Some optimization and decision problems in proportional reinsurance

Reinsurance is one of the tools that an insurer can use to mitigate the underwriting risk and then to control its solvency. In this paper, we focus on the proportional reinsurance arrangements and we examine several optimization and decision problems of the insurer with respect to the reinsurance strategy. To this end, we use as decision tools not only the probability of ruin but also the random variable deficit at ruin if ruin occurs. The discounted penalty function (Gerber & Shiu, 1998) is employed to calculate as particular cases the probability of ruin and the moments and the distribution function of the deficit at ruin if ruin occurs.

First-passage and escape problems in the Feller process

The Feller process is an one-dimensional diffusion process with linear drift and state-dependent diffusion coefficient vanishing at the origin. The process is positive definite and it is this property along with its linear character that have made Feller process a convenient candidate for the modeling of a number of phenomena ranging from single-neuron firing to volatility of financial assets. While general properties of the process have long been well known, less known are properties related to level crossing such as the first-passage and the escape problems. In this work we thoroughly address these questions.

EU-projektien hallinnointi

Tutkielman päätavoitteena on selvittää EU-projektien hallinnointia rahoittavan viranomaisen vaatimusten mukaisesti. Tutkielmassa on käytetty toiminta-analyyttista tutkimusotetta. Tutkielman teoreettisen viitekehyksen muodostavat projektisykli-malli ja elinkaari-ajattelu projektin toteuttamisessa. Projektisykli-mallia laajennetaan sen kanssa yhteensopivilla yleisillä projektiteorioilla. Tutkielman empiirinen osa perustuu Etelä-Karjalan liiton rahoittavana viranomaisena laatimien ohjeiden ja ehtojen tutkimiseen sekä EU-rahoitusprosessin tutkimiseen LTKK:n toteuttamien rakennerahastohankkeiden rahoitusmateriaalien avulla. Tutkittava materiaali koostuu Etelä-Karjalan liiton arkistoimasta hankkeiden rahoitusprosessin asiakirjoista. Hankkeissa ilmenneiden ongelmien välttämistä käsitellään projektien hyvän hallinnoinnin kautta. Hyvän hallinnoinnin perustaksi arvioidaan LTKK:n projektien hallinnointi- ja sopimusohjeistoa, rahoittajan ohjeistuksia sekä selvitetään rahoittajan lomakkeiden ydinkohtia. Rahoittajan projektien toteuttamiselle asettamissa ehdoissa merkittävässä asemassa ovat kustannukset, niiden tukikelpoisuus ja osoittaminen projektin aiheuttamiksi. Olennaisimmat ongelmat tai puutteet hankkeiden hallinnoinnissa ovat liittyneet kustannusten todentamiseen. Projektien hyvä hallinnointi perustuu rahoittajan ohjeisiin ja ehtoihin perehtymiseen, hankkeiden hyvään taloussuunnitteluun, kustannusseurantaan sekä projektihenkilöstön ja taloushenkilöstön yhteistyöhön.

A Reappraisal of the Allocation Puzzle through the Portfolio Approach

Paradoxically, high-growth, high-investment developing countries tend to experience capital outflows. This paper shows that this allocation puzzle can be explained simply by introducing uninsurable idiosyncratic investment risk in the neoclassical growth model with international trade in bonds, and by taking into account not only TFP catch-up, but also the capital wedge, that is, the distortions on the return to capital. The model fits the two following facts, documented on a sample of 67 countries between 1980 and 2003: (i) TFP growth is positively correlated with capital outflows in a sample including creditor countries; (ii) the long-run level of capital per efficient unit of labor is positively correlated with capital outflows. Consistently, we show that the capital flows predicted by the model are positively correlated with the actual ones in this sample once the capital wedge is accounted for. The fact that Asia dominates global imbalances can be explained by its relatively low capital wedge.

Ulkomaisen pk-yrityksen teollisuusinvestointi Suomeen, Case Pariwood Case Pariwood.

