WorldWideScience

Sample records for varying risk premium

  1. Downside Variance Risk Premium

    OpenAIRE

    Feunou, Bruno; Jahan-Parvar, Mohammad; Okou, Cedric

    2015-01-01

    We propose a new decomposition of the variance risk premium in terms of upside and downside variance risk premia. The difference between upside and downside variance risk premia is a measure of skewness risk premium. We establish that the downside variance risk premium is the main component of the variance risk premium, and that the skewness risk premium is a priced factor with significant prediction power for aggregate excess returns. Our empirical investigation highlights the positive and s...

  2. Decreasing Relative Risk Premium

    DEFF Research Database (Denmark)

    Hansen, Frank

    relative risk premium in the small implies decreasing relative risk premium in the large, and decreasing relative risk premium everywhere implies risk aversion. We finally show that preferences with decreasing relative risk premium may be equivalently expressed in terms of certain preferences on risky......We consider the risk premium demanded by a decision maker with wealth x in order to be indifferent between obtaining a new level of wealth y1 with certainty, or to participate in a lottery which either results in unchanged present wealth or a level of wealth y2 > y1. We define the relative risk...... premium as the quotient between the risk premium and the increase in wealth y1–x which the decision maker puts on the line by choosing the lottery in place of receiving y1 with certainty. We study preferences such that the relative risk premium is a decreasing function of present wealth, and we determine...

  3. Time-varying causal network of the Korean financial system based on firm-specific risk premiums

    Science.gov (United States)

    Song, Jae Wook; Ko, Bonggyun; Cho, Poongjin; Chang, Woojin

    2016-09-01

    The aim of this paper is to investigate the Korean financial system based on time-varying causal network. We discover many stylized facts by utilizing the firm-specific risk premiums for measuring the causality direction from a firm to firm. At first, we discover that the interconnectedness of causal network is affected by the outbreak of financial events; the co-movement of firm-specific risk premium is strengthened after each positive event, and vice versa. Secondly, we find that the major sector of the Korean financial system is the Depositories, and the financial reform in June-2011 achieves its purpose by weakening the power of risk-spillovers of Broker-Dealers. Thirdly, we identify that the causal network is a small-world network with scale-free topology where the power-law exponents of out-Degree and negative event are more significant than those of in-Degree and positive event. Lastly, we discuss that the current aspects of causal network are closely related to the long-term future scenario of the KOSPI Composite index where the direction and stability are significantly affected by the power of risk-spillovers and the power-law exponents of degree distributions, respectively.

  4. Decreasing relative risk premium

    DEFF Research Database (Denmark)

    Hansen, Frank

    2007-01-01

    such that the corresponding relative risk premium is a decreasing function of present wealth, and we determine the set of associated utility functions. We find a new characterization of risk vulnerability and determine a large set of utility functions, closed under summation and composition, which are both risk vulnerable...

  5. Premium Auctions and Risk Preferences

    NARCIS (Netherlands)

    Hu, A.; Offerman, T.J.S.; Zou, L.

    2010-01-01

    In a premium auction, the seller offers some "pay back", called premium, to the highest bidders. This paper investigates how the performance of such premium tactic is related to the participant's risk preferences. By developing an English premium auction model with symmetric interdependent values,

  6. Risk premium and insalubrity

    International Nuclear Information System (INIS)

    Portela, Josmael; Figueira, Rosania Lucia

    2005-01-01

    The risk premium and insalubrity have been widely discussed in the legal universe/labor. The social and economic impacts interfere on the right of the professional exposed to ionizing radiation to have or not additional rights. Due to the large accidents, with world repercussion, which occurred in recent times, involving workers undergoing these radiation, these professionals are receiving special attention by the competent bodies on the right or not to risk premium and insalubrity. The professional who operates equipment that emit ionising radiation, or those working directly with radioisotopes are undoubtedly under imminent risk, even if they complied with all safety requirements, thus deserving a more careful analysis by our lawyers with respect to receive additional percentages. Recent decisions of higher Courts begin to consolidate a more just and logical reasoning on the subject

  7. Dynamic jump intensities and risk premiums

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Ornthanalai, Chayawat; Jacobs, Kris

    2012-01-01

    We build a new class of discrete-time models that are relatively easy to estimate using returns and/or options. The distribution of returns is driven by two factors: dynamic volatility and dynamic jump intensity. Each factor has its own risk premium. The models significantly outperform standard...... models without jumps when estimated on S&P500 returns. We find very strong support for time-varying jump intensities. Compared to the risk premium on dynamic volatility, the risk premium on the dynamic jump intensity has a much larger impact on option prices. We confirm these findings using joint...

  8. The Volatility of Long-term Bond Returns: Persistent Interest Shocks and Time-varying Risk Premiums

    DEFF Research Database (Denmark)

    Osterrieder, Daniela; Schotman, Peter C.

    We develop a model that can match two stylized facts of the term-structure. The first stylized fact is the predictability of excess returns on long-term bonds. Modeling this requires sufficient volatility and persistence in the price of risk. The second stylized fact is that long-term yields...... are dominated by a level factor, which requires persistence in the spot interest rate. We find that a fractionally integrated process for the short rate plus a fractionally integrated specification for the price of risk leads to an analytically tractable almost affine term structure model that can explain...... the stylized facts. In a decomposition of long-term bond returns we find that the expectations component from the level factor is more volatile than the returns themselves. It therefore takes a volatile risk premium that is negatively correlated with innovations in the level factor to explain the volatility...

  9. RISK PREMIUM IN MOTOR VEHICLE INSURANCE

    Directory of Open Access Journals (Sweden)

    BANU ÖZGÜREL

    2013-06-01

    Full Text Available The pure premium or risk premium is the premium that would exactly meet the expected cost of the risk covered ignoring management expenses, commissions, contingency loading, etc. Claim frequency rate and mean claim size are required for estimation in calculating risk premiums. In this study, we discussed to estimate claim frequency rate and mean claim size with several methods and calculated risk premiums. Data, which supported our study, is provided by insurance company involving with motor vehicle insurance.

  10. The dynamics of risk premiums in Nord Pool's futures market

    International Nuclear Information System (INIS)

    Mork, E.

    2006-01-01

    Premiums in futures prices are usually considered through the use of 2 models: a no-arbitrage model; and the equilibrium approach or theory of normal backwardation. The no-arbitrage approach equates futures prices with spot prices, storage costs and convenience yields, and is difficult to apply to electricity markets. This paper investigated future electricity prices in Nord Pool's futures market using an equilibrium approach, which split futures prices into an expected spot price component and a risk premium component. Three main hypotheses were used: (1) that risk premiums were present in the Nord Pool futures market during the period 1997-2004; that risk premiums in the Nord Pool futures market were smaller or absent during the period of 2000 to 2002; and, that there was a significant change in risk premiums in Nord Pool's futures market after the winter of 2002-2003 due to a change in consumer hedging behaviour. Futures prices were compared to realized spot prices in their delivery periods in order to test the hypotheses. In order to estimate the futures premiums, a 1-sample test was performed on the entire period for 1, 30, 60, and 90 days before delivery of the block or month contract. The test employed the null hypothesis that the futures premiums were 0. Premiums were positive and varied between 3.7 per cent and 9.3 per cent. The purpose of the study was to determine whether risk premiums were present. Results showed that risk premiums varied over time. Two additional hypotheses were then investigated to examine whether the presence of outside speculators reduced risk premiums, and to see if a period of high prices and volatility caused more buyers to hedge in the futures market. Results showed that in the face of volatility and higher prices, consumers do not purchase fixed-price contracts which would ultimately increase futures premiums in the market. It was concluded that premiums are an important element in the pricing of Nord Pool futures and forwards

  11. Properties of Foreign Exchange Risk Premiums

    DEFF Research Database (Denmark)

    Sarno, Lucio; Schneider, Paul; Wagner, Christian

    2012-01-01

    We study the properties of foreign exchange risk premiums that can explain the forward bias puzzle, defined as the tendency of high-interest rate currencies to appreciate rather than depreciate. These risk premiums arise endogenously from the no-arbitrage condition relating the term structure of ...... and are closely related to global risk aversion, the business cycle, and traditional exchange rate fundamentals.......We study the properties of foreign exchange risk premiums that can explain the forward bias puzzle, defined as the tendency of high-interest rate currencies to appreciate rather than depreciate. These risk premiums arise endogenously from the no-arbitrage condition relating the term structure...... of interest rates and exchange rates. Estimating affine (multi-currency) term structure models reveals a noticeable tradeoff between matching depreciation rates and accuracy in pricing bonds. Risk premiums implied by our global affine model generate unbiased predictions for currency excess returns...

  12. Foreign exchange risk premium determinants: case of Armenia

    Czech Academy of Sciences Publication Activity Database

    Poghosyan, Tigran; Kočenda, Evžen

    -, č. 297 (2006), s. 1-37 ISSN 1211-3298 Institutional research plan: CEZ:AV0Z70850503 Keywords : “forward premium” puzzle * exchange rate risk * time-varying risk premium Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp297.pdf

  13. Foreign exchange risk premium determinants: case of Armenia

    Czech Academy of Sciences Publication Activity Database

    Poghosyan, Tigran; Kočenda, E.

    -, č. 811 (2006), s. 1-17 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : “forward premium” puzzle * exchange rate risk * time-varying risk premium Subject RIV: AH - Economics http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp811.pdf

  14. A theoretical and practical perspective on the equity risk premium

    NARCIS (Netherlands)

    Salomons, Roelof

    In historical perspective, equity returns have been higher than interest rates but have also varied a good deal more. However, the average excess return has been larger than what could be expected based on classical equilibrium theory: the equity risk premium (ERP) puzzle. This paper has two

  15. Risk Premium and Central Bank Intervention

    OpenAIRE

    Pinar Ozlu

    2006-01-01

    This study examines the relation between the risk premium and central bank intervention. Forward rates are calculated for the Turkish Lira-USD exchange market and then the effect of central bank intervention on the risk premium is estimated. Using high quality daily intervention data from the Central Bank of Turkey as well as implied forward rates, an MA (21)-GARCH (1,1) model is estimated. Both purchases and sales of US dollars by the Central Bank of Turkey appear to have no effect on the si...

  16. Modeling foreign exchange risk premium in Armenia

    Czech Academy of Sciences Publication Activity Database

    Poghosyan, T.; Kočenda, E.; Zemčík, Petr

    2008-01-01

    Roč. 44, č. 1 (2008), s. 41-61 ISSN 1540-496X R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : foreign exchange risk premium * Armenia * affine term structure models Subject RIV: AH - Economics Impact factor: 0.611, year: 2008

  17. Modeling foreign exchange risk premium in Armenia

    Czech Academy of Sciences Publication Activity Database

    Poghosyan, Tigran; Kočenda, Evžen; Zemčík, P.

    2008-01-01

    Roč. 44, č. 1 (2008), s. 41-61 ISSN 1540-496X R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : foreign exchange risk premium * Armenia * affine term structure models Subject RIV: AH - Economics Impact factor: 0.611, year: 2008

  18. 49 CFR 260.17 - Credit risk premium analysis.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 4 2010-10-01 2010-10-01 false Credit risk premium analysis. 260.17 Section 260... Financial Assistance § 260.17 Credit risk premium analysis. (a) When Federal appropriations are not available to cover the total subsidy cost, the Administrator will determine the Credit Risk Premium...

  19. 49 CFR 260.15 - Credit risk premium.

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 4 2010-10-01 2010-10-01 false Credit risk premium. 260.15 Section 260.15... REHABILITATION AND IMPROVEMENT FINANCING PROGRAM Overview § 260.15 Credit risk premium. (a) Where available... pay to the Administrator a Credit Risk Premium adequate to cover that portion of the subsidy cost not...

  20. History and the Equity Risk Premium

    OpenAIRE

    William Goetzmann; Roger Ibbotson

    2005-01-01

    We summarize some of our own past findings and place them in the context of the historical development of the idea of the equity risk premium and its empirical measurement by financial economists. In particular, we focus on how the theory of compensation for investment risk developed in the 20th century in tandem with the empirical analysis of historical investment performance. Finally, we update our study of the historical performance of the New York Stock Exchange over the period 1792 to th...

  1. The dynamics of risk premiums in Nord Pool's futures market

    Energy Technology Data Exchange (ETDEWEB)

    Mork, E. [Consultant, Oslo (Norway)

    2006-04-15

    Premiums in futures prices are usually considered through the use of 2 models: a no-arbitrage model; and the equilibrium approach or theory of normal backwardation. The no-arbitrage approach equates futures prices with spot prices, storage costs and convenience yields, and is difficult to apply to electricity markets. This paper investigated future electricity prices in Nord Pool's futures market using an equilibrium approach, which split futures prices into an expected spot price component and a risk premium component. Three main hypotheses were used: (1) that risk premiums were present in the Nord Pool futures market during the period 1997-2004; that risk premiums in the Nord Pool futures market were smaller or absent during the period of 2000 to 2002; and, that there was a significant change in risk premiums in Nord Pool's futures market after the winter of 2002-2003 due to a change in consumer hedging behaviour. Futures prices were compared to realized spot prices in their delivery periods in order to test the hypotheses. In order to estimate the futures premiums, a 1-sample test was performed on the entire period for 1, 30, 60, and 90 days before delivery of the block or month contract. The test employed the null hypothesis that the futures premiums were 0. Premiums were positive and varied between 3.7 per cent and 9.3 per cent. The purpose of the study was to determine whether risk premiums were present. Results showed that risk premiums varied over time. Two additional hypotheses were then investigated to examine whether the presence of outside speculators reduced risk premiums, and to see if a period of high prices and volatility caused more buyers to hedge in the futures market. Results showed that in the face of volatility and higher prices, consumers do not purchase fixed-price contracts which would ultimately increase futures premiums in the market. It was concluded that premiums are an important element in the pricing of Nord Pool futures and

  2. The Skew Risk Premium in the Equity Index Market

    OpenAIRE

    Roman Kozhan; Anthony Neuberger; Paul Schneider

    2013-01-01

    We develop a new method for measuring moment risk premiums. We find that the skew premium accounts for over 40% of the slope in the implied volatility curve in the S&P 500 market. Skew risk is tightly related to variance risk, in the sense that strategies designed to capture the one and hedge out exposure to the other earn an insignificant risk premium. This provides a new testable restriction for asset pricing models trying to capture, in particular, disaster risk premiums. We base our resul...

