Optimal insurance in the presence of reinsurance

This paper studies an optimal insurance and reinsurance design problem among three agents: policyholder, insurer, and reinsurer. We assume that the preferences of the parties are given by distortion risk measures, which are equivalent to dual utilities. By maximizing the dual utility of the insurer and jointly solving the optimal insurance and reinsurance contracts, it is found that a layering insurance is optimal, with every layer being borne by one of the three agents. We also show that reinsurance encourages more insurance, and is welfare improving for the economy. Furthermore, it is optimal for the insurer to charge the maximum acceptable insurance premium to the policyholder. This paper also considers three other variants of the optimal insurance/reinsurance models. The first two variants impose a limit on the reinsurance premium so as to prevent insurer to reinsure all its risk. An optimal solution is still layering insurance, though the insurer will have to retain higher risk. Finally, we study the effect of competition by permitting the policyholder to insure its risk with an insurer, a reinsurer, or both. The competition from the reinsurer dampens the price at which an insurer could charge to the policyholder, although the optimal indemnities remain the same as the baseline model. The reinsurer will however not trade with the policyholder in this optimal solution.     

Externally reported performance measures and benchmarks in Australia

We survey 116 Australian CFOs from the top 700 Australian Securities Exchange‐listed firms regarding externally reported performance measures and benchmarks. CFO responses are not always consistent with theory, and a comparison with a similar U.S. survey highlights differences consistent with the respective institutional settings. Conditional analyses of responses also find that characteristics such as firm size that differentiate the Australian market from the U.S. market are associated with differences in opinion between the CFOs in each domain. The key message to accounting researchers is that, given significant institutional differences, it is unwise to infer that U.S. findings will apply to Australia and similar market settings.     

高校发生违法违纪案件的特点、原因及其防范措施

近几年,高校在改革中取得了很大的成绩,但在改革中也发生了许多违法违纪案件,这些案件特点是:经济类案件违纪金额越来越大;发案部位不断增加;带有行业特点的违纪案件占有相当比例.主要原因是多方面的,有客观原因,也有主观原因.对违法违纪案件我们应采取四方面的防范措施:加强廉政教育、抓好制度建设、强化依法监督、依法加大办案力度,这样才会使高校改革逐渐步入完善,并在改革中有更新的发展空间.     

失信联合惩戒的正当性及其立法限度

失信联合惩戒基于其强大的威慑力,成为当前社会信用立法中的关键制度设计。目前如火如荼的社会信用立法及实践中失信联合惩戒的范围有不断扩容的趋势。通过探讨失信联合惩戒正当性基础并厘清其所涉及的公权与私权、惩戒与激励、市场与政府三重关系,间接勾勒失信联合惩戒的范围和框架。在此基础上,有必要明确失信联合惩戒在信用立法中的定位,审慎设置联合惩戒措施,触发机制方面亦需进行关联性、确定性、谦抑性的限制,以实现在寻求最大共识基础上的引领性、基础性法律制度构建的目标,逐步推动信用治理法治化,培植整个社会的信用秩序。     

浅谈建设工程资料的管理与常见问题

建设工程资料是建设工程的重要组成部分,工程资料的管理不仅对建设工程而且对工程后期的使用、维修、改扩建工程有着重要的意义。因此,有必要对工程资料的规范管理及常见问题进行阐述。     

浅析西安地铁项目工程变更管理

地铁项目工程在施工过程易受地形地貌以及水文等自然条件的制约,因此会经常出现工程变更的情况,会直接影响工程造价的变迁。基于这种情况,结合地铁三号线的相关做法和经验,分析地铁项目工程变更管理中存在的问题与相应的完善措施。希望对地铁项目工程的变更管理起到一些借鉴。     

浅谈城中村用电困局及解决措施

随着城市的迅猛发展,大量外来人口迁入各地城中村,导致城中村用电负荷暴增,残旧的城中村电网以及各种违法用电行为使得城中村用电陷入频繁停电的困局。该文通过对城中村用电现状的描述,分析造成用电困局的原因,并在此基础上提出破解城中村用电困局的若干建议。     

立式燃煤蒸汽锅炉炉胆鼓包典型事故分析

本文针对一起立式燃煤蒸汽锅炉炉胆鼓包变形事故,通过现场检验及材料金相,分析产生的原因,提出相应的预防措施。     

Risk‐Coping Measures against Health Shocks during the Process of Penetration of Health Insurance in Vietnam

Does the recent introduction of public health insurance influence households' risk‐coping measures in developing countries? This study investigates risk‐coping measures for health shocks using a Living Standard Measurement Survey in Vietnam where universal health coverage is aimed to be achieved. The estimated results suggest that precautionary savings are the main form of assets in poor households. Health insurance seems to be used by people in poor health, which indicates that the problem of adverse selection exits. Importantly, get well gifts in the form of money play a significant role in helping households cope with health shocks. A traditional informal insurance system still exists in close Vietnamese communities.     

The failure of agri-environment measures to promote and conserve grassland biodiversity in Slovenia

The effectiveness of four grassland-specific agri-environment measures (AEM), implemented in the frame of the European Agricultural Fund for Rural Development (EAFRD) in the period 2007–2013 in Slovenia was studied. We questioned whether the measures – “extensive grassland maintenance”; “preservation of special grassland habitats”; “preservation of grassland habitats for butterflies” and “bird conservation in humid extensive meadows in Natura 2000 sites” did genuinely support the conservation (maintenance or improvement) of high nature value (HNV) grasslands in Slovenia. The HNV grasslands were defined on the basis of national fine-resolution field mapping of habitat types. Two main outcomes emerged: AEM did not reach the vast majority of HNV grasslands in Slovenia (only 3%); the proportion of HNV grassland area included in AEM was negligibly low (1). Moreover, even this very limited interest in AEM did not target only grasslands of HNV, but any permanent grasslands regardless of their conservation value: forty-one percent (41%) of the grassland areas included in the AEM were actually non-HNV grasslands (2). The absence of pre-selection criteria for grasslands along with an absence of monitoring of the effectiveness and efficiency of the measures and low interest in the subsidies among farmers, led to almost complete failure of the AEM to promote and conserve species-rich extensive grasslands in Slovenia between 2007 and 2013. Even with some minor differences, the same concept was maintained for the currently running EAFRD 2014–2020, which raises serious concern.