt, and other business associates, including Thomas Andrews, Stephen Arnold, Ezra Burr, Talcott Burr, Talmon Burr, Wm. M. Betty & Co., Samuel Cannon, Edward Jessup, Hugh Knox, Jonathan Meigs, Samuel Morehouse, Stephen Morehouse, W & B St. John, Oliver Sherman, Anthony Stow, and Ogden Richards Weldon. The shipping vessel material includes 52 documents concerning Brig Eunice, 27 documents for Brig Sampson, 14 documents for Brig Cannon, and 18 miscellaneous documents for vessels such as the Schooners Maria, Hope, Nassau, and Henry, Sloops Fox and Sally, and the Brig Diana and Emeline. The documents include receipts for piloting into port, for wharfage, and for supplies and repairs, as well as lists of disbursements, freight lists, and payments made to men working on the ships.

A game-theoretic network formation model

We study the dynamics of a game-theoretic network formation model that yields large-scale small-world networks. So far, mostly stochastic frameworks have been utilized to explain the emergence of these networks. On the other hand, it is natural to seek for game-theoretic network formation models in which links are formed due to strategic behaviors of individuals, rather than based on probabilities. Inspired by Even-Dar and Kearns (2007), we consider a more realistic model in which the cost of establishing each link is dynamically determined during the course of the game. Moreover, players are allowed to put transfer payments on the formation of links. Also, they must pay a maintenance cost to sustain their direct links during the game. We show that there is a small diameter of at most 4 in the general set of equilibrium networks in our model. Unlike earlier model, not only the existence of equilibrium networks is guaranteed in our model, but also these networks coincide with the outcomes of pairwise Nash equilibrium in network formation. Furthermore, we provide a network formation simulation that generates small-world networks. We also analyze the impact of locating players in a hierarchical structure by constructing a strategic model, where a complete b-ary tree is the seed network.

Barnes Wines, Limited By-law No. 73

The By-Law summary reads: "A By-Law to authorize payments to certain employees in lieu of benefits provided for other employees under a retirement plan."

Letter to S.D. Woodruff from William Hamilton Merritt

Letter to S.D. Woodruff from William Hamilton Merritt requesting that Mr. Woodruff supply him with estimated quantities of the value of work and material (for cash monthly payments) of the road. Some numbers/ calculations are written on the second page, Jan. 25, 1854.

Letter to Burrell, McEwen and Co. from [S.D. Woodruff]

Letter to Burrell, McEwen and Co. from [S.D. Woodruff] regarding payments made to them, Jan.5, 1877.

The Discipline of Economics and Economic Cycles

In This Article, It Is Argued That the Long International, Financial and Economic Cycle (50-60 Years) Is More Than a Statistical Aberration, and Is the Result of Institutional Political, Financial and Economic Conditions Which Are Recurrent. It Is Proposed As an Hypothesis That the Breakdown of International Monetary Systems Is At the Origin of Hte Financial and Economic Long Cycle. Such a Breakdown Starts a Process of Unexpected Inflation, of Balance of Payments Imbalances and of International Indebtedness in a Key-Currency. the Last Stage of This Process Is Characterized by Disinflation, a Speculative Stock Market Boom and a Period of Debt-Liquidation Which Negatively Affect the Real Side of the Economy. Without an International and Automatic Mechanism to Correct the Financial and Economic International Imbalances, the World Economy Runs the Risk of Getting More and More Unstable Until the Turning Point. International Monetary Cooperation Could Contribute in Alleviating the Negative Spillovers Accompanying Hte Adjustment of These Imbalances.

La monnaie en droit : nature d'une abstraction outre fondée : essai dialectique et logique sur la dualité dans la catégoricité juridique et sur l'abstraction d'hérédité monétaire

"Thèse présentée à la Faculté des études supérieures en vue de l'obtention du grade de Docteur en droit (LL.D.)"

Economic Incentives and Liberal Equality

In order to assess to the degree to which the provision of economic incentives can result in justified inequalities, we need to distinguish between compensatory incentive payments and non-compensatory incentive payments. From a liberal egalitarian perspective, economic inequalities traceable to the provision of compensatory incentive payments are generally justifiable. However, economic inequalities created by the provision of non-compensatory incentive payments are more problematic. I argue that in non-ideal circumstances justice may permit and even require the provision of non-compensatory incentives despite the fact that those who receive non-compensatory payments are not entitled to them. In some circumstances, justice may require us to accede to unreasonable demands for incentive payments by hard bargainers. This leads to a kind of paradox: from a systemic point of view, non-compensatory incentive payments can be justified even though those who receive them have no just claim to them.

Incentives and Principles for Individuals in Rawls’s Theory of Justice

Philippe van Parijs (2003) has argued that an egalitarian ethos cannot be part of a post- Political Liberalism Rawlsian view of justice, because the demands of political justice are confined to principles for institutions of the basic structure alone. This paper argues, by contrast, that certain principles for individual conduct—including a principle requiring relatively advantaged individuals to sometimes make their economic choices with the aim of maximising the prospects of the least advantaged—are an integral part of a Rawlsian political conception of justice. It concludes that incentive payments will have a clearly limited role in a Rawlsian theory of justice.