Improved approximations for the aggregate claims distribution of a life insurance portfolio

Abstract

In an earlier paper the author derived a recursion formula which permits the exact computation of the aggregrate claims distribution in the individual life model. This exact procedure requires of course more computing time than approximative methods such as Kornya's algorithm, which seemed to be the best compromise between accuracy and computational effort. In the present paper it is shown that, to save time, the exact formula can be used in an approximative way and that the corresponding error bound is smaller than the one of the Kornya-type approximations.     

Contents of PMM,Volume 29 (2009)

This article appraises the recent UK quantitative easing (QE) monetary experiment. From March 2009 to February 2010, the Bank of England spent £200 billion on gilts and corporate bonds. This experiment represents, as a proportion of GDP, the most ambitious monetary policy ‘mission’ in history. Using several indicators to examine the impact of QE, our analysis leads to a conclusion which, metaphorically, is akin to that ascribed to the 1970 Apollo 13 Moon mission: a ‘successful failure’.     

The ERA: A Brave New World of Accountability for Australian University Accounting Schools

This study examines the potential impact of Excellence in Research for Australia (ERA) on Australian university accounting schools through a series of in-depth interviews with Heads of Schools. Using an institutional theory framework we find that the pending introduction of the ERA has brought about changes in school structures, processes and systems. A creeping isomorphism is apparent as evidenced by a sector-wide movement towards targeting publications in highly ranked North American journals. While participants were generally positive about the overall aims of the ERA many felt that it would marginalise non-mainstream research. Furthermore, they were of the opinion that the ERA would lead to a reduction in the standing of accounting schools within Australian universities relative to other disciplines.     

The Wage Elasticity of Labour Supply: A Synthesis of Empirical Estimates

Summary This paper performs a meta-analysis of empirical estimates of uncompensated labour supply elasticities. For the Netherlands, we find that an elasticity of 0.5 for women and 0.1 for men is a good reflection of what the literature reveals. The elasticity for men hardly differs between countries, but for women some cross-country variation is found. The increasing participation rate of women may lead to a somewhat lower elasticity in the future. Both the specification of the hours function and the estimation method are found to affect elasticity estimates.      

中国金融市场与房地产投资的协整和Granger检验

本文通过对中国1985～2005年金融资产和房地产投资的年度数据进行协整和Granger因果关系检验,发现以金融资产为指标的金融市场和房地产投资之间存在长期和短期的均衡关系及单向因果关系,即金融资产的增加极大地促进了房地产投资总额的增加。     

Macroeconomic Consequences of Outsourcing: An Analysis of Growth, Welfare, and Product Variety

Outsourcing of non-core activities is nowadays a common business strategy. Declining transaction and transportation costs caused by the advent of Information and Communication Technology are a potentially important driving force behind this development. This paper provides a theoretical framework for analysing a firm's incentive to follow such a strategy of outsourcing and its consequences for macroeconomic variables like growth and product variety. We divide production activities into core and non-core activities. Non-core activities can be performed within the firm or can be mediated by the market. We derive conditions under which outsourcing occurs, and under which outsourcing is socially desirable. These conditions do not necessarily coincide. Outsourcing may hence be a profitable strategy for firms, while it is socially suboptimal. Crucial parameters in the model are the relative scale of core versus non-core activities, management costs, transaction costs and love for variety of consumers.     

Boekbesprekingen

Ohne Zusammenfassung     

The Italian Banking Structure in the 1990s: Testing the Multimarket Contact Hypothesis

The multimarket contact hypothesis holds that more contacts between firms competing in the same markets may induce more collusion. This paper tests the hypothesis for the Italian banking market, analysing the behaviour of the largest Italian banks from 1990 to 1996. Market rivalry is gauged by changes in loan market shares and interest rates in each Italian province. We estimate the effects of increasing multimarket contacts, concentration indicators, banks' costs and loan demand on variations in market shares and interest rates. No support is found for the multimarket contact hypothesis. Geographical overlap in banking is positively correlated with changes in market shares, confirming the thesis of an overall increase in competition within the Italian banking system. Greater multimarket links also seem to correspond to lower lending rates.
(J.E.L.:G21, C33, L40.)     

现代畜牧企业社会责任初探

本文主要探讨了现代畜牧企业社会责任内容以及当前我国畜牧企业社会责任存在的问题及原因。对于如何提升畜牧企业社会责任,本人认为主要从政府、社会层面、企业层面和行业层面来提升现代畜牧企业的社会责任。     

能源开发引起环境工程地质问题与可持续发展

我国的能源发展战略一直是人们关注的关键问题 ,也是我国可持续发展总体战略中的一个关键性行业。分析了我国能源开发引起的环境工程地质问题及发展趋势 ,研究了我国能源工业可持续发展面临的基本问题 ,并提出了能源工业可持续发展的具体方略。