Solvency Capital estimation and Risk Measures

This paper examines why a financial entity’s solvency capital estimation might be underestimated if the total amount required is obtained directly from a risk measurement. Using Monte Carlo simulation we show that, in some instances, a common risk measure such as Value-at-Risk is not subadditive when certain dependence structures are considered. Higher risk evaluations are obtained for independence between random variables than those obtained in the case of comonotonicity. The paper stresses, therefore, the relationship between dependence structures and capital estimation.

Air services on thin routes: Regional versus low-cost airlines

An examination of the impact in the US and EU markets of two major innovations in the provision of air services on thin routes - regional jet technology and the low-cost business model - reveals significant differences. In the US, regional airlines monopolize a high proportion of thin routes, whereas low-cost carriers are dominant on these routes in Europe. Our results have different implications for business and leisure travelers, given that regional services provide a higher frequency of flights (at the expense of higher fares), while low-cost services offer lower fares (at the expense of lower flight frequencies). Keywords: air transportation; regional jet technology; low-cost business model; thin markets. JEL Classification Numbers: L13; L2; L93.

Re: Cost effectiveness of strategies to combat cardiovascular disease, diabetes, and tobacco use in sub-Saharan Africa and South East Asia: mathematical modelling study.

Rapid response to: Ortegón M, Lim S, Chisholm D, Mendis S. Cost effectiveness of strategies to combat cardiovascular disease, diabetes, and tobacco use in sub-Saharan Africa and South East Asia: mathematical modelling study. BMJ. 2012 Mar 2;344:e607. doi: 10.1136/bmj.e607. PMID: 22389337.

Assessment of adult formulas for glomerular filtration rate estimation in children.

BACKGROUND: Estimated glomerular filtration rate (eGFR) is an important diagnostic instrument in clinical practice. The National Kidney Foundation-Kidney Disease Quality Initiative (NKF-KDOQI) guidelines do not recommend using formulas developed for adults to estimate GFR in children; however, studies confirming these recommendations are scarce. The aim of our study was to evaluate the accuracy of the new Chronic Kidney Disease Epidemiology Collaboration (CKD-EPI) formula, the Modification of Diet in Renal Disease (MDRD) formula, and the Cockcroft-Gault formula in children with various stages of chronic kidney disease (CKD). METHODS: A total of 550 inulin clearance (iGFR) measurements for 391 children were analyzed. The cohort was divided into three groups: group 1, with iGFR >90 ml/min/1.73 m(2); group 2, with iGFR between 60 and 90 ml/min/1.73 m(2); group 3, with iGFR of <60 ml/min/1.73 m(2). RESULTS: All formulas overestimate iGFR with a significant bias (p < 0.001), present poor accuracies, and have poor Spearman correlations. For an accuracy of 10 %, only 11, 6, and 27 % of the eGFRs are accurate when using the MDRD, CKD-EPI, and Cockcroft-Gault formulas, respectively. For an accuracy of 30 %, these formulas do not reach the NKF-KDOQI guidelines for validation, with only 25, 20, and 70 % of the eGFRs, respectively, being accurate. CONCLUSIONS: Based on our results, the performances of all of these formulas are unreliable for eGFR in children across all CKD stages and cannot therefore be applied in the pediatric population group.

Cost of Residential and Nursing Care - Volume 1

Cost of Residential and Nursing Care - Volume 1

Cost of Residential and Nursing Care - Volume 2

Cost of Residential and Nursing Care - Volume 2

HSS (F)2004 04/04 - Revised Cost of Capital Rate in Fees and Charges Recovery Policy (PDF 51 KB)

HSS (F)2004 04/04 - Revised Cost of Capital Rate in Fees and Charges Recovery Policy

Field trials of an improved cost-effective device for detecting peridomestic populations of Triatoma infestans (Hemiptera: Reduviidae) in rural Argentina