Kuukauden kuluttua tästä päivästä voidaan sanoa: 'Viime vuosisadalla maapallo kutistui merkittävästi, kulkuyhteydet paransivat ihmisten ja tavaroiden liikkuvuutta, mutta ennen kaikkea tietoliikenteessä tapahtui valtava kehitys.' Rahamarkkinoiden integroituessa pääomien transaktiokustannukset lähentyvät vähitellen nollaa, jolloin voidaan puhua suprajohtavasta kapitalismista (Kasvio et al.1999). Tässä tutkimuksessa osoitan, että myös pienet ja keskisuuret yritykset voivat tehdä onnistuneita suoria sijoituksia ulkomaille, Pariwoodin tapauksessa Suomeen. Suomen hyvät kuusitukkivarat, puun laatu ja saatavuus, ovat päätekijöitä tähän investointiin. Kun yrittäjien motivaatio on riittävän korkea ja heillä on aikaa ja sitkeyttä ideansa toteuttamiseen, tulos on onnistunut. Edullinen taloussuhdanne Euroopassa Pariwoodin markkina-alueella on edistänyt hanketta. Kuntien harjoittamalla elinkeinopolitiikalla on merkitystä ja kunnat ja valtiovalta voivat hankekohtaisella aktiivisuudellaan edesauttaa tätä kehitystä. Kyse on myös luottamuksesta. Pariwoodin tapauksessa itävaltalaiset omistajat perustelivat investointipäätöstä myös Suomen infrastruktuurilla ja viranomaisten kanssa hyvin sujuneella yhteistyöllä. Sijoitusten allokoinnissa on myös kyse työstä, työpaikkojen syntymisestä tai pysymisestä siellä, missä kustannukset ovat edulliset tai työntekijöiden ammattitaito täyttää investoijien vaatimukset. Ulkomaisissa suorissa sijoituksissa Suomeen tulee paitsi rahaa, myös uudenlaista teollisuutta ja osaamista. Korkean teknologian tuotantoa on myös puualalla. Ulkomaiset omistajat edustavat usein erilaista johtamiskulttuuria, kuin mihin Suomessa ollaan totuttu. Pariwoodin tapauksessa suuria ongelmia ei esiintynyt. Suomen EU-jäsenyydellä on ollut tätäkin hanketta edistävä vaikutus. Rahoitus on järjestynyt samoin periaattein kuin kansallisissa hankkeissa. Rahoitusneuvottelut kestivät hieman pidempään, noin vuoden. Lopputulokseen ovat tyytyväisiä omistajat, Parikkalan kunnan edustajat, työntekijät ja luotonantajat. Pariwood käy esimerkistä onnistuneesta ulkomaisesta teollisuusinvestoinnista Suomeen.

Problems of the architecture design in the system integration

This thesis studies the problems and their reasons a software architect faces in his work. The purpose of the study is to search and identify potential factors causing problens in system integration and software engineering. Under a special interest are non-technical factors causing different kinds of problems. Thesis was executed by interviewing professionals that took part in e-commerce project in some corporation. Interviewed professionals consisted of architects from technical implementation projects, corporation's architect team leader, different kind of project managers and CRM manager. A specific theme list was used as an guidance of the interviews. Recorded interviews were transcribed and then classified using ATLAS.ti software. Basics of e-commerce, software engineering and system integration is described too. Differences between e-commerce and e-business as well as traditional business are represented as are basic types of e-commerce. Software's life span, general problems of software engineering and software design are covered concerning software engineering. In addition, general problems of the system integration and the special requirements set by e-commerce are described in the thesis. In the ending there is a part where the problems founded in study are described and some areas of software engineering where some development could be done so that same kind of problems could be avoided in the future.

Précarité et problèmes cutanés [Skin problems associated with poor living conditions].

Les personnes vivant dans une situation de précarité sont susceptibles de développer un large éventail de problèmes médicaux et les atteintes cutanées sont très fréquentes. Nous présentons quatre situations cliniques de problèmes cutanés fréquemment retrouvés au sein des populations précaires. Leurs diagnostic et prise en charge précoces sont essentiels pour en prévenir l'ultérieure dissémination dans des contextes de promiscuité. People living in poor conditions are at high risk of developing different medical diseases of which dermatological diseases are very common. We present 4 clinical cases of skin diseases, which are the most prevalent amongst the majority of socially and economically vulnerable patients. Early diagnosis and appropriate treatment are of paramount importance, in order to avoid their spread in close- knit communities where these patients often live.

Delirium in the elderly: Current problems with increasing geriatric age.

Delirium is an acute disorder of attention and cognition seen relatively commonly in people aged 65 yr or older. The prevalence is estimated to be between 11 and 42 per cent for elderly patients on medical wards. The prevalence is also high in nursing homes and long term care (LTC) facilities. The consequences of delirium could be significant such as an increase in mortality in the hospital, long-term cognitive decline, loss of autonomy and increased risk to be institutionalized. Despite being a common condition, it remains under-recognised, poorly understood and not adequately managed. Advanced age and dementia are the most important risk factors. Pain, dehydration, infections, stroke and metabolic disturbances, and surgery are the most common triggering factors. Delirium is preventable in a large proportion of cases and therefore, it is also important from a public health perspective for interventions to reduce further complications and the substantial costs associated with these. Since the aetiology is, in most cases, multfactorial, it is important to consider a multi-component approach to management, both pharmacological and non-pharmacological. Detection and treatment of triggering causes must have high priority in case of delirium. The aim of this review is to highlight the importance of delirium in the elderly population, given the increasing numbers of ageing people as well as increasing geriatric age.

Conflicting claims problem associated with cost sharing of a network

A minimum cost spanning tree (mcst) problem analyzes the way to efficiently connect individuals to a source when they are located at different places. Once the efficient tree is obtained, the question on how allocating the total cost among the involved agents defines, in a natural way, a confliicting claims situation. For instance, we may consider the endowment as the total cost of the network, whereas for each individual her claim is the maximum amount she will be allocated, that is, her connection cost to the source. Obviously, we have a confliicting claims problem, so we can apply claims rules in order to obtain an allocation of the total cost. Nevertheless, the allocation obtained by using claims rules might not satisfy some appealing properties (in particular, it does not belong to the core of the associated cooperative game). We will define other natural claims problems that appear if we analyze the maximum and minimum amount that an individual should pay in order to support the minimum cost tree. Keywords: Minimum cost spanning tree problem, Claims problem, Core JEL classification: C71, D63, D71.

Latent Class Analysis of Gambling Activities in a Sample of Young Swiss Men : Association with Gambling Problems, Substance Use Outcomes, Personality Traits and Coping Strategies.

The study aimed to identify different patterns of gambling activities (PGAs) and to investigate how PGAs differed in gambling problems, substance use outcomes, personality traits and coping strategies. A representative sample of 4989 young Swiss males completed a questionnaire assessing seven distinct gambling activities, gambling problems, substance use outcomes, personality traits and coping strategies. PGAs were identified using latent class analysis (LCA). Differences between PGAs in gambling and substance use outcomes, personality traits and coping strategies were tested. LCA identified six different PGAs. With regard to gambling and substance use outcomes, the three most problematic PGAs were extensive gamblers, followed by private gamblers, and electronic lottery and casino gamblers, respectively. By contrast, the three least detrimental PGAs were rare or non-gamblers, lottery only gamblers and casino gamblers. With regard to personality traits, compared with rare or non-gamblers, private and casino gamblers reported higher levels of sensation seeking. Electronic lottery and casino gamblers, private gamblers and extensive gamblers had higher levels of aggression-hostility. Extensive and casino gamblers reported higher levels of sociability, whereas casino gamblers reported lower levels of anxiety-neuroticism. Extensive gamblers used more maladaptive and less adaptive coping strategies than other groups. Results suggest that gambling is not a homogeneous activity since different types of gamblers exist according to the PGA they are engaged in. Extensive gamblers, electronic and casino gamblers and private gamblers may have the most problematic PGAs. Personality traits and coping skills may predispose individuals to PGAs associated with more or less negative outcomes.

The First International Workshop on Warning Criteria for Active Slides: technical issues, problems and solutions for managing early warning systems

Early warning systems (EWSs) rely on the capacity to forecast a dangerous event with a certain amount of advance by defining warning criteria on which the safety of the population will depend. Monitoring of landslides is facilitated by new technologies, decreasing prices and easier data processing. At the same time, predicting the onset of a rapid failure or the sudden transition from slow to rapid failure and subsequent collapse, and its consequences is challenging for scientists that must deal with uncertainties and have limited tools to do so. Furthermore, EWS and warning criteria are becoming more and more a subject of concern between technical experts, researchers, stakeholders and decision makers responsible for the activation, enforcement and approval of civil protection actions. EWSs imply also a sharing of responsibilities which is often averted by technical staff, managers of technical offices and governing institutions. We organized the First International Workshop on Warning Criteria for Active Slides (IWWCAS) to promote sharing and networking among members from specialized institutions and relevant experts of EWS. In this paper, we summarize the event to stimulate discussion and collaboration between organizations dealing with the complex task of managing hazard and risk related to active slides.