Reserves and cash flows under stochastic retirement

Uncertain time of retirement and uncertain structure of retirement benefits are risk factors for life insurance companies. Nevertheless, classical life insurance models assume these are deterministic. In this paper, we include the risk from stochastic time of retirement and stochastic benefit structure in a classical finite-state Markov model for a life insurance contract. We include discontinuities in the distribution of the retirement time. First, we derive formulas for appropriate scaling of the benefits according to the time of retirement and discuss the link between the scaling and the guarantees provided. Stochastic retirement creates a need to rethink the construction of disability products for high ages and ways to handle this are discussed. We show how to calculate market reserves and how to use modified transition probabilities to calculate expected cash flows without significantly more complexity than in the traditional model. At last, we demonstrate the impact of stochastic retirement on market reserves and expected cash flow in numerical examples.     

Barrier present value maximization for a diffusion model of insurance surplus

In this paper, we study a barrier present value (BPV) maximization problem for an insurance entity whose surplus process follows an arithmetic Brownian motion. The BPV is defined as the expected discounted value of a payment made at the time when the surplus process reaches a high barrier level. The insurance entity buys proportional reinsurance and invests in a Black–Scholes market to maximize the BPV. We show that the maximal BPV function is a classical solution to the corresponding Hamilton–Jacobi–Bellman equation and is three times continuously differentiable using a novel operator. Its associated optimal reinsurance-investment control policy is determined by verification techniques.     

A Qualitative Study for Measuring Warehouse Performance Using Triangulation Approach

This research aims to validate a structural equation modeling （SEM） model for measuring warehouse performance using data from an international company in Australia （company G）. Moreover, a methodological triangulation method was also adopted to test whether different methodological approaches produce convergent findings about warehouse performance measurement （WPM）. These three different methods are the SEM model, the multiple case research study, and validation of the SEM model using data from 80 companies in Thailand and a company in Australia. With the results from the triangulation method, it is obvious that the SEM model can be used to measure the performance of warehouses in Thailand and Australia. Since the SEM model consists only of significant indicators, it is more appropriate than company G＇s scorecard. Furthermore, the SEM model can overcome the limitations of traditional models by allowing companies to compare their performance over time.     

后金融危机时代会计计量

此次百年不遇的金融危机充分暴露了现行会计公允价值计量的弊端。要使会计计量准确合理、会计信息可靠有效，必须解决资产、负债价值计量、会计计量模式选择、净资产与所有者权益关系、负债价值变动对利润的影响以及会计等式形成等问题．     

一类含四个未知函数的方程的非平凡解的存在性的研究

本文利用亚纯函数值分布论的思想方法,对函数方程f117(z)+f127(z)+f317(z)+f147(z)=z非平凡解的状况进行研究,得到如下结果:函数方程f117(z)+f217(z)+f317(z)+f417(z)=z不存在级小于117的非常数亚纯函数解。     

“以医促养”还是“以养促养 ”:医疗保险与养老金的健康绩效比较

CLHLS2014年数据的结构方程模型估计结果显示,养老金收入能显著提高老年人的主观健康,并且主观健康还能显著增进生理健康。路径模型进一步检验发现养老金能通过显著改善受访者的居住条件、水果摄入量、及时就医、经济状况等途径来提高老年人的生理健康。而医疗保险支出与老年人主观健康、生理健康之间都呈显著负相关关系。相比医疗保险支出,养老金能带来更正面更积极的健康绩效,且促进老年人健康的途径更为丰富。实证结果说明,相比“以医促养”,“以养促养”的老年人健康绩效更优。本文建议我国从以疾病治疗为中心转为依托养老金购买养老服务,提高老年人生活质量的健康保障体系。     

中国CO_2排放与经济增长联动性实证分析

笔者在测算我国1953年～2007年间CO2排放量的基础上,通过对数据的经济计量检验,建立联立方程组模型,研究CO2排放量与人均GDP间双向因果关系,并分析各种因素对CO2排放量的影响。实证结果显示,我国CO2排放量与人均GDP间变动关系并不是简单EKC模型中的倒U型,有着更为复杂的相互作用关联。人均GDP提高导致CO2排放量上升的同时,能源利用效率的提高、能源消费结构的改善,以及资本设备更新速度的加快,都将减少CO2排放。     

基于体积分方程法的起伏地形三维电场正演

利用体积分方程实现了起伏地形三维电场的正演模拟。首先推导了起伏地形条件下的积分方程,在求解电并矢格林函数积分这一关键问题时,将其分解为一次电流项、一次电荷项和二次项;随后进行了模型试算,结果表明电场在地形和地下不均匀体处均有异常出现。     

The competition and equilibrium analysis of LCD TV and PDP TV

This study has investigated the dynamic competitive relationship between PDP TVs and LCD TVs by means of their quarterly shipments. The renowned Lotka-Volterra competition diffusion model has been adopted to conduct the empirical analysis with the Lyapunov function to carry out equilibrium and stability analysis, and estimate the domain of attraction which describes the trend and phenomenon of TV shipments. The results illustrate that there is good fitting performance while adopting this model. The competitive relationship can be viewed from the perspective that the LCD TV is the prey while the PDP TV is the predator. The possibility, nevertheless, for dropping the price of LCD TVs is an advantage of the attractiveness of the product which can be noted in higher growth rate than PDP TVs. With respect to the equilibrium stability analysis and estimated domain of attraction, 40- to 49-inch PDP TVs will not disappear from the market, but will generate a stable equilibrium with LCD TVs and sales volume presents simultaneous increase or decrease. In the supply and demand analysis, LCD TVs present a surplus of supply from 2008; therefore, how to conduct appropriate inventory management will be an emerging issue.     

Comparing theories to explain e-commerce adoption

E-commerce is a strategy for rapid growth, especially by small and medium sized businesses (SMEs). However, the adoption rate of e-commerce by SMEs in Latin America is still undersized. The authors compare the theory of planned behavior (TPB) and the theory of reasoned action (TRA) using structural equation modeling to determine which is better at predicting e-commerce adoption intentions among 210 SME managers/owners in Chile. Contrary to previous research with American respondents, the study does not find significant differences between the two theories. Thus, academics should select the more parsimonious model (TRA) to study e-commerce adoption issues in developing countries.