An improved device for detecting peridomestic Triatoma infestans consisting of one-liter recycled Tetra Brik milk boxes with a central structure was tested using a matched-pair study design in two rural areas in Argentina. In Olta (La Rioja), the boxes were installed beneath the thatched roofs and on the vertical wooden posts of each peridomestic structure. After a 5-month exposure, at least one of the recovered boxes detected 88% of the 24 T. infestans-positive sites, and 86% of the 7 negative sites by timed manual collections at baseline. In Amamá (Santiago del Estero), the boxes were paired with the best performing prototype tested before (shelter unit). After 3 months, some evidence of infestation was detected in 89% (boxes) and 79% (shelters) of 18-19 sites positive by timed collections, whereas 19% and 16% of 32 negative sites were positive, respectively. Neither device differed significantly in the qualitative or quantitative collection of every sign of infestation. The installation site did not modify significantly the boxes' sampling efficiency in both study areas. As the total cost of each box was half as expensive as each shelter unit, the boxes are thus the most cost-effective and easy-to-use tool for detecting peridomestic T. infestans currently available.

Rôle de l'exercice dans l'approche multidisciplinaire de la lombalgie chronique

RÉSUMÉ L'exercice est utilisé dans le traitement de la lombalgie depuis plus de cent ans. La recherche dans ce domaine a commencé au milieu du XXème siècle puis s'est développée exponentiellement jusqu'à nos jours. La première étude de cette thèse a eu pour but de passer en revue cette abondante littérature scientifique. Il en est ressorti que l'exercice est un moyen efficace de prévention primaire et secondaire de la lombalgie. En tant que modalité de traitement, l'exercice permet de diminuer l'incapacité et la douleur et d'améliorer la condition physique et le statut professionnel des patients lombalgiques subaigus et chroniques. Parmi les caractéristiques de l'exercice, la supervision est essentielle. Des investigations ultérieures sont nécessaires afin d'identifier des sous-groupes de patients répondant favorablement à d'autres caractéristiques de l'exercice. L'exercice est souvent utilisé dans l'optique de maintenir les résultats obtenus à la suite d'un traitement, bien que peu d'études s'y soient penchées. La deuxième partie de cette thèse a eu pour objectifs d'évaluer l'efficacité d'un programme d'exercice (PE) suivi par des patients lombalgiques chroniques ayant complété une restauration fonctionnelle multidisciplinaire (RFM), en comparaison avec le suivi classique (SC) consistant simplement à encourager les patients à adopter un quotidien aussi actif que possible par la suite. Les résultats ont montré que les améliorations obtenues au terme de RFM étaient maintenues par les deux groupes à un an de suivi. Bien qu'aucune différence n'ait été obtenue entre les deux groupes, seul le groupe PE améliorait significativement l'incapacité et l'endurance isométrique des muscles du tronc. Une analyse économique a ensuite été réalisée afin d'évaluer la rentabilité de PE. L'évaluation de la qualité de vie des patients au terme de RFM et à un an de suivi permettait d'estimer les années de vie ajustées par leur qualité (QALYs) gagnées par chaque groupe. Les coûts directs (visites chez le médecin, spécialiste, physio, autres) et indirects (jours d'absence au travail) étaient estimés avant RFM et à un an de suivi à l'aide d'un agenda. Aucune différence significative n'était obtenue entre les groupes. Une mince différence de QALYs en faveur de PE ne se traduisait néanmoins pas en bénéfices mesurables. La recherche future devrait s'attacher à identifier un ou des sous-groupe(s) de patients pour lesquels SC ne permet pas de maintenir à long terme les améliorations obtenues au terme de RFM, et pour lesquels l'efficacité thérapeutique et la rentabilité économique de PE pourraient être accrues. ABSTRACT Exercise is used to treat low back pain for over a hundred years. Research in this area began in the mid-twentieth century and then grew exponentially until nowadays. The first study of this thesis was aimed to review this abundant scientific literature. It showed that exercise is effective in the primary and secondary prevention of low back pain. As a modality of treatment, exercise can reduce disability and pain and improve physical fitness and professional status of patients with subacute and chronic low back pain. Among different exercise characteristics, supervision is essential. Further investigations are needed to identify subgroups of patients responding positively to other characteristics of exercise. Exercise is often used as a post-treatment modality in order to maintain results over time, although only a few studies addressed this issue directly. The purpose of the second part of this thesis was to evaluate the effectiveness of an exercise program (EP) for patients with chronic low back pain who completed a functional multidisciplinary rehabilitation (FMR), compared to the routine follow-up (RF) which simply consisted of encouraging patients to adopt an active daily life thereafter. The results showed that improvements obtained at the end of FMR were maintained by both groups at one year follow-up. Although no difference was obtained between both groups, only the EP group significantly improved disability and isometric endurance of trunk muscles. An economic analysis was then carried out to assess the cost-effectiveness of EP. Based on the evaluation of patients' quality of life after FMR and at one year follow-up, an estimation of adjusted life years for their quality (QALYs) gained by each group was done. Direct costs (physician, specialist, physiotherapist, other therapists visits) and indirect costs (days off work) were measured before FMR and at one year follow-up using a cost diary. No significant difference was obtained between both groups. A slight difference in QALYs in favour of EP did yet not translate into measurable benefits. Future research should focus on identifying subgroups of patients for which RF is insufficient to reach long-term improvements after FMR, and for which the therapeutic effectiveness and cost-effectiveness of EP could be increased.

