Die Ermittlung von Risikozuschlägen bei der Zeitwertbewertung von Verpflichtungen aus Schadenversicherungsgeschäften

The IASB proposes fair value accounting of insurance liabilities in the new IFRS on insurance contracts. These liabilities are not systematically traded in markets. Therefore the estimation of a fair value is only possible by simulating a market transaction. This simulation can be carried out by using financial models like the Capital Asset Pricing Model and the Economic Capital Model. In order to determine the fair value it has to be tested if those models can realistically calculate the insurance risk of the liabilities. This includes analysing the nature and extent of risk measurement as well as the assumptions the models are based on. The particular problem of the Capital Asset Pricing Model consists in measuring the risk by betas. An insurance beta can only be determined by relating it to other directly measurable betas. Those relationships can only be developed by putting forward special assumptions which increases the likelihood of a subjective valuation. The Economic Capital Model on the opposite is able to measure the insurance risk. The analysis of the models is carried out under simplified assumptions. Therefore it remains to be proven that the Economic Capital Model can also handle a more specific view of the insurance risk.     

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Multidimensional social capital as a boost or a bar to innovativeness

Innovation does not only demand new ideas, financial resources and knowledge of supplier and user systems, but is also influenced by social capital which has an impact on the innovativeness in business networks. However, social capital is often vague, at times described as a “catch-all notion”. In this paper definitions of social capital are suggested to support the management of innovation in networks. Three dimensions of social capital are applied in a case study of a regional strategic network – the socio-economic, the structural and the actor-oriented dimensions – while focusing on the last one. Data were collected at two points in time, at the start of the regional strategic network in 2004 and at the end of the project in 2010. The application of the concepts and the comparison between these two points in time highlight the influence of social capital and how it can hinder or be used to promote innovation processes.     

Gemeinschaftsdiagnose: Pandemie verzögert Aufschwung — Demografie bremst Wachstum

Wirtschaftsdienst - Das erste Jahr der Corona-Pandemie stand in Deutschland im Zeichen extremer Schwankungen der ökonomischen Aktivität und einer massiv gelähmten Binnenwirtschaft....     

The Rate of Change in Evolutionary Systems and Evolutionary Economic Modeling

Evolutionary economics seeks to model socio-economic reality as an evolutionary system. This powerful approach entails the implication of the continuous loss of information through the evolutionary process. The implication corresponds to evolutionary biology, although the systems in evolutionary economics are different from those in evolutionary biology. The issue of the loss of information has not been extensively studied in economics. Many open questions remain: Which knowledge is lost under what circumstances? Can loss of information be harmful to the socio-economic system as a whole in the presence of runaway dynamics caused by, for example, network externalities? How can the development of knowledge in economic systems be studied? The present article examines these questions and more.     

Gemeinschaftsdiagnose: Ohne russisches Gas droht eine scharfe Rezession in Deutschland

Wirtschaftsdienst - Die deutsche Wirtschaft steuert durch schwieriges Fahrwasser. Die Auftriebskräfte durch den Wegfall der Pandemiebeschränkungen, die Nachwehen der Coronakrise und die...