  3. Optimal Premium Pricing for a Heterogeneous Portfolio of Insurance Risks

    OpenAIRE

    Pantelous, Athanasios A.; Frangos, Nicholas E.; Zimbidis, Alexandros A.

    2009-01-01

    The paper revisits the classical problem of premium rating within a heterogeneous portfolio of insurance risks using a continuous stochastic control framework. The portfolio is divided into several classes where each class interacts with the others. The risks are modelled dynamically by the means of a Brownian motion. This dynamic approach is also transferred to the design of the premium process. The premium is not constant but equals the drift of the Brownian motion plus a controlled percent...

  4. TESTING FOR RISK PREMIUMS IN THE WHEAT-FLOUR SUBSECTOR

    OpenAIRE

    Cotterill, Ronald W.; Salih, Hachim M.

    1992-01-01

    This paper specifies a model of wholesale flour price determination that incorporates risk measures for input prices (wheat) and a joint output price (millfeed). Tests using daily price data for a Buffalo flour miller indicate that risk premiums do exist. Moreover, these premiums persist in a model that incorporates hedging.

  5. The Risk Premium for Equity : Explanations and Implications

    NARCIS (Netherlands)

    Grant, S.; Quiggin, J.

    2001-01-01

    The equity premium puzzle shows that using standard parameters and setup, the Consumption-based Capital Asset Pricing Model's (CCAPM's) prediction of the premium associated with systematic risk is out by an order of magnitude.The object of this paper is to consider the implications of each of the

  6. The conditional size premium and intertemporal risk

    DEFF Research Database (Denmark)

    de Oliveira Souza, Thiago

    2018-01-01

    The size premium only appears in states with good expected stock returns as given by several state variables, such as the aggregate book-to-market. The annual premium is 15% when this variable is within the top 33% in historical terms and an insignificant 0.4% otherwise. This renders...

  7. Risk premiums in the German day-ahead Electricity Market

    International Nuclear Information System (INIS)

    Viehmann, Johannes

    2011-01-01

    This paper conducts an empirical analysis of risk premiums in the German day-ahead Electricity Wholesale Market. We compare hourly price data of the European Energy Exchange (EEX) auction and of the continuous over-the-counter (OTC) market which takes place prior to the EEX auction. Data provided by the Energy Exchange Austria (EXAA) has been used as a snapshot of the OTC market two hours prior to the EEX auction. Ex post analysis found market participants are willing to pay both significant positive and negative premiums for hourly contracts. The largest positive premiums were paid for high demand evening peak hours on weekdays during winter months. By contrast, night hours on weekends featuring lowest demand levels display negative premiums. Additionally, ex ante analysis found a strong positive correlation between the expected tightness of the system and positive premiums. For this purpose, a tightness factor has been introduced that includes expectations of fundamental factors such as power plant availability, wind power production and demand. Hence, findings by can be supported that power traders in liberalised markets behave like risk-averse rational economic agents. - Research highlights: →Analysis of hourly risk premiums in the German day-ahead Electricity Wholesale Market. →Market participants are willing to pay both significant positive and negative premiums for hourly contracts. →A strong correlation exists between the expected tightness of the power system and premiums.

  8. Tax and the Use of Historic Returns in Estimating the Equity Risk Premium

    OpenAIRE

    Armitage, Seth

    1998-01-01

    The paper analyses the use of a historic risk premium as a proxy for the current premium allowing current tax rates to differ from historic rates. If tax rates are assumed constant, adjustments to the CAPM for an imputation system make the CAPM and cash flows to be discounted consistently with respect to tax, but do not model any effect of tax on the cost of equity. If tax rates are allowed to vary and a historic premium is used, the cost of equity is affected by the level of tax at which inv...

  9. Optimal Premium Pricing for a Heterogeneous Portfolio of Insurance Risks

    Directory of Open Access Journals (Sweden)

    Athanasios A. Pantelous

    2009-01-01

    Full Text Available The paper revisits the classical problem of premium rating within a heterogeneous portfolio of insurance risks using a continuous stochastic control framework. The portfolio is divided into several classes where each class interacts with the others. The risks are modelled dynamically by the means of a Brownian motion. This dynamic approach is also transferred to the design of the premium process. The premium is not constant but equals the drift of the Brownian motion plus a controlled percentage of the respective volatility. The optimal controller for the premium is obtained using advanced optimization techniques, and it is finally shown that the respective pricing strategy follows a more balanced development compared with the traditional premium approaches.

  10. Required Market Risk Premium among countries in 2012

    Directory of Open Access Journals (Sweden)

    Pablo Fernandez

    2015-12-01

    This survey also links with the Equity Premium Puzzle. It may be explained by the fact that many market participants use historical data and advice from textbooks and finance professors. Consequently, ex-ante equity premia have been high, most market prices have been consistently undervalued, and the ex-post risk premia has been also high. Many investors use historical data and textbook prescriptions to estimate the required and the expected equity premium, the undervaluation and the high ex-post risk premium are self fulfilling prophecies.

  11. On Mean-Variance Hedging of Bond Options with Stochastic Risk Premium Factor

    NARCIS (Netherlands)

    Aihara, ShinIchi; Bagchi, Arunabha; Kumar, Suresh K.

    2014-01-01

    We consider the mean-variance hedging problem for pricing bond options using the yield curve as the observation. The model considered contains infinite-dimensional noise sources with the stochastically- varying risk premium. Hence our model is incomplete. We consider mean-variance hedging under the

  12. Business Cycle and Risk Premium in the Colombian Stock Market

    Directory of Open Access Journals (Sweden)

    Andrés Mauricio Gómez Sánchez

    2013-11-01

    Full Text Available Through the Hodrick-Prescott methodology this paper presents a review about the relationship between the ex post risk premium of the stock market and business cycles observed in Colombia. Through quarterly information from the fourth quarter of 2001 to the third quarter of 2012, statistical evidence shows that the increase and decrease of ex post risk premium follow a countercyclical behavior in tune with existing research conducted about the United States and emerging economies, although with non-contemporary relationships with private consumption. In addition, it is found that in the last decade the Colombian risk premium follows a process of Auto Regressive Moving Average Models (ARMA, showing that there is no variation in at least two consecutive quarters and whose behavior is generated in part by external events at the domestic economic activity level experienced in near past periods.

  13. The equity risk premium: A review of models

    OpenAIRE

    Duarte, Fernando; Rosa, Carlo

    2015-01-01

    We estimate the equity risk premium (ERP) by combining information from twenty models. The ERP in 2012 and 2013 reached heightened levels - of around 12 percent - not seen since the 1970s. We conclude that the high ERP was caused by unusually low Treasury yields.

  14. Global Variance Risk Premium and Forex Return Predictability

    OpenAIRE

    Aloosh, Arash

    2014-01-01

    In a long-run risk model with stochastic volatility and frictionless markets, I express expected forex returns as a function of consumption growth variances and stock variance risk premiums (VRPs)—the difference between the risk-neutral and statistical expectations of market return variation. This provides a motivation for using the forward-looking information available in stock market volatility indices to predict forex returns. Empirically, I find that stock VRPs predict forex returns at a ...

  15. Price volatility, hedging and variable risk premium in the crude oil market

    International Nuclear Information System (INIS)

    Ahmad Jalali-Naini; Maryam Kazemi Manesh

    2006-01-01

    The crude oil price exhibits a high degree of volatility which varies significantly over time. Such characteristics imply that the oil market is a promising area for testing volatility models. Testing and predicting volatility using ARCH and GARCH models have grown in the literature. A useful application of the volatility models is in the formulation of hedging strategies. In this paper we compare the optimal hedge ratio for the crude oil using the classical minimum risk approach and use ARCH to incorporate the effect of heteroskedasticity in the residuals on the hedge ratio. In addition, we test for the existence of a variable risk premium in the crude oil market. We find that, assuming rational expectations, there is a non-zero risk premium. We test for the variability of the risk premia and find evidence in its support when we employed a multivariate GARCH model. (author)

  16. Risk premium in the UK natural gas forward market

    International Nuclear Information System (INIS)

    Hobaek Haff, Ingrid; Lindqvist, Ola; Loeland, Anders

    2008-01-01

    This report investigates the UK natural gas market, and tests whether it is a fair-game efficient forward market, using forward contracts ranging from one to five months time to delivery. The forward and spot price series are separately non-stationary, but cointegrated. Furthermore, the forward prices are biased predictors of both the future spot and the 1-month-ahead forward price. The risk premium on the forward prices is positive, as opposed to the US gas market, where the risk premium was found to be negative in similar work. Moreover, the analysis reveals that the storage model is an incomplete model for the relationship between the spot and forward prices. However, storage has a clear effect on this relationship, an effect that appears to be non-linear. (author)

  17. Financial crisis and market risk premium: Identifying multiple structural changes

    Directory of Open Access Journals (Sweden)

    Juan J. García-Machado

    2011-03-01

    Full Text Available The relationship between macroeconomic variables and stock market returns is, by now, well-documented in the literature. However, in this article we examine the long-run relationship between stock and bond markets returns over the period from 1991:11 to 2009:11, using Bai and Perron’s multiple structural change approach. Findings indicate that while the market risk premium is usually positive, periods with negative values appear only in three periods (1991:1-1993:2, 1998:3-2002:2 and from 2007:1-2009:11 leading to changes in the GDP evolution. Thereby, the study shows the presence of structural breaks in the Spanish market risk premium and its relationship with business cycle. These findings contribute to a better understanding of close linkages between the financial markets and the macroeconomic variables such as GDP. Implications of the study and suggestions for future research are provided.

  18. Stock Market Integration: Are Risk Premiums of International Assets Equal?

    Directory of Open Access Journals (Sweden)

    Kusdhianto Setiawan

    2014-02-01

    Full Text Available This paper studies previous research on capital market integration and applies a simple international capital asset pricing model by considering the incompleteness in market integration and heteroscedasticity of the market returns. When we disregarded those two factors, we found that stock markets were integrated and the law of one price on risk premiums prevails. However, when the factors were considered, the markets were just partially integrated.

  19. Is there time discounting for risk premium?

    Science.gov (United States)

    Shavit, Tal; Rosenboim, Mosi

    2015-03-01

    Individuals with a higher subjective discount rate concentrate more on the present and delay is more significant for them. However, when a risky asset is delayed, not only is the outcome delayed but also the risk. In this paper, we suggest a new, two-stage experimental method with real monetary incentives that allows us to distinguish between the effect of the risk and the effect of the time when pricing a risky asset. We show that when individuals have greater preference for the present, their risk aversion for a risky asset realized in the future decreases. We argue that the effect of the risk for future asset is lower for individuals with higher time preference because they discount not only the outcome but also the risks. © Society for the Experimental Analysis of Behavior.

  20. The estimation of risk-premium implicit in oil prices

    International Nuclear Information System (INIS)

    Luis, J.B.

    2001-01-01

    The futures price can be seen as the sum of the expected value of the underlying asset price and a risk-premium. In order to disentangle these two components of the futures price, one can try to model the relationship between spot and futures prices, in order to obtain a closed expression for the risk-premium, or to use information from spot and option prices to estimate risk-aversion functions. Given the high volatility of the ratios between futures and spot prices, we opted for the latter, estimating risk-neutral and subjective probability density functions, respectively, from observed option and spot prices. looking at the prices of Brent and West Texas Intermediate light/sweet crude oil options, the obtained evidence suggests that risk-aversion is typically very low for levels near the futures prices. However, due to price volatility and, consequently, to the tails of distribution, the risk-aversion functions are badly behaved in extreme prices and futures prices do not anticipate sharp movements in oil spot prices. Therefore, futures oil prices seem to be useful in forecasting spot prices only when moderate price changes occur. (author)

  1. Reexamining financial and economic predictability with new estimators of realized variance and variance risk premium

    DEFF Research Database (Denmark)

    Casas, Isabel; Mao, Xiuping; Veiga, Helena

    This study explores the predictive power of new estimators of the equity variance risk premium and conditional variance for future excess stock market returns, economic activity, and financial instability, both during and after the last global financial crisis. These estimators are obtained from...... time-varying coefficient models are the ones showing considerably higher predictive power for stock market returns and financial instability during the financial crisis, suggesting that an extreme volatility period requires models that can adapt quickly to turmoil........ Moreover, a comparison of the overall results reveals that the conditional variance gains predictive power during the global financial crisis period. Furthermore, both the variance risk premium and conditional variance are determined to be predictors of future financial instability, whereas conditional...

  2. Asymmetric impacts of global risk appetite on the risk premium for an emerging market

    Science.gov (United States)

    Kanlı, İbrahim Burak

    2008-05-01

    This paper analyzes the impact of global risk appetite on the risk premium utilizing high-frequency data. Taking the Turkish economy as our laboratory, we find that the risk premium volatility responds only to a worsening in the risk appetite for the Turkish economy, which is a result that we do not observe for the other emerging markets. Then, we investigate the role of current account dynamics on this asymmetric effect, by focusing also on an economy with similar current account performance. The empirical results find supporting evidence for the role of current account dynamics on the estimated asymmetry.