Review of VHI Claims Cost Control

Review of VHI Claims Cost Control Click here to download PDF 568KB

Divorce in the barn owl: securing a compatible or better mate entails the cost of re-pairing with a less ornamented female mate.

Two nonmutually exclusive hypotheses can explain why divorce is an adaptive strategy to improve reproductive success. Under the 'better option hypothesis', only one of the two partners initiates divorce to secure a higher-quality partner and increases reproductive success after divorce. Under the 'incompatibility hypothesis', partners are incompatible and hence they may both increase reproductive success after divorce. In a long-term study of the barn owl (Tyto alba), we address the question of whether one or the two partners derive fitness benefits by divorcing. Our results support the hypothesis that divorce is adaptive: after a poor reproductive season, at least one of the two divorcees increase breeding success up to the level of faithful pairs. By breeding more often together, faithful pairs improve coordination and thereby gain in their efficiency to produce successful fledglings. Males would divorce to obtain a compatible mate rather than a mate of higher quality: a heritable melanin-based signal of female quality did not predict divorce (indicating that female absolute quality may not be the cause of divorce), but the new mate of divorced males was less melanic than their previous mate. This suggests that, at least for males, a cost of divorce may be to secure a lower-quality but compatible mate. The better option hypothesis could not be formally rejected, as only one of the two divorcing partners commonly succeeded in obtaining a higher reproductive success after divorce. In conclusion, incompatible partners divorce to restore reproductive success, and by breeding more often together, faithful partners improve coordination.

Value for Money and Policy Review of the Economic Cost and Charges Associated with Private and Semi-Private Treatment Services in Public Hospitals - Final Report

This Value for Money and Policy Review (VFM&PR) of the Economic Cost and Charges Associated with Private and Semi-Private Treatment Services in Public Hospitals was initiated by the Department of Health and Children in June 2009 and was conducted under the auspices of the Governmentâ?Ts Value for Money & Policy Review Initiative 2009-2011. The Review was overseen by an independently chaired National Steering Group comprised of senior representatives from the Department of Health and Children, the Department of Finance, and the Health Service Executive (HSE). Download document here Download Explanatory Note  

Value for Money and Policy Review of the Economic Cost and Charges Associated with Private and Semi-Private Treatment Services in Public Hospitals - Interim Report

This report sets out a revised costing methodology and an estimate of the gap which currently exists between private and semi-private bed charges and the average economic cost. While the Steering Group considers the costing methodology proposed as an improvement on the approach taken in previous years and a good overall approximation of the difference on average between economic costs and current charges, it recognises that the current charging regime does not take sufficient account of the variation between different categories of patient. Download document here Note to Readers

Construcció d¿un cercador de viatges low cost utilitzant tècniques de web scraping

Cercador web de viatges utilitzant tècniques de web scraping.