  3. The Pricing of Tail Risk and the Equity Premium: Evidence from International Option Markets

    DEFF Research Database (Denmark)

    Andersen, Torben Gustav; Fusari, Nicola; Todorov, Viktor

    We explore the pricing of tail risk as manifest in index options across international equity markets. The risk premium associated with negative tail events displays persistent shifts, unrelated to volatility. This tail risk premium is a potent predictor of future equity returns, while option......-implied volatility only forecasts the future return variation. Hence, compensation for negative jump risk is the primary driver of the equity premium across all indices, whereas the reward for pure diffusive variance risk is largely unrelated to future equity returns. We also document pronounced commonalities...

  4. Time-varying Crash Risk

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Feunoua, Bruno; Jeon, Yoontae

    We estimate a continuous-time model with stochastic volatility and dynamic crash probability for the S&P 500 index and find that market illiquidity dominates other factors in explaining the stock market crash risk. While the crash probability is time-varying, its dynamic depends only weakly on re...

  5. The case for risk-based premiums in public health insurance.

    Science.gov (United States)

    Zweifel, Peter; Breuer, Michael

    2006-04-01

    Uniform, risk-independent insurance premiums are accepted as part of 'managed competition' in health care. However, they are not compatible with optimality of health insurance contracts in the presence of both ex ante and ex post moral hazard. They have adverse effects on insurer behaviour even if risk adjustment is taken into account. Risk-based premiums combined with means-tested, tax-financed transfers are advocated as an alternative.

  6. The Impact of the Term Auction Facility on the Liquidity Risk Premium and Unsecured Interbank Spreads

    OpenAIRE

    Syrstad, Olav

    2014-01-01

    This paper investigates the effectiveness of the Federal Reserve's Term Auction Facility (TAF) in alleviating the liquidity shortage in USD and reducing the spread between the 3-month Libor rate and the expected policy rate. I construct a proxy for the 3-month liquidity risk premium based on data from the FX forward market which enables me to (i) decompose the Libor spread into a liquidity premium and a credit premium, and (ii) test the effectiveness of the TAF in reducing the liquidity premi...

  7. The Effect of Macroeconomic Variables on Market Risk Premium : Study of Sweden, Germany and Canada

    OpenAIRE

    Tahmidi, Arad; Sheludchenko, Dmytro; Allahyari Westlund, Samira

    2011-01-01

    ABSTRACT Title The Effect of Macroeconomic Variables on Market Premium. Study of Sweden, Germany and Canada Authors Samira Allahyari Westlund Arad Tahmidi Dmytro Sheludchenko Supervisor Christos Papahristodoulou Key words Macroeconomic, market risk premium, GDP, inflation, money supply, primary net lending and net borrowing, regression analysis. Institution Mälardalen University School of Sustainable Development of Society and Technology Box 883, SE-721 23 Västerås Sweden Course Bachelor The...

  8. On the common risk explanation of the size-related premiums

    DEFF Research Database (Denmark)

    de Oliveira Souza, Thiago

    2018-01-01

    to be marginally significant even in low risk states while the size premium is only significant in high risk states. This state dependence explains the out-of-sample R2 of around 29% for forecasts of the returns on the SMB portfolio, but only 7% for the HML portfolio compared to their historical means....

  9. Model estimation of claim risk and premium for motor vehicle insurance by using Bayesian method

    Science.gov (United States)

    Sukono; Riaman; Lesmana, E.; Wulandari, R.; Napitupulu, H.; Supian, S.

    2018-01-01

    Risk models need to be estimated by the insurance company in order to predict the magnitude of the claim and determine the premiums charged to the insured. This is intended to prevent losses in the future. In this paper, we discuss the estimation of risk model claims and motor vehicle insurance premiums using Bayesian methods approach. It is assumed that the frequency of claims follow a Poisson distribution, while a number of claims assumed to follow a Gamma distribution. The estimation of parameters of the distribution of the frequency and amount of claims are made by using Bayesian methods. Furthermore, the estimator distribution of frequency and amount of claims are used to estimate the aggregate risk models as well as the value of the mean and variance. The mean and variance estimator that aggregate risk, was used to predict the premium eligible to be charged to the insured. Based on the analysis results, it is shown that the frequency of claims follow a Poisson distribution with parameter values λ is 5.827. While a number of claims follow the Gamma distribution with parameter values p is 7.922 and θ is 1.414. Therefore, the obtained values of the mean and variance of the aggregate claims respectively are IDR 32,667,489.88 and IDR 38,453,900,000,000.00. In this paper the prediction of the pure premium eligible charged to the insured is obtained, which amounting to IDR 2,722,290.82. The prediction of the claims and premiums aggregate can be used as a reference for the insurance company’s decision-making in management of reserves and premiums of motor vehicle insurance.

  10. Value Premium and Country Risk as Dimensions to Estimate Conditional Returns: a Study of the Brazilian Market

    Directory of Open Access Journals (Sweden)

    Lilian de Castro Medeiros

    2015-01-01

    Full Text Available Asset pricing is a widely explored theme in the financial literature. Nevertheless, the phenomenon of value premium is still controversial, since although easily detected in developed and emerging markets, little is know about the economic forces that explain its existence. In this context, this article examines value premium in the Brazilian market and investigates the influence of the country risk variable as an additional risk factor for estimating conditional returns in this market not captured by value premium. For that, we employ a five-factor model, formulated by adding the country risk factor to the model of Carhart (1997. We apply the statistical procedure adopted by Fama & French (1993 to the period between 1994 and 2012, with data on nonfinancial companies listed on the BM&FBovespa. The results confirm the existence of value premium in the Brazilian market, and country risk and value premium together are significant factors to explain conditional returns.

  11. Contemporary challenges in applying of the modified model CAPM with country risk premium in emerging economies

    Directory of Open Access Journals (Sweden)

    Petrović Dragana

    2017-01-01

    Full Text Available Modern approach in determining the expected return of foreign investors' investments is based on the evaluation investment in capital asset-CAPM (Capital Asset Pricing Model. In order to use the CAPM model for calculating the expected return of foreign investors in growing economies, it is developed the extended model CAPM with the risk premium in the country. This variant of the CAPM model has been used for estimating the cost of capital. This is the expected return on a portfolio of the company's stocks in less developed countries. Those countries have certain problems and factors of risk investment. This research examines the limitations and shortcomings in the application of the extended model with country risk premium, during the calculation of the cost of capital in the less developed economies. We present possible models to overcome those problems and also a need for upgrading of modified CAPM model with a risk premium of the country which, beside risk of the country (CR must have a discount for the 'advantage of the country'.

  12. Expectations and forward risk premium in the Spanish deregulated power market

    International Nuclear Information System (INIS)

    Furio, Dolores; Meneu, Vicente

    2010-01-01

    Deregulation in energy markets has entailed important changes in the way agents conduct business. Price risk arises as a result of fluctuations in the future price of electricity and agents assume long or short positions in the forward and spot markets to hedge their exposure to price risk. The presence of forward risk premium in prices is evidence of the fact that agents act in the market according to risk considerations. This work aims to analyse the information content of the difference between the forward and spot prices (the so-called forward premium) regarding the agents' decisions. We find that the sign and magnitude of the ex post forward premium depend on the unexpected variation in demand and on the unexpected variation in the hydroelectric capacity, and that both the ex post and the ex ante forward premia are negatively related to the variance of spot price, as predict. We provide additional insights about relevant aspects of spot price pricing in the Spanish electricity market such as the positive relation between spot prices and CO 2 emission allowance prices or the impact on spot prices of the set of market matching rules introduced in March 2006.

  13. Empirical Analysis of the Impact of Inflation Targeting on the Risk Premium

    Directory of Open Access Journals (Sweden)

    Krušković Borivoje D.

    2014-09-01

    Full Text Available The basis for the conduct of monetary policy is monetary policy strategy. Monetary strategy is necessary for monetary policy makers to analyse all relevant information in order to undertake effective policy actions. Inflation targeting has enabled countries to achieve low inflation in the very short term. Due to this, the financial markets have adjusted their long-term inflation expectations and incorporated them into the interest rate. Risk premiums that compensate for the uncertainty of inflation have fallen. The aim of this paper is to examine how the adoption of inflation targeting affects the movement of the risk premium. The hypothesis we want to test is that the adoption of inflation targeting affects the reduction of the country risk premium by affecting the formation of a more stable macroeconomic environment through a more stable and predictable inflation rate in the medium and long term. The method used for evaluating the regression coefficients is the dynamic panel generalized method of moments (GMM. This method involves the use of conditional moments in endogenous and exogenous variables with a lag as instruments for the assessment of differential equations, while the difference lagged endogenous variables are used as instruments in the levels equation.

  14. Unbiasedness and time varying risk premia in the crude oil futures market

    International Nuclear Information System (INIS)

    Moosa, I.A.; Al-Loughani, N.E.

    1994-01-01

    This paper presents some empirical evidence on market efficiency and unbiasedness in the crude oil futures market and some related issues. On the basis of monthly observations on spot and futures prices of the West Texas Intermediate (WTI) crude oil, several tests are carried out on the relevant hypotheses. The evidence suggests that futures prices are neither unbiased nor efficient forecasters of spot prices. Furthermore, a GARCH-M(1,1) model reveals the existence of a time varying risk premium. (author)

  15. Estimation of insurance premiums for coverage against natural disaster risk: an application of Bayesian Inference

    Directory of Open Access Journals (Sweden)

    Y. Paudel

    2013-03-01

    Full Text Available This study applies Bayesian Inference to estimate flood risk for 53 dyke ring areas in the Netherlands, and focuses particularly on the data scarcity and extreme behaviour of catastrophe risk. The probability density curves of flood damage are estimated through Monte Carlo simulations. Based on these results, flood insurance premiums are estimated using two different practical methods that each account in different ways for an insurer's risk aversion and the dispersion rate of loss data. This study is of practical relevance because insurers have been considering the introduction of flood insurance in the Netherlands, which is currently not generally available.

  16. Estimation of insurance premiums for coverage against natural disaster risk: an application of Bayesian Inference

    Science.gov (United States)

    Paudel, Y.; Botzen, W. J. W.; Aerts, J. C. J. H.

    2013-03-01

    This study applies Bayesian Inference to estimate flood risk for 53 dyke ring areas in the Netherlands, and focuses particularly on the data scarcity and extreme behaviour of catastrophe risk. The probability density curves of flood damage are estimated through Monte Carlo simulations. Based on these results, flood insurance premiums are estimated using two different practical methods that each account in different ways for an insurer's risk aversion and the dispersion rate of loss data. This study is of practical relevance because insurers have been considering the introduction of flood insurance in the Netherlands, which is currently not generally available.

  17. Fuzzy-probabilistic multi agent system for breast cancer risk assessment and insurance premium assignment.

    Science.gov (United States)

    Tatari, Farzaneh; Akbarzadeh-T, Mohammad-R; Sabahi, Ahmad

    2012-12-01

    In this paper, we present an agent-based system for distributed risk assessment of breast cancer development employing fuzzy and probabilistic computing. The proposed fuzzy multi agent system consists of multiple fuzzy agents that benefit from fuzzy set theory to demonstrate their soft information (linguistic information). Fuzzy risk assessment is quantified by two linguistic variables of high and low. Through fuzzy computations, the multi agent system computes the fuzzy probabilities of breast cancer development based on various risk factors. By such ranking of high risk and low risk fuzzy probabilities, the multi agent system (MAS) decides whether the risk of breast cancer development is high or low. This information is then fed into an insurance premium adjuster in order to provide preventive decision making as well as to make appropriate adjustment of insurance premium and risk. This final step of insurance analysis also provides a numeric measure to demonstrate the utility of the approach. Furthermore, actual data are gathered from two hospitals in Mashhad during 1 year. The results are then compared with a fuzzy distributed approach. Copyright © 2012 Elsevier Inc. All rights reserved.

  18. Contemporary challenges in applying of the modified model CAPM with country risk premium in emerging economies

    OpenAIRE

    Petrović Dragana

    2017-01-01

    Modern approach in determining the expected return of foreign investors' investments is based on the evaluation investment in capital asset-CAPM (Capital Asset Pricing Model). In order to use the CAPM model for calculating the expected return of foreign investors in growing economies, it is developed the extended model CAPM with the risk premium in the country. This variant of the CAPM model has been used for estimating the cost of capital. This is the expected return on a portfolio of the co...

  19. The Dutch premium principle

    NARCIS (Netherlands)

    van Heerwaarden, A.E.; Kaas, R.

    1992-01-01

    A premium principle is derived, in which the loading for a risk is the reinsurance loading for an excess-of-loss cover. It is shown that the principle is well-behaved in the sense that it results in larger premiums for risks that are larger in stop-loss order or in stochastic dominance.

  20. Does debt ceiling and government shutdown help in forecasting the us equity risk premium?

    Directory of Open Access Journals (Sweden)

    Aye Goodness C.

    2016-01-01

    Full Text Available This article evaluates the predictability of the equity risk premium in the United States by comparing the individual and complementary predictive power of macroeconomic variables and technical indicators using a comprehensive set of 16 economic and 14 technical predictors over a monthly out-ofsample period of 1995:01 to 2012:12 and an in-sample period of 1986:01- 1994:12. In order to do so we consider, in addition to the set of variables used in Christopher J. Neely et al. (2013 and using a more recent dataset, the forecasting ability of two other important variables namely government shutdown and debt ceiling. Our results show that one of the newly added variables namely government shutdown provides statistically significant out-of-sample predictive power over the equity risk premium relative to the historical average. Most of the variables, including government shutdown, also show significant economic gains for a risk averse investor especially during recessions.

  1. Discounting in agro-industrial complex. A methodological proposal for risk premium

    Directory of Open Access Journals (Sweden)

    Inmaculada Marques-Perez

    2017-04-01

    Full Text Available The estimation of the discount rate is decisive for a reliable economic valuation. The discount rate has to be adjusted for the risks related to the company, the sector which the company has its market, and the risks related to the investment project. We present a proposal to incorporate the risk premium to the discount rate. The novelty of the methodology is that difference risk groups according to activity as a factor to adjust the cost of capital to companies. The study applies the methodology to the Agro-Industrial Complex (AIC in Spain. The AIC is formed by industries that add value to farming production. This sector’s economic success demands financial management techniques that assess risk. The conventional method responds neither to the heterogeneity of the economic activities that make up the AIC, nor to differentiating risk by groups. The proposed methodology distinguishes activity groups in accordance with the NACE (National Code of Economic Activities and uses net profitability variability to distinguish the risk in each group. Our results demonstrate the various levels of risk per group. The results show that among all the groups that form the AIC there are wide differences between levels of risk; thus, the risk neutral groups present risk levels on the order of 150 times lower than the groups extreme risk levels.

  2. Discounting in agro-industrial complex. A methodological proposal for risk premium

    Energy Technology Data Exchange (ETDEWEB)

    Marques-Perez, I.; Guaita-Pradas, I.; Pérez-Salas, J.L.

    2017-09-01

    The estimation of the discount rate is decisive for a reliable economic valuation. The discount rate has to be adjusted for the risks related to the company, the sector which the company has its market, and the risks related to the investment project. We present a proposal to incorporate the risk premium to the discount rate. The novelty of the methodology is that difference risk groups according to activity as a factor to adjust the cost of capital to companies. The study applies the methodology to the Agro-Industrial Complex (AIC) in Spain. The AIC is formed by industries that add value to farming production. This sector’s economic success demands financial management techniques that assess risk. The conventional method responds neither to the heterogeneity of the economic activities that make up the AIC, nor to differentiating risk by groups. The proposed methodology distinguishes activity groups in accordance with the NACE (National Code of Economic Activities) and uses net profitability variability to distinguish the risk in each group. Our results demonstrate the various levels of risk per group. The results show that among all the groups that form the AIC there are wide differences between levels of risk; thus, the risk neutral groups present risk levels on the order of 150 times lower than the groups extreme risk levels.

  3. Discounting in agro-industrial complex. A methodological proposal for risk premium

    International Nuclear Information System (INIS)

    Marques-Perez, I.; Guaita-Pradas, I.; Pérez-Salas, J.L.

    2017-01-01

    The estimation of the discount rate is decisive for a reliable economic valuation. The discount rate has to be adjusted for the risks related to the company, the sector which the company has its market, and the risks related to the investment project. We present a proposal to incorporate the risk premium to the discount rate. The novelty of the methodology is that difference risk groups according to activity as a factor to adjust the cost of capital to companies. The study applies the methodology to the Agro-Industrial Complex (AIC) in Spain. The AIC is formed by industries that add value to farming production. This sector’s economic success demands financial management techniques that assess risk. The conventional method responds neither to the heterogeneity of the economic activities that make up the AIC, nor to differentiating risk by groups. The proposed methodology distinguishes activity groups in accordance with the NACE (National Code of Economic Activities) and uses net profitability variability to distinguish the risk in each group. Our results demonstrate the various levels of risk per group. The results show that among all the groups that form the AIC there are wide differences between levels of risk; thus, the risk neutral groups present risk levels on the order of 150 times lower than the groups extreme risk levels.

  4. 14 CFR 198.13 - Premium insurance-payment of premiums.

    Science.gov (United States)

    2010-01-01

    ... 14 Aeronautics and Space 3 2010-01-01 2010-01-01 false Premium insurance-payment of premiums. 198... (CONTINUED) WAR RISK INSURANCE AVIATION INSURANCE § 198.13 Premium insurance—payment of premiums. The insured must pay the premium for insurance issued under this part within the stated period after receipt of...

  5. The Compound Binomial Risk Model with Randomly Charging Premiums and Paying Dividends to Shareholders

    Directory of Open Access Journals (Sweden)

    Xiong Wang

    2013-01-01

    Full Text Available Based on characteristics of the nonlife joint-stock insurance company, this paper presents a compound binomial risk model that randomizes the premium income on unit time and sets the threshold for paying dividends to shareholders. In this model, the insurance company obtains the insurance policy in unit time with probability and pays dividends to shareholders with probability when the surplus is no less than . We then derive the recursive formulas of the expected discounted penalty function and the asymptotic estimate for it. And we will derive the recursive formulas and asymptotic estimates for the ruin probability and the distribution function of the deficit at ruin. The numerical examples have been shown to illustrate the accuracy of the asymptotic estimations.

  6. Country risk premium: theoretical determinants and empirical evidence for latin american countries

    Directory of Open Access Journals (Sweden)

    Selmo Aronovich

    1999-12-01

    Full Text Available This paper investigates the behavior of the country risk premium for Argentina, Brazil and Mexico, from June 1997 to September 1998. It shows that the level of country risk premium is determined by different factors: the US dollar bond market structure; restrictions on the acquisition of emerging market bonds imposed by developed nations regulators; the credit risk measured by the notion of implied risk-neutral probability default; the different ways agents react to country risk due to asymmetric and imperfect information. The empirical investigation shows: the worse the country credit rating, the greater is the impact on international borrowing cost, which implies that negative expectations have greater impact on lower rated Latin American nations' bonds; country risk yield spreads overreacted to changes in the US dollar interest rates in the sample period.Este artigo investiga o comportamento do conceito de prêmio de risco-país para Argentina, Brasil e México, de junho de 1997 até setembro de 1998. Mostra-se que tal prêmio é determinado pelos seguintes fatores: a estrutura do mercado de títulos de dívida em dólares norte-americanos; as restrições à aquisição de títulos de dívida impostas por agentes reguladores de países desenvolvidos; o risco de crédito mensurado pelo conceito de probabilidade de inadimplência risco-nêutra implícita; o modo como os agentes reagem à informação assimétrica ou imperfeita. A evidência empírica revela que: quanto pior a classificação de risco de crédito, maior é o impacto esperado sobre as condições de captação externa, implicando que expectativas desfavoráveis afetam de forma mais acentuada países com baixa classificação de crédito; o valor do spread representativo do risco-país mostrou-se superelástico à variação da taxa de juros de longo prazo do Tesouro norte-americano no período da amostra.

  7. Risk premium shocks, monetary policy and exchange rate pass-through in the Czech Republic, Hungary and Poland

    OpenAIRE

    Vonnák, Balázs

    2010-01-01

    This paper investigates the role of monetary policy in a small open economy, where exchange rate shocks are important. VAR models are estimated for the Czech Republic, Hungary and Poland. Contemporaneous and sign restrictions are imposed in order to identify the effect of monetary policy and risk premium shocks. Estimates from the same model for Canada, Sweden and the UK are used as benchmark for developed economies with low inflation. The results suggest that the typical size a of risk premi...

  8. Matrix of risk and premium for the developing of small hydropower projects; Matriz de risco e premio para o desenvolvimento de projetos de PCHs (Pequenas Centrais Hidroeletricas)

    Energy Technology Data Exchange (ETDEWEB)

    Santos, Afonso Henriques Moreira; Garcia, Marco Aurelio R.A.; Cruz, Ricardo A. Passos da

    2008-07-01

    The aim of this paper is to propose a method for valuation of assets of small hydroelectric plants in different stages of maturation. To this end, we adopted the principle of risk premium, associated with a portion of the profitability of the project (internal rate of return-IRR) in every stage of development. In other words: the more mature the project, the lower your risk and consequently lower the corresponding premium, adopting as a total prize the IRR expected to the project.

  9. Can the consumption-free nonexpected utility model solve the risk premium puzzle? An empirical study of the Japanese stock market

    OpenAIRE

    Kang, Myong-Il

    2010-01-01

    This paper investigates whether the consumption-free two-beta intertemporal capital asset-pricing model developed by Campbell and Vuolteenaho (2004) is able to solve the risk premium puzzle in the Japanese stock market over the period 1984-2002. Using the cash flow and discount rate betas as risk factors, the model is able to explain about half of the market returns by selection of suitable vector autoregression variables. On this basis, the model proposed solves the risk premium puzzle in Ja...

  10. An empirical study of the information premium on electricity markets

    International Nuclear Information System (INIS)

    Benth, Fred Espen; Biegler-König, Richard; Kiesel, Rüdiger

    2013-01-01

    Due to the non-storability of electricity and the resulting lack of arbitrage-based arguments to price electricity forward contracts, a significant time-varying risk premium is exhibited. Using EEX data during the introduction of emission certificates and the German “Atom Moratorium” we show that a significant part of the risk premium in electricity forwards is due to different information sets in spot and forward markets. In order to show the existence of the resulting information premium and to analyse its size we design an empirical method based on techniques relating to enlargement of filtrations and the structure of Hilbert spaces. - Highlights: ► Electricity is non-storable and the classical spot–forward-relationship is invalid. ► Future information will cause an information premium for forward contracts. ► We model this premium mathematically using enlargement of filtrations. ► We develop a statistical method testing for the information premium empirically. ► We apply the test to the 2nd phase of the EUETS and the German “Atom Moratorium”

  11. 24 CFR 266.604 - Mortgage insurance premium: Other requirements.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium: Other... Contract Rights and Obligations Mortgage Insurance Premiums § 266.604 Mortgage insurance premium: Other..., based upon the respective share of risk, that is to be used in calculating mortgage insurance premiums...

  12. Risk implications of renewable support instruments: Comparative analysis of feed-in tariffs and premiums using a mean-variance approach

    DEFF Research Database (Denmark)

    Kitzing, Lena

    2014-01-01

    . Using cash flow analysis, Monte Carlo simulations and mean-variance analysis, we quantify risk-return relationships for an exemplary offshore wind park in a simplified setting. We show that feedin tariffs systematically require lower direct support levels than feed-in premiums while providing the same...

  13. Time-varying risk aversion. An application to energy hedging

    Energy Technology Data Exchange (ETDEWEB)

    Cotter, John [Centre for Financial Markets, School of Business, University College Dublin, Blackrock, Co. Dublin (Ireland); Hanly, Jim [School of Accounting and Finance, Dublin Institute of Technology, Dublin 2 (Ireland)

    2010-03-15

    Risk aversion is a key element of utility maximizing hedge strategies; however, it has typically been assigned an arbitrary value in the literature. This paper instead applies a GARCH-in-Mean (GARCH-M) model to estimate a time-varying measure of risk aversion that is based on the observed risk preferences of energy hedging market participants. The resulting estimates are applied to derive explicit risk aversion based optimal hedge strategies for both short and long hedgers. Out-of-sample results are also presented based on a unique approach that allows us to forecast risk aversion, thereby estimating hedge strategies that address the potential future needs of energy hedgers. We find that the risk aversion based hedges differ significantly from simpler OLS hedges. When implemented in-sample, risk aversion hedges for short hedgers outperform the OLS hedge ratio in a utility based comparison. (author)

  14. Time-varying risk aversion. An application to energy hedging

    International Nuclear Information System (INIS)

    Cotter, John; Hanly, Jim

    2010-01-01

    Risk aversion is a key element of utility maximizing hedge strategies; however, it has typically been assigned an arbitrary value in the literature. This paper instead applies a GARCH-in-Mean (GARCH-M) model to estimate a time-varying measure of risk aversion that is based on the observed risk preferences of energy hedging market participants. The resulting estimates are applied to derive explicit risk aversion based optimal hedge strategies for both short and long hedgers. Out-of-sample results are also presented based on a unique approach that allows us to forecast risk aversion, thereby estimating hedge strategies that address the potential future needs of energy hedgers. We find that the risk aversion based hedges differ significantly from simpler OLS hedges. When implemented in-sample, risk aversion hedges for short hedgers outperform the OLS hedge ratio in a utility based comparison. (author)

  15. Risk implications of renewable support instruments: Comparative analysis of feed-in tariffs and premiums using a mean–variance approach

    International Nuclear Information System (INIS)

    Kitzing, Lena

    2014-01-01

    Different support instruments for renewable energy expose investors differently to market risks. This has implications on the attractiveness of investment. We use mean–variance portfolio analysis to identify the risk implications of two support instruments: feed-in tariffs and feed-in premiums. Using cash flow analysis, Monte Carlo simulations and mean–variance analysis, we quantify risk-return relationships for an exemplary offshore wind park in a simplified setting. We show that feed-in tariffs systematically require lower direct support levels than feed-in premiums while providing the same attractiveness for investment, because they expose investors to less market risk. These risk implications should be considered when designing policy schemes. - Highlights: • Mean–variance portfolio approach to analyse risk implications of policy instruments. • We show that feed-in tariffs require lower support levels than feed-in premiums. • This systematic effect stems from the lower exposure of investors to market risk. • We created a stochastic model for an exemplary offshore wind park in West Denmark. • We quantify risk-return, Sharpe Ratios and differences in required support levels

  16. Varied definitions of risk related to sensation seeking trait

    International Nuclear Information System (INIS)

    Daastoel, P.Oe.U.; Drottz-Sjoeberg, B.M.

    1999-01-01

    This pilot study is based on the assumption and the knowledge that previous results show that the normal use of the word risk varies across subjects. The risk definitions the subjects use have also been shown to be related to various educational interests. A related field of research has developed measures for Sensation Seeking personality trait, with four facets. Three independent groups of first year psychology students reported their normal definition of the word risk using one of three measurement formats. The results showed, e.g. that the typical open-ended response to the personal definition of risk was danger. Subjects who defined risk as the combination of probability and consequences tended to score higher on the total Sensation Seeking Scale, as compared to those defining risk as the probability of an event

  17. Varied definitions of risk related to sensation seeking trait

    Energy Technology Data Exchange (ETDEWEB)

    Daastoel, P.Oe.U.; Drottz-Sjoeberg, B.M. [Norwegian Univ. of Science and Technology, Trondheim (Norway). Dept. of Psychology

    1999-12-01

    This pilot study is based on the assumption and the knowledge that previous results show that the normal use of the word risk varies across subjects. The risk definitions the subjects use have also been shown to be related to various educational interests. A related field of research has developed measures for Sensation Seeking personality trait, with four facets. Three independent groups of first year psychology students reported their normal definition of the word risk using one of three measurement formats. The results showed, e.g. that the typical open-ended response to the personal definition of risk was danger. Subjects who defined risk as the combination of probability and consequences tended to score higher on the total Sensation Seeking Scale, as compared to those defining risk as the probability of an event.

  18. Incentivising flood risk adaptation through risk based insurance premiums : Trade-offs between affordability and risk reduction

    NARCIS (Netherlands)

    Hudson, Paul F.; Botzen, W.J.W.; Feyen, L.; Aerts, Jeroen C.J.H.

    2016-01-01

    The financial incentives offered by the risk-based pricing of insurance can stimulate policyholder adaptation to flood risk while potentially conflicting with affordability. We examine the trade-off between risk reduction and affordability in a model of public-private flood insurance in France and

  19. Experience Studies on Determining Life Premium Insurance Ratings: Practical Approaches

    Directory of Open Access Journals (Sweden)

    Mirela CRISTEA

    2008-01-01

    Full Text Available The focus of this article is to present the modelling tehcniques used on international practice in the evaluation of right life premiums based. The knowledge and models obtained have a common element of mortality risk indicators but these are varied in different parts of the world. The common elements of these studies and models are generally based on a series of indicators which mainly point out their probability of survival and they are named the mortality indicators. These indicators represent the basis for the calculation of the premiums quotes and for the elaboration by the insurers of premium tables. The benefit for the policyholder is to obtain insurance at a fair and competitive price and for the insurer, to maintain the experience of its portfolio in line with mortality assumptions.

  20. Sensation seeking related to varied definition of risk

    International Nuclear Information System (INIS)

    Dastol, O.U.; Drottz-Sjoberg, B.M.

    1998-01-01

    This pilot study is based on the assumption that the normal use of the word risk varies across subjects. It has been shown in previous risk perception studies that some people report their definition or normal use of the concept of risk as e.g. mainly probability, a combination of probability and consequences, mainly consequences, or due to the nature of the event (Drottz-Sjoeberg, 1991). Another field of research has developed measures for personality traits, i.e. facets of Sensation Seeking; Disinhibition, Thrill and Adventure Seeking, Experience Seeking, and Boredom Susceptibility (Zuckerman, 1994). The design of the present study involved three independent groups of first year psychology students (N=93). They were presented with one of three response formats regarding their normal use of the word risk, i.e. an open-ended format, separate ratings of four items suggesting a definition of risk on five-point scales, and one single five-point scale with the extremes labelled probability and consequences, and with their combination as the scale mid-point. The results showed, e.g. that the typical open-ended response to the personal definition of risk was 'danger', but among the responses were also 'chance', and 'outcome'. Another finding was that people who defined risk as 'outcome' and 'chance', using the open-ended format tended to score higher on the total Sensation Seeking Scale than those who defined risk as 'danger'. In addition, subjects who defined risk as the 'combination' of probability and consequences, using other response formats, also tended to score higher on the total Sensation Seeking Scale (SSS), especially as compared to those defining risk as the 'probability' of an event. (authors)

  1. Endogenous time-varying risk aversion and asset returns.

    Science.gov (United States)

    Berardi, Michele

    2016-01-01

    Stylized facts about statistical properties for short horizon returns in financial markets have been identified in the literature, but a satisfactory understanding for their manifestation is yet to be achieved. In this work, we show that a simple asset pricing model with representative agent is able to generate time series of returns that replicate such stylized facts if the risk aversion coefficient is allowed to change endogenously over time in response to unexpected excess returns under evolutionary forces. The same model, under constant risk aversion, would instead generate returns that are essentially Gaussian. We conclude that an endogenous time-varying risk aversion represents a very parsimonious way to make the model match real data on key statistical properties, and therefore deserves careful consideration from economists and practitioners alike.

  2. Estimation of insurance premiums for coverage against natural disaster risk: an application of Bayesian Inference

    NARCIS (Netherlands)

    Paudel, Y.; Botzen, W.J.W.; Aerts, J.C.J.H.

    2013-01-01

    This study applies Bayesian Inference to estimate flood risk for 53 dyke ring areas in the Netherlands, and focuses particularly on the data scarcity and extreme behaviour of catastrophe risk. The probability density curves of flood damage are estimated through Monte Carlo simulations. Based on

  3. Premium adjustment: actuarial analysis on epidemiological models ...

    African Journals Online (AJOL)

    In this paper, we analyse insurance premium adjustment in the context of an epidemiological model where the insurer's future financial liability is greater than the premium from patients. In this situation, it becomes extremely difficult for the insurer since a negative reserve would severely increase its risk of insolvency, ...

  4. What should be the basis for compulsory and optional health insurance premiums? Opinions of Swiss doctors.

    Science.gov (United States)

    Jannot, Anne-Sophie; Perneger, Thomas V

    2014-02-04

    Little is known about doctors' opinions on how to finance health services. In Switzerland, mandatory basic health insurance currently uses regional flat fees that are unrelated to health and ability to pay, and optional complementary insurance uses risk-based premiums. Our objective was to assess Swiss physicians' opinions on what should determine health insurance premiums. We surveyed doctors in the canton of Geneva, Switzerland, about the desirable funding mechanism for mandatory health insurance and complementary health insurance. The proposed determinants of insurance premiums were current health and past medical history, lifestyle, healthcare costs in the previous year, genetic susceptibility to disease, regional average healthcare costs, household income, and wealth and demographic characteristics. Among the 1,516 respondents, only a few (insurance premium should depend on health risk (health status, previous costs, genetics, and age and sex). More than 30% of respondents supported premiums based on lifestyle (34.6%), regional average health expenditures (31.2%), and household income and wealth (39.6%). For complementary health insurance, most respondents supported premiums based on lifestyle (74.6%) and on health risk (46.4%), but surprisingly also on household income and wealth (44.9%) and regional average health expenditures (39.4%). The characteristic most influencing the answers was the medical specialty. Doctors' opinions about healthcare financing mechanisms varied considerably, for both mandatory and complementary health insurance. Lifestyle was a surprisingly frequent choice, even though this criterion is not currently used in Switzerland. Ability to pay was not supported by the majority.

  5. Dynamic Jump Intensities and Risk Premiums in Crude Oil Futures and Options Markets

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Jacobs, Kris; Li, Bingxin

    2016-01-01

    Options on crude oil futures are the most actively traded commodity options. We develop a class of computationally efficient discrete-time jump models that allow for closed-form option valuation, and we use crude oil futures and options data to investigate the economic importance of jumps...... and dynamic jump intensities in these markets. Allowing for jumps is crucial for modeling crude oil futures and futures options, and we find evidence in favor of time-varying jump intensities. During crisis periods, jumps occur more frequently. The properties of the jump processes implied by the option data...... differ from those implied by the futures data, which may be due to improved parameter identification....

  6. Risk ON/Risk OFF: Risk-Taking Varies with Subjectively Preferred and Disliked Music.

    Science.gov (United States)

    Halko, Marja-Liisa; Kaustia, Markku

    2015-01-01

    In this paper we conduct a within-subjects experiment in which teenagers go over 256 gambles with real money gains and losses. For each risky gamble they choose whether to participate in it, or pass. Prior to this main experiment subjects identify specific songs belonging to their favorite musical genre, as well as songs representing a style they dislike. In the main experiment we vary the music playing in the background, so that each subject hears some of their favorite music, and some disliked music, alternating in blocks of 16 gambles. We find that favorite music increases risk-taking ('risk on'), and disliked music suppresses risk-taking ('risk off'), compared to a baseline of no music. Literature in psychology proposes several mechanisms by which mood affects risk-taking, but none of them fully explain the results in our setting. The results are, however, consistent with the economics notion of preference complementarity, extended to the domain of risk preference. The preference structure implied by our results is more complex than previously thought, yet realistic, and consistent with recent theoretical models. More generally, this mechanism offers a potential explanation to why risk-taking is known to change over time and across contexts.

  7. Variable-Rate Premiums

    Data.gov (United States)

    Pension Benefit Guaranty Corporation — These interest rates are used to value vested benefits for variable rate premium purposes as described in PBGC's regulation on Premium Rates (29 CFR Part 4006) and...

  8. The time to ruin in some additive risk models with random premium rates

    DEFF Research Database (Denmark)

    Jacobsen, Martin

    2012-01-01

    to have a Laplace transform that is a rational function. The main results describe the joint Laplace transform of the time at ruin and the deficit at ruin. The method used consists in finding partial eigenfunctions for the generator of the joint process consisting of the Markov process and the accumulated...... of the present value of the Markov process. The intensity for a claim to occur is another nonnegative function of the value of the Markov process. The claim arrival times are the regeneration times for the Markov process. Two-sided claims are allowed, but the distribution of the positive claims is assumed......The risk processes considered in this paper are generated by an underlying Markov process with a regenerative structure and an independent sequence of independent and identically distributed claims. Between the arrivals of claims the process increases at a rate which is a nonnegative function...

  9. The Role of Risk: Mentoring Experiences and Outcomes for Youth with Varying Risk Profiles. Executive Summary

    Science.gov (United States)

    Herrera, Carla; DuBois, David L.; Grossman, Jean Baldwin

    2013-01-01

    "The Role of Risk: Mentoring Experiences and Outcomes for Youth with Varying Risk Profiles" presents findings from the first large-scale study to examine how the levels and types of risk youth face may influence their relationships with program-assigned mentors and the benefits they derive from these relationships. The study looked…

  10. The Role of Risk: Mentoring Experiences and Outcomes for Youth with Varying Risk Profiles

    Science.gov (United States)

    Herrera, Carla; DuBois, David L.; Grossman, Jean Baldwin

    2013-01-01

    "The Role of Risk: Mentoring Experiences and Outcomes for Youth with Varying Risk Profiles" presents findings from the first large-scale study to examine how the levels and types of risk youth face may influence their relationships with program-assigned mentors and the benefits they derive from these relationships. The study looked…

  11. Time-varying disaster risk models: An empirical assessment of the Rietz-Barro hypothesis

    DEFF Research Database (Denmark)

    Irarrazabal, Alfonso; Parra-Alvarez, Juan Carlos

    This paper revisits the fit of disaster risk models where a representative agent has recursive preferences and the probability of a macroeconomic disaster changes over time. We calibrate the model as in Wachter (2013) and perform two sets of tests to assess the empirical performance of the model ...... and hence to reduce the Sharpe Ratio, a lower elasticity of substitution generates a more reasonable level for the equity risk premium and for the volatility of the government bond returns without compromising the ability of the price-dividend ratio to predict excess returns....

  12. On the Anonymity Risk of Time-Varying User Profiles

    Directory of Open Access Journals (Sweden)

    Silvia Puglisi

    2017-04-01

    Full Text Available Websites and applications use personalisation services to profile their users, collect their patterns and activities and eventually use this data to provide tailored suggestions. User preferences and social interactions are therefore aggregated and analysed. Every time a user publishes a new post or creates a link with another entity, either another user, or some online resource, new information is added to the user profile. Exposing private data does not only reveal information about single users’ preferences, increasing their privacy risk, but can expose more about their network that single actors intended. This mechanism is self-evident in social networks where users receive suggestions based on their friends’ activities. We propose an information-theoretic approach to measure the differential update of the anonymity risk of time-varying user profiles. This expresses how privacy is affected when new content is posted and how much third-party services get to know about the users when a new activity is shared. We use actual Facebook data to show how our model can be applied to a real-world scenario.

  13. Incentivising flood risk adaptation through ris based insurance premiums: trade-offs between affordability and risk reduction

    NARCIS (Netherlands)

    Hudson, P.G.M.B.; Botzen, W.J.W.; Feyen, L.; Aerts, J.C.J.H.

    2016-01-01

    The financial incentives offered by the risk-based pricing of insurance can stimulate policyholder adaptation to flood risk while potentially conflicting with affordability. We examine the trade-off between risk reduction and affordability in a model of public-private flood insurance in France and

  14. Optimal International Asset Allocation with Time-varying Risk

    OpenAIRE

    Flavin, Thomas; Wickens, M.R.

    2006-01-01

    This paper examines the optimal allocation each period of an internationally diversified portfolio from the different points of view of a UK and a US investor. We find that investor location affects optimal asset allocation. The presence of exchange rate risk causes the markets to appear not fully integrated and creates a preference for home assets. Domestic equity is the dominant asset in the optimal portfolio for both investors, but the US investor bears less risk than the UK...

  15. Premium Forecasting of AN Insurance Company:

    Science.gov (United States)

    Fouladvand, M. Ebrahim; Darooneh, Amir H.

    We present an analytical study of an insurance company. We model the company's performance on a statistical basis and evaluate the predicted annual income of the company in terms of insurance parameters namely the premium, the total number of insured, average loss claims etc. We restrict ourselves to a single insurance class the so-called automobile insurance. We show the existence of a crossover premium pc below which the company is operating at a loss. Above pc, we also give a detailed statistical analysis of the company's financial status and obtain the predicted profit along with the corresponding risk as well as ruin probability in terms of premium. Furthermore we obtain the optimal premium popt which maximizes the company's profit.

  16. CHIP premiums, health status, and the insurance coverage of children.

    Science.gov (United States)

    Marton, James; Talbert, Jeffery C

    2010-01-01

    This study uses the introduction of premiums into Kentucky's Children's Health Insurance Program (KCHIP) to examine whether the enrollment impact of new premiums varies by child health type. We also examine the extent to which children find alternative coverage after premium nonpayment. Public insurance claims data suggest that those with chronic health conditions are less likely to leave public coverage. We find little evidence of a differential impact of premiums on enrollment among the chronically ill. Our survey of nonpayers shows that 56% of responding families found alternative private or public health coverage for their children after losing CHIP.

  17. Generalized financial ratios to predict the equity premium

    NARCIS (Netherlands)

    Algaba, Andres; Boudt, Kris

    2017-01-01

    Empirical evidence for the price-dividend ratio to be a predictor of the equity premium is weak. We argue that changes in the economic conditions and market composition lead to a time-varying relationship between prices, dividends and the equity premium. Exploiting the information in the rolling

  18. Marriage Premium in Turkey

    OpenAIRE

    Mercan, Murat A.

    2011-01-01

    This paper contributes to the literature in three ways. Our first contribution is calculating the marriage premium for Turkey. Our results suggest that married men earn 27 percent more than single men and married women earn 4 percent less than single women. Our second contribution is calculating the marriage premium for Turkey’s regions. For men, the wage difference is the smallest, 0.43, in Istanbul. The difference is highest in Akdeniz region. For women, the wage difference is smallest, -0....

  19. Physical Premium Principle: A New Way for Insurance Pricing

    Directory of Open Access Journals (Sweden)

    Amir H. Darooneh

    2005-02-01

    Full Text Available Abstract: In our previous work we suggested a way for computing the non-life insurance premium. The probable surplus of the insurer company assumed to be distributed according to the canonical ensemble theory. The Esscher premium principle appeared as its special case. The difference between our method and traditional principles for premium calculation was shown by simulation. Here we construct a theoretical foundation for the main assumption in our method, in this respect we present a new (physical definition for the economic equilibrium. This approach let us to apply the maximum entropy principle in the economic systems. We also extend our method to deal with the problem of premium calculation for correlated risk categories. Like the Buhlman economic premium principle our method considers the effect of the market on the premium but in a different way.

  20. Physical Premium Principle: A New Way for Insurance Pricing

    Science.gov (United States)

    Darooneh, Amir H.

    2005-03-01

    In our previous work we suggested a way for computing the non-life insurance premium. The probable surplus of the insurer company assumed to be distributed according to the canonical ensemble theory. The Esscher premium principle appeared as its special case. The difference between our method and traditional principles for premium calculation was shown by simulation. Here we construct a theoretical foundation for the main assumption in our method, in this respect we present a new (physical) definition for the economic equilibrium. This approach let us to apply the maximum entropy principle in the economic systems. We also extend our method to deal with the problem of premium calculation for correlated risk categories. Like the Buhlman economic premium principle our method considers the effect of the market on the premium but in a different way.

  1. Who Is Afraid of Liquidity Risk? : Dynamic Portfolio Choice with Stochastic Illiquidity

    NARCIS (Netherlands)

    J.J.A.G. Driessen (Joost); R. Xing (Rang)

    2016-01-01

    textabstractRecent empirical work documents large liquidity risk premiums in stock markets. We calculate the liquidity risk premiums demanded by large investors by solving a dynamic portfolio choice problem with stochastic price impact of trading, CRRA utility and a time-varying investment

  2. Who Is Afraid of Liquidity Risk? : Dynamic Portfolio Choice with Stochastic Illiquidity

    NARCIS (Netherlands)

    Driessen, Joost; Xing, R.

    Recent empirical work documents large liquidity risk premiums in stock markets. We calculate the liquidity risk premiums demanded by large investors by solving a dynamic portfolio choice problem with stochastic price impact of trading, CRRA utility and a time-varying investment opportunity set. We

  3. La prima de riesgo recargada en un seguro de rentas: tarificación mediante el uso de una medida de riesgo coherente || The Risk Recharged Premium for a Survival Life Insurance: Recharged Premium through the Use of a Coherent Risk Measure

    Directory of Open Access Journals (Sweden)

    Hernández Solís, Montserrat

    2013-01-01

    Full Text Available En este estudio se obtiene un principio de cálculo de primas, para el ramo de vida, basado en una medida de riesgo coherente, la esperanza distorsionada transformada proporcional del tanto instantáneo (Wang, 1995, que justifique la recomendación de Solvencia II de reducir, para un seguro de rentas, el efecto del tanto instantáneo de mortalidad y conseguir de este modo una prima recargada implícitamente para hacer frente a las desviaciones desfavorables de la siniestralidad real. La modalidad de seguro seleccionada parael estudio ha sido el de rentas, seguro con cobertura de supervivencia, calculándose la prima única de riesgo para las cuatro leyes de supervivencia más aceptadas, como son la primera y segunda de Dormoy, la ley de Gomperzt y la ley de Makeham. La selección de estas leyes ha sido por ser las que mejor se ajustan al modelo mediante el empleo de las tablas de mortalidad elaboradas por Pérez (2000. En los seguros de vida con cobertura de supervivencia, una experiencia de siniestralidad negativa para la compañía significa que los asegurados son más longevos de lo esperado. Así, cuando se calculan las primas, es una práctica común añadir un margen de seguridad implícito, en forma de porcentaje, a las probabilidades de fallecimiento qx, o bien emplear una tabla de mortalidad cuyas probabilidades de fallecimiento sean inferiores a las del grupo humano considerado. Esto se puede interpretar como un decremento del tanto instantáneo con un múltiplo. En este artículo se demuestra que el empleo de la función de distorsión, hasta ahora empleada en el ramo de no vida y siendo la novedad su aplicación al ramo de vida asegurador, produce este mismo efecto, pero mediante el cálculo de una prima recargada de manera implícita. || The goal of this study is to get a premium calculation principle, for the life insurance business, based on a coherent risk measure (Wang, 1995 in the form of power, called Proportional Hazards (PH

  4. Curb Your Premium

    DEFF Research Database (Denmark)

    Amaral-Garcia, Sofia; Grembi, Veronica

    2014-01-01

    institutional setting. In particular, we implement a difference-in-differences strategy using Italian data at the provider level from 2001 to 2008 to evaluate the impact of monitoring claims on medical liability expenditures, measured as insurance premiums and legal expenditures, which was adopted by only some...... Regions. Our results show that this information-enhancing policy reduces paid premiums by around 15%. This reduced-form effect might arise by higher bargaining power on the demand side or increased competition on the supply side of the insurance market. Validity tests show that our findings are not driven...

  5. 24 CFR 241.805 - Insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Insurance premiums. 241.805 Section... Without a HUD-Insured or HUD-Held Mortgage Premiums § 241.805 Insurance premiums. (a) First premium. The... insurance premium equal to one percent of the original face amount of the note. (b) Second premium. The...

  6. 24 CFR 232.805 - Insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Insurance premiums. 232.805 Section... FACILITIES Contract Rights and Obligations Premiums § 232.805 Insurance premiums. (a) First premium. The... insurance premium equal to one percent of the original face amount of the note. (b) Second premium. The...

  7. A comment on 'Storage and the electricity forward premium'

    International Nuclear Information System (INIS)

    Bloys van Treslong, Adriaan; Huisman, Ronald

    2010-01-01

    This paper examines the robustness of the results found by Douglas and Popova (2008). They examine the electricity forward premium in relation to gas storage inventories and find that, although electricity is not directly storable, electricity forward premiums are lower when gas storage inventories are higher, especially on days with high temperatures. Douglas and Popova (2008) derive their results from a forward premium model that is an extension of the Bessembinder and Lemmon (2002) model. We examine whether the gas storage inventory results hold under a different specification of the forward risk premium. Our results support the results found by Douglas and Popova (2008) and show that their results are not influenced by the specification of the forward premium model. (author)

  8. Risk allocation in a public-private catastrophe insurance system : an actuarial analysis of deductibles, stop-loss, and premiums

    NARCIS (Netherlands)

    Paudel, Y.; Botzen, W. J. W.; Aerts, J. C. J. H.; Dijkstra, T. K.

    A public-private (PP) partnership could be a viable arrangement for providing insurance coverage for catastrophe events, such as floods and earthquakes. The objective of this paper is to obtain insights into efficient and practical allocations of risk in a PP insurance system. In particular, this

  9. Risk allocation in a public-private catastrophe insurance system : An actuarial analysis of deductibles, stop-loss, and premiums

    NARCIS (Netherlands)

    Paudel, Y.; Botzen, W.J.W.; Dijkstra, Th.; Aerts, J.C.J.H.

    2015-01-01

    A public-private (PP) partnership could be a viable arrangement for providing insurance coverage for catastrophe events, such as floods and earthquakes. The objective of this paper is to obtain insights into efficient and practical allocations of risk in a PP insurance system. In particular, this

  10. A New Time-varying Concept of Risk in a Changing Climate.

    Science.gov (United States)

    Sarhadi, Ali; Ausín, María Concepción; Wiper, Michael P

    2016-10-20

    In a changing climate arising from anthropogenic global warming, the nature of extreme climatic events is changing over time. Existing analytical stationary-based risk methods, however, assume multi-dimensional extreme climate phenomena will not significantly vary over time. To strengthen the reliability of infrastructure designs and the management of water systems in the changing environment, multidimensional stationary risk studies should be replaced with a new adaptive perspective. The results of a comparison indicate that current multi-dimensional stationary risk frameworks are no longer applicable to projecting the changing behaviour of multi-dimensional extreme climate processes. Using static stationary-based multivariate risk methods may lead to undesirable consequences in designing water system infrastructures. The static stationary concept should be replaced with a flexible multi-dimensional time-varying risk framework. The present study introduces a new multi-dimensional time-varying risk concept to be incorporated in updating infrastructure design strategies under changing environments arising from human-induced climate change. The proposed generalized time-varying risk concept can be applied for all stochastic multi-dimensional systems that are under the influence of changing environments.

  11. A New Time-varying Concept of Risk in a Changing Climate

    Science.gov (United States)

    Sarhadi, Ali; Ausín, María Concepción; Wiper, Michael P.

    2016-10-01

    In a changing climate arising from anthropogenic global warming, the nature of extreme climatic events is changing over time. Existing analytical stationary-based risk methods, however, assume multi-dimensional extreme climate phenomena will not significantly vary over time. To strengthen the reliability of infrastructure designs and the management of water systems in the changing environment, multidimensional stationary risk studies should be replaced with a new adaptive perspective. The results of a comparison indicate that current multi-dimensional stationary risk frameworks are no longer applicable to projecting the changing behaviour of multi-dimensional extreme climate processes. Using static stationary-based multivariate risk methods may lead to undesirable consequences in designing water system infrastructures. The static stationary concept should be replaced with a flexible multi-dimensional time-varying risk framework. The present study introduces a new multi-dimensional time-varying risk concept to be incorporated in updating infrastructure design strategies under changing environments arising from human-induced climate change. The proposed generalized time-varying risk concept can be applied for all stochastic multi-dimensional systems that are under the influence of changing environments.

  12. Chasing the deal with the money: Measuring the required risk premium and expected abnormal returns of private equity funds to maximize their internal rate of return

    Directory of Open Access Journals (Sweden)

    Fernando Scarpati

    2013-09-01

    Full Text Available A number of scholars of private equity (“PE” have attempted to assess the ex-post returns, or performance, of PEs by adopting an ex-post perspective of asset pricing. In doing so a set of phenomena has been recognized that is thought to be specific to the PE sector, such as “money-chasing deal phenomenon” (Gompers and Lerner, 2000 and “performance persistence” (Lerner and Schoar, 2005. However, based on their continuing use of an ex-post perspective, few scholars have paid attention to the possible extent to which these and other PE phenomena may affect expected returns from PE investments. To address this problem this article draws on an ex-ante perspective of investment decision-making in suggesting how a number of drivers and factors of PE phenomena may produce “abnormal returns”, and that each of those drivers and factors should therefore be considered in accurately assessing the required risk premium and expected abnormal returns of PE investments. In making these contributions we examined a private equity investment of a regional PE in Italy and administered a telephone questionnaire to 40 PEs in Italy and the UK and found principally that while size is the most important driver in producing abnormal returns illiquidity alone cannot explain the expected returns of PE investments (cf. Franzoni et al., 2012. Based on our findings we developed a predictive model of PE decision-making that draws on an ex-ante perspective of asset pricing and takes into account PE phenomena and abnormal returns. This model extends the work of Franzoni et al. (2012, Jegadeesh et al. (2009, and Korteweg and Sorensen (2010 who did not consider the possible influence of PE phenomena in decision-making and will also help PE managers in making better-informed decisions.

  13. Optimal Consumption and Investment under Time-Varying Relative Risk Aversion

    DEFF Research Database (Denmark)

    Steffensen, Mogens

    2011-01-01

    We consider the continuous time consumption-investment problem originally formalized and solved by Merton in case of constant relative risk aversion. We present a complete solution for the case where relative risk aversion with respect to consumption varies with time, having in mind an investor...... with age-dependent risk aversion. This provides a new motivation for life-cycle investment rules. We study the optimal consumption and investment rules, in particular in the case where the relative risk aversion with respect to consumption is increasing with age....

  14. PREMIUMS CALCULATION FOR LIFE INSURANCE

    Directory of Open Access Journals (Sweden)

    ANA PREDA

    2012-10-01

    Full Text Available The paper presents the techniques and the formulas used on international practice for establishing the premiums for a life policy. The formulas are generally based on a series of indicators named mortality indicators which mainly point out the insured survival probability, the death probability and life expectancy at certain age. I determined, using a case study, the unique net premium, the annual net premium for a survival insurance, whole life insurance and mixed life insurance.

  15. Time-varying Concurrent Risk of Extreme Droughts and Heatwaves in California

    Science.gov (United States)

    Sarhadi, A.; Diffenbaugh, N. S.; Ausin, M. C.

    2016-12-01

    Anthropogenic global warming has changed the nature and the risk of extreme climate phenomena such as droughts and heatwaves. The concurrent of these nature-changing climatic extremes may result in intensifying undesirable consequences in terms of human health and destructive effects in water resources. The present study assesses the risk of concurrent extreme droughts and heatwaves under dynamic nonstationary conditions arising from climate change in California. For doing so, a generalized fully Bayesian time-varying multivariate risk framework is proposed evolving through time under dynamic human-induced environment. In this methodology, an extreme, Bayesian, dynamic copula (Gumbel) is developed to model the time-varying dependence structure between the two different climate extremes. The time-varying extreme marginals are previously modeled using a Generalized Extreme Value (GEV) distribution. Bayesian Markov Chain Monte Carlo (MCMC) inference is integrated to estimate parameters of the nonstationary marginals and copula using a Gibbs sampling method. Modelled marginals and copula are then used to develop a fully Bayesian, time-varying joint return period concept for the estimation of concurrent risk. Here we argue that climate change has increased the chance of concurrent droughts and heatwaves over decades in California. It is also demonstrated that a time-varying multivariate perspective should be incorporated to assess realistic concurrent risk of the extremes for water resources planning and management in a changing climate in this area. The proposed generalized methodology can be applied for other stochastic nature-changing compound climate extremes that are under the influence of climate change.

  16. The estimation of time-varying risks in asset pricing modelling using B-Spline method

    Science.gov (United States)

    Nurjannah; Solimun; Rinaldo, Adji

    2017-12-01

    Asset pricing modelling has been extensively studied in the past few decades to explore the risk-return relationship. The asset pricing literature typically assumed a static risk-return relationship. However, several studies found few anomalies in the asset pricing modelling which captured the presence of the risk instability. The dynamic model is proposed to offer a better model. The main problem highlighted in the dynamic model literature is that the set of conditioning information is unobservable and therefore some assumptions have to be made. Hence, the estimation requires additional assumptions about the dynamics of risk. To overcome this problem, the nonparametric estimators can also be used as an alternative for estimating risk. The flexibility of the nonparametric setting avoids the problem of misspecification derived from selecting a functional form. This paper investigates the estimation of time-varying asset pricing model using B-Spline, as one of nonparametric approach. The advantages of spline method is its computational speed and simplicity, as well as the clarity of controlling curvature directly. The three popular asset pricing models will be investigated namely CAPM (Capital Asset Pricing Model), Fama-French 3-factors model and Carhart 4-factors model. The results suggest that the estimated risks are time-varying and not stable overtime which confirms the risk instability anomaly. The results is more pronounced in Carhart’s 4-factors model.

  17. Effects of public premiums on children's health insurance coverage: evidence from 1999 to 2003.

    Science.gov (United States)

    Kenney, Genevieve; Hadley, Jack; Blavin, Fredric

    This study uses 2000 to 2004 Current Population Survey data to examine the effects of public premiums on the insurance coverage of children whose family incomes are between 100% and 300% of the federal poverty level. The analysis employs multinomial logistic models that control for factors other than premium costs. While the magnitude of the estimated effects varies across models, the results consistently indicate that raising public premiums reduces enrollment in public programs, with some children who forgo public coverage having private coverage instead and others being uninsured. The results indicate that public premiums have larger effects when applied to lower-income families.

  18. Signaling and the Education Premium

    OpenAIRE

    Gregory Kurtzon

    2004-01-01

    A large portion of the rise in the education premium can be explained by a signaling theory of education which predicts that in the future, increases in the education level of the workforce will actually cause the education premium to rise, simply because different workers are being labeled as “highly educated†. This prediction is supported by past behavior of the high school education premium. It runs counter to the view that increases in the relative supply of high education workers wil...

  19. 46 CFR 308.507 - Security for payment of premiums.

    Science.gov (United States)

    2010-10-01

    ....507 Shipping MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION EMERGENCY OPERATIONS WAR RISK INSURANCE War Risk Cargo Insurance Ii-Open Policy War Risk Cargo Insurance § 308.507 Security for payment of... collateral deposit fund or a surety bond, to secure the payment of the premiums, in an amount which shall at...

  20. 28 CFR 345.52 - Premium pay.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Premium pay. 345.52 Section 345.52... (FPI) INMATE WORK PROGRAMS Inmate Pay and Benefits § 345.52 Premium pay. Payment of premium pay to... inmates at a location. (a) Eligibility. Inmates in first grade pay status may be considered for premium...

  1. 34 CFR 682.505 - Insurance premium.

    Science.gov (United States)

    2010-07-01

    ... 34 Education 3 2010-07-01 2010-07-01 false Insurance premium. 682.505 Section 682.505 Education... § 682.505 Insurance premium. (a) General. The Secretary charges the lender an insurance premium for each Federal GSL Program loan that is guaranteed, except that no insurance premium is charged on a Federal...

  2. Reduced risk of breast cancer associated with recreational physical activity varies by HER2 status

    International Nuclear Information System (INIS)

    Ma, Huiyan; Xu, Xinxin; Ursin, Giske; Simon, Michael S; Marchbanks, Polly A; Malone, Kathleen E; Lu, Yani; McDonald, Jill A; Folger, Suzanne G; Weiss, Linda K; Sullivan-Halley, Jane; Deapen, Dennis M; Press, Michael F; Bernstein, Leslie

    2015-01-01

    Convincing epidemiologic evidence indicates that physical activity is inversely associated with breast cancer risk. Whether this association varies by the tumor protein expression status of the estrogen receptor (ER), progesterone receptor (PR), human epidermal growth factor receptor 2 (HER2), or p53 is unclear. We evaluated the effects of recreational physical activity on risk of invasive breast cancer classified by the four biomarkers, fitting multivariable unconditional logistic regression models to data from 1195 case and 2012 control participants in the population-based Women’s Contraceptive and Reproductive Experiences Study. Self-reported recreational physical activity at different life periods was measured as average annual metabolic equivalents of energy expenditure [MET]-hours per week. Our biomarker-specific analyses showed that lifetime recreational physical activity was negatively associated with the risks of ER-positive (ER+) and of HER2-negative (HER2−) subtypes (both P trend ≤ 0.04), but not with other subtypes (all P trend > 0.10). Analyses using combinations of biomarkers indicated that risk of invasive breast cancer varied only by HER2 status. Risk of HER2–breast cancer decreased with increasing number of MET-hours of recreational physical activity in each specific life period examined, although some trend tests were only marginally statistically significant (all P trend ≤ 0.06). The test for homogeneity of trends (HER2– vs. HER2+) reached statistical significance only when evaluating physical activity during the first 10 years after menarche (P homogeneity = 0.03). Our data suggest that physical activity reduces risk of invasive breast cancers that lack HER2 overexpression, increasing our understanding of the biological mechanisms by which physical activity acts

  3. Risk-communication capability for public health emergencies varies by community diversity

    Directory of Open Access Journals (Sweden)

    Viswanath Kasisomayajula

    2008-03-01

    Full Text Available Abstract Background Public health emergencies heighten several challenges in risk-communication: providing trustworthy sources of information, reaching marginalized populations, and minimizing fear and public confusion. In emergencies, however, information may not diffuse equally among all social groups, and gaps in knowledge may increase. Such knowledge gaps vary by social structure and the size, socioeconomic status, and diversity of the population. This study explores the relationship between risk-communication capabilities, as perceived by public officials participating in emergency tabletop exercises, and community size and diversity. Findings For each of the three communication functions tested, risk-communication capabilities are perceived to be greater in communities with fewer then 10% of the population speaking a language other than English at home, decreasing as the percentage grows to 20% (ANOVA P ≤ 0.02. With respect to community size, however, we found an N-shaped relationship between perceived risk communication capabilities and population size. Capabilities are perceived highest in the largest communities and lowest in the smallest, but lower in communities with 20,000–49,999 inhabitants compared to those with 2,500–19,999. Conclusion The results of this study suggest the need to factor population diversity into risk communication plans and the need for improved state or regional risk-communication capabilities, especially for communities with limited local capacity.

  4. Managing commodity risks in highway contracts : quantifying premiums, accounting for correlations among risk factors, and designing optimal price-adjustment contracts.

    Science.gov (United States)

    2011-09-01

    It is a well-known fact that macro-economic conditions, such as prices of commodities (e.g. oil, : cement and steel) affect the cost of construction projects. In a volatile market environment, highway : agencies often pass such risk to contractors us...

  5. Parent-child coregulation of parasympathetic processes varies by social context and risk for psychopathology.

    Science.gov (United States)

    Lunkenheimer, Erika; Tiberio, Stacey S; Skoranski, Amanda M; Buss, Kristin A; Cole, Pamela M

    2018-02-01

    The parasympathetic nervous system supports social interaction and varies in relation to psychopathology. However, we know little about parasympathetic processes from a dyadic framework, nor in early childhood when parent-child social interactions become more complex and child psychopathology first emerges. We hypothesized that higher risk for psychopathology (maternal psychopathology symptoms and child problem behavior) would be related to weaker concordance of respiratory sinus arrhythmia (RSA) between mothers and children (M = 3½ years old; N = 47) and that these relations could vary by social contextual demands, comparing unstructured free play, semistructured cleanup, and structured teaching tasks. Multilevel coupled autoregressive models of RSA during parent-child interactions showed overall dynamic, positive concordance in mother-child RSA over time, but this concordance was weaker during the more structured teaching task. In contrast, higher maternal psychological aggression and child externalizing and internalizing problems were associated with weaker dyadic RSA concordance, which was weakest during unstructured free play. Higher maternal depressive symptoms were related to disrupted individual mother and child RSA but not to RSA concordance. Thus, risk for psychopathology was generally related to weaker dyadic mother-child RSA concordance in contexts with less complex structure or demands (free play, cleanup), as compared to the structured teaching task that showed weaker RSA concordance for all dyads. Implications for the meaning and utility of the construct of parent-child physiological coregulation are discussed. © 2017 Society for Psychophysiological Research.

  6. Varying coefficient subdistribution regression for left-truncated semi-competing risks data.

    Science.gov (United States)

    Li, Ruosha; Peng, Limin

    2014-10-01

    Semi-competing risks data frequently arise in biomedical studies when time to a disease landmark event is subject to dependent censoring by death, the observation of which however is not precluded by the occurrence of the landmark event. In observational studies, the analysis of such data can be further complicated by left truncation. In this work, we study a varying co-efficient subdistribution regression model for left-truncated semi-competing risks data. Our method appropriately accounts for the specifical truncation and censoring features of the data, and moreover has the flexibility to accommodate potentially varying covariate effects. The proposed method can be easily implemented and the resulting estimators are shown to have nice asymptotic properties. We also present inference, such as Kolmogorov-Smirnov type and Cramér Von-Mises type hypothesis testing procedures for the covariate effects. Simulation studies and an application to the Denmark diabetes registry demonstrate good finite-sample performance and practical utility of the proposed method.

  7. Do "premium" joint implants add value?: analysis of high cost joint implants in a community registry.

    Science.gov (United States)

    Gioe, Terence J; Sharma, Amit; Tatman, Penny; Mehle, Susan

    2011-01-01

    Numerous joint implant options of varying cost are available to the surgeon, but it is unclear whether more costly implants add value in terms of function or longevity. We evaluated registry survival of higher-cost "premium" knee and hip components compared to lower-priced standard components. Premium TKA components were defined as mobile-bearing designs, high-flexion designs, oxidized-zirconium designs, those including moderately crosslinked polyethylene inserts, or some combination. Premium THAs included ceramic-on-ceramic, metal-on-metal, and ceramic-on-highly crosslinked polyethylene designs. We compared 3462 standard TKAs to 2806 premium TKAs and 868 standard THAs to 1311 premium THAs using standard statistical methods. The cost of the premium implants was on average approximately $1000 higher than the standard implants. There was no difference in the cumulative revision rate at 7-8 years between premium and standard TKAs or THAs. In this time frame, premium implants did not demonstrate better survival than standard implants. Revision indications for TKA did not differ, and infection and instability remained contributors. Longer followup is necessary to demonstrate whether premium implants add value in younger patient groups. Level III, therapeutic study. See Guidelines for Authors for a complete description of levels of evidence.

  8. Tail Risk Premia and Return Predictability

    DEFF Research Database (Denmark)

    Bollerslev, Tim; Todorov, Viktor; Xu, Lai

    The variance risk premium, defined as the difference between actual and risk-neutralized expectations of the forward aggregate market variation, helps predict future market returns. Relying on new essentially model-free estimation procedure, we show that much of this predictability may be attribu......The variance risk premium, defined as the difference between actual and risk-neutralized expectations of the forward aggregate market variation, helps predict future market returns. Relying on new essentially model-free estimation procedure, we show that much of this predictability may......-varying economic uncertainty and changes in risk aversion, or market fears, respectively....

  9. Premiums And Reserves, Adjusted By Distortions

    OpenAIRE

    Pichler, Alois

    2013-01-01

    The net-premium principle is considered to be the most genuine and fair premium principle in actuarial applications. However, an insurance company, applying the net-premium principle, goes bankrupt with probability one in the long run, even if the company covers its entire costs by collecting the respective fees from its customers. It is therefore an intrinsic necessity for the insurance industry to apply premium principles, which guarantee at least further existence of the company itself; ot...

  10. Antipsychotic Use and Hospitalization Among Older Assisted Living Residents: Does Risk Vary by Frailty Status?

    Science.gov (United States)

    Stock, Kathryn J; Hogan, David B; Lapane, Kate; Amuah, Joseph E; Tyas, Suzanne L; Bronskill, Susan E; Morris, Andrew M; Bell, Chaim M; Jeffs, Lianne; Maxwell, Colleen J

    2017-07-01

    To examine associations between baseline frailty measures, antipsychotic use, and hospitalization over 1 year and whether hospitalization risk associated with antipsychotic use varies by frailty level. In this prospective cohort study of 1,066 residents (mean age: 85 years; 77% women) from the Alberta Continuing Care Epidemiological Studies, trained research nurses conducted comprehensive resident assessments at baseline (2006-2007) for sociodemographic characteristics, health conditions, frailty status, behavioral problems, and all medications consumed during the past 3 days. Two separate measures of frailty were assessed, the Cardiovascular Health Study (CHS) phenotype and an 86-item Frailty Index (FI). Time to first hospitalization during follow-up was determined via linkage with the Alberta Inpatient Discharge Abstract Database. Baseline frailty status (both measures), but not antipsychotic use, was significantly associated with hospitalization over 1 year. When stratified by frailty, FI-defined frail residents using antipsychotics showed a significantly increased risk for hospitalization (adjusted HR: 1.54; 95% CI: 1.01-2.36) compared with frail nonusers. CHS-defined frail antipsychotic users versus frail nonusers also showed an elevated risk (adjusted HR: 1.67; 95% CI: 0.96-2.88). Nonfrail residents using antipsychotics were significantly less likely to be hospitalized compared with nonfrail nonusers whether defined by the FI (adjusted HR: 0.62; 95% CI: 0.39-0.99) or CHS criteria (adjusted HR: 0.62; 95% CI: 0.40-0.96). Frailty measures may be helpful in identifying those who are particularly vulnerable to adverse effects and those who may experience benefit with treatment. Copyright © 2017 American Association for Geriatric Psychiatry. Published by Elsevier Inc. All rights reserved.

  11. 42 CFR 403.254 - Calculation of premiums.

    Science.gov (United States)

    2010-10-01

    ... rate credits. (4) Unearned premium reserve means the portion of gross premiums due that provide for...) Written premiums for the period; plus— (ii) The total premium reserve at the beginning of the period; less— (iii) The total premium reserve at the end of the period. (2) Written premiums in a period means— (i...

  12. Premium indexing in lifelong health insurance

    NARCIS (Netherlands)

    Vercruysse, W.; Dhaene, J.; Denuit, M.; Pitacco, E.; Antonio, K.

    2013-01-01

    For lifelong health insurance covers, medical inflation not incorporated in the level premiums determined at policy issue requires an appropriate increase of these premiums and/or the corresponding reserves during the term of the contract. In this paper, we investigate appropriate premium indexing

  13. 42 CFR 423.780 - Premium subsidy.

    Science.gov (United States)

    2010-10-01

    ...) MEDICARE PROGRAM VOLUNTARY MEDICARE PRESCRIPTION DRUG BENEFIT Premiums and Cost-Sharing Subsidies for Low... 42 Public Health 3 2010-10-01 2010-10-01 false Premium subsidy. 423.780 Section 423.780 Public...-service plans or 1876 cost plans) in a PDP region in the reference month. (ii) Premium amounts. The...

  14. 5 CFR 890.1208 - Premiums.

    Science.gov (United States)

    2010-01-01

    ... 599C(e) of Public Law 101-513. (b) If the individual is not covered under this subpart for the full pay period, premiums are paid only for the days he or she is actually covered. The daily premium rate is an amount equal to the monthly premium rate multiplied by 12 and divided by 365. (c) The payments required...

  15. 24 CFR 220.804 - Insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Insurance premiums. 220.804 Section... and Obligations-Projects Insured Project Improvement Loans § 220.804 Insurance premiums. (a) First premium. The lender, upon the initial endorsement of the loan for insurance, shall pay to the Commissioner...

  16. 24 CFR 203.443 - Insurance premium.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Insurance premium. 203.443 Section... premium. All of the provisions of §§ 203.260 through 203.269 1 concerning mortgage insurance premiums... DEVELOPMENT MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES SINGLE...

  17. The TIPS Liquidity Premium

    DEFF Research Database (Denmark)

    Andreasen, Martin Møller; Christensen, Jens H.E.; Simon Riddell, Simon

    We introduce an arbitrage-free term structure model of nominal and real yields that accounts for liquidity risk in Treasury inflation-protected securities (TIPS). The novel feature of our model is to identify liquidity risk from individual TIPS prices by accounting for the tendency that TIPS, lik...

  18. Estimated value of insurance premium due to Citarum River flood by using Bayesian method

    Science.gov (United States)

    Sukono; Aisah, I.; Tampubolon, Y. R. H.; Napitupulu, H.; Supian, S.; Subiyanto; Sidi, P.

    2018-03-01

    Citarum river flood in South Bandung, West Java Indonesia, often happens every year. It causes property damage, producing economic loss. The risk of loss can be mitigated by following the flood insurance program. In this paper, we discussed about the estimated value of insurance premiums due to Citarum river flood by Bayesian method. It is assumed that the risk data for flood losses follows the Pareto distribution with the right fat-tail. The estimation of distribution model parameters is done by using Bayesian method. First, parameter estimation is done with assumption that prior comes from Gamma distribution family, while observation data follow Pareto distribution. Second, flood loss data is simulated based on the probability of damage in each flood affected area. The result of the analysis shows that the estimated premium value of insurance based on pure premium principle is as follows: for the loss value of IDR 629.65 million of premium IDR 338.63 million; for a loss of IDR 584.30 million of its premium IDR 314.24 million; and the loss value of IDR 574.53 million of its premium IDR 308.95 million. The premium value estimator can be used as neither a reference in the decision of reasonable premium determination, so as not to incriminate the insured, nor it result in loss of the insurer.

  19. The VIX, the Variance Premium, and Expected Returns

    DEFF Research Database (Denmark)

    Osterrieder, Daniela Maria; Ventosa-Santaulària, Daniel; Vera-Valdés, Eduardo

    2018-01-01

    . These problems are eliminated if risk is captured by the variance premium (VP) instead; it is unobservable, however. We propose a 2SLS estimator that produces consistent estimates without observing the VP. Using this method, we find a positive risk–return trade-off and long-run return predictability. Our...

  20. Incentive-compatible guaranteed renewable health insurance premiums.

    Science.gov (United States)

    Herring, Bradley; Pauly, Mark V

    2006-05-01

    Theoretical models of guaranteed renewable insurance display front-loaded premium schedules. Such schedules both cover lifetime total claims of low-risk and high-risk individuals and provide an incentive for those who remain low-risk to continue to purchase the policy. Questions have been raised of whether actual individual insurance markets in the US approximate the behavior predicted by these models, both because young consumers may not be able to "afford" front-loading and because insurers may behave strategically in ways that erode the value of protection against risk reclassification. In this paper, the optimal competitive age-based premium schedule for a benchmark guaranteed renewable health insurance policy is estimated using medical expenditure data. Several factors are shown to reduce the amount of front-loading necessary. Indeed, the resulting optimal premium path increases with age. Actual premium paths exhibited by purchasers of individual insurance are close to the optimal renewable schedule we estimate. Finally, consumer utility associated with the feature is examined.

  1. Neural initialization of audiovisual integration in prereaders at varying risk for developmental dyslexia.

    Science.gov (United States)

    I Karipidis, Iliana; Pleisch, Georgette; Röthlisberger, Martina; Hofstetter, Christoph; Dornbierer, Dario; Stämpfli, Philipp; Brem, Silvia

    2017-02-01

    Learning letter-speech sound correspondences is a major step in reading acquisition and is severely impaired in children with dyslexia. Up to now, it remains largely unknown how quickly neural networks adopt specific functions during audiovisual integration of linguistic information when prereading children learn letter-speech sound correspondences. Here, we simulated the process of learning letter-speech sound correspondences in 20 prereading children (6.13-7.17 years) at varying risk for dyslexia by training artificial letter-speech sound correspondences within a single experimental session. Subsequently, we acquired simultaneously event-related potentials (ERP) and functional magnetic resonance imaging (fMRI) scans during implicit audiovisual presentation of trained and untrained pairs. Audiovisual integration of trained pairs correlated with individual learning rates in right superior temporal, left inferior temporal, and bilateral parietal areas and with phonological awareness in left temporal areas. In correspondence, a differential left-lateralized parietooccipitotemporal ERP at 400 ms for trained pairs correlated with learning achievement and familial risk. Finally, a late (650 ms) posterior negativity indicating audiovisual congruency of trained pairs was associated with increased fMRI activation in the left occipital cortex. Taken together, a short (audiovisual integration in neural systems that are responsible for processing linguistic information in proficient readers. To conclude, the ability to learn grapheme-phoneme correspondences, the familial history of reading disability, and phonological awareness of prereading children account for the degree of audiovisual integration in a distributed brain network. Such findings on emerging linguistic audiovisual integration could allow for distinguishing between children with typical and atypical reading development. Hum Brain Mapp 38:1038-1055, 2017. © 2016 Wiley Periodicals, Inc. © 2016 Wiley Periodicals

  2. Demand of Insurance under the Cost-of-Capital Premium Calculation Principle

    Directory of Open Access Journals (Sweden)

    Michael Merz

    2014-06-01

    Full Text Available We study the optimal insurance design problem. This is a risk sharing problem between an insured and an insurer. The main novelty in this paper is that we study this optimization problem under a risk-adjusted premium calculation principle for the insurance cover. This risk-adjusted premium calculation principle uses the cost-of-capital approach as it is suggested (and used by the regulator and the insurance industry.

  3. Tort law and medical malpractice insurance premiums.

    Science.gov (United States)

    Kilgore, Meredith L; Morrisey, Michael A; Nelson, Leonard J

    2006-01-01

    This paper estimated the effects of tort law and insurer investment returns on physician malpractice insurance premiums. Data were collected on tort law from 1991 through 2004, and multivariate regression models, including fixed effects for state and year, were used to estimate the effect of changes in tort law on medical malpractice premiums. The premium consequences of national policy changes were simulated. The analysis found that the introduction of a new damage cap lowered malpractice premiums for internal medicine, general surgery, and obstetrics/gynecology by 17.3%, 20.7%, and 25.5%, respectively. Lowering damage caps by dollar 100,000 reduced premiums by 4%. Statutes of repose also resulted in lower premiums. No other tort law changes had the effect of lowering premiums. Simulation results indicate that a national cap of dollar 250,000 on awards for noneconomic damages in all states would imply premium savings of dollar 16.9 billion. Extending a dollar 250,000 cap to all states that do not currently have them would save dollar 1.4 billion annually, or about 8% of the total. A negative effect on malpractice premiums was found for the Dow Jones industrial average, but not for bond prices; effects of the Nasdaq index were not significant for internal medicine, but were marginally significant for surgery and obstetrics premiums.

  4. Height premium for job performance.

    Science.gov (United States)

    Kim, Tae Hyun; Han, Euna

    2017-08-01

    This study assessed the relationship of height with wages, using the 1998 and 2012 Korean Labor and Income Panel Study data. The key independent variable was height measured in centimeters, which was included as a series of dummy indicators of height per 5cm span (wages to assess the heterogeneity in the height-wage relationship, across the conditional distribution of monthly wages. We found a non-linear relationship of height with monthly wages. For men, the magnitude of the height wage premium was overall larger at the upper quantile of the conditional distribution of log monthly wages than at the median to low quantile, particularly in professional and semi-professional occupations. The height-wage premium was also larger at the 90th quantile for self-employed women and salaried men. Our findings add a global dimension to the existing evidence on height-wage premium, demonstrating non-linearity in the association between height and wages and heterogeneous changes in the dispersion and direction of the association between height and wages, by wage level. Copyright © 2017 Elsevier B.V. All rights reserved.

  5. The Loss Aversion / Narrow Framing Approach to the Equity Premium Puzzle

    OpenAIRE

    Nicholas Barberis; Ming Huang

    2006-01-01

    We review a recent approach to understanding the equity premium puzzle. The key elements of this approach are loss aversion and narrow framing, two well-known features of decision-making under risk in experimental settings. In equilibrium, models that incorporate these ideas can generate a large equity premium and a low and stable risk-free rate, even when consumption growth is smooth and only weakly correlated with the stock market. Moreover, they can do so for parameter values that correspo...

  6. Workplace Variation in Fatherhood Wage Premiums: Do Formalization and Performance Pay Matter?

    OpenAIRE

    Fuller, Sylvia; Cooke, Lynn

    2018-01-01

    Parenthood contributes substantially to broader gender wage inequality. The intensification of gendered divisions of paid and unpaid work after the birth of a child create unequal constraints and expectations such that, all else equal, mothers earn less than childless women, but fathers earn a wage premium. The fatherhood wage premium, however, varies substantially among men. Analyses of linked workplace-employee data from Canada reveal how organizational context conditions educational, occup...

  7. Menopausal Estrogen Therapy Benefits and Risks Vary by Age, WHI Analysis Suggests

    Science.gov (United States)

    Long-term follow-up data from the Women’s Health Initiative (WHI) provide new information about the potential risks and benefits of hormone therapy to treat symptoms related to menopause, including its effect on breast cancer risk,

  8. Abuse and neglect in children with disabilities: risk varies by type of disability

    Directory of Open Access Journals (Sweden)

    Miriam Maclean

    2017-04-01

    Different disabilities are associated with differing risk of child maltreatment and child protection involvement. Groups that are considered at higher risk require services to identify and address the support needs of this group and determine how prevention and early intervention can lower the risk for child abuse and neglect in this vulnerable group.

  9. The urban density premium across establishments

    OpenAIRE

    R. Jason Faberman; Matthew Freedman

    2013-01-01

    We use longitudinal microdata to estimate the urban density premium for U.S. establishments, controlling for observed establishment characteristics and dynamic establishment behavior. Consistent with previous studies, we estimate a density premium between 6 and 10 percent, even after controlling for establishment composition, local skill mix, and the endogeneity of location choice. More importantly, we find that the estimated density premium is realized almost entirely at birth and is constan...

  10. Sorting out commodity and macroeconomic risk in expected stock returns

    NARCIS (Netherlands)

    Boons, M.F.

    2014-01-01

    The dissertation consists of three essays in asset pricing. Chapter I is motivated by the recent surge in institutional investment in commodity futures markets. The chapter studies how commodity risk is priced in stock and futures markets and asks whether this risk premium is time-varying with these

  11. Time-varying betas and Cross-Sectional Return-Risk Relation: Evidence from the UK

    NARCIS (Netherlands)

    Fraser, P; MacGregor, B.; Hoesli, M.; Hamelink, F.

    2004-01-01

    The seminal study by Fama and MacBeth in 1973 initiated a stream of papers testing for the cross-sectional relation between return and risk. The debate as to whether beta is a valid measure of risk was reanimated by Fama and French and subsequent studies. Rather than focusing on exogenous variables

  12. Risk adjusted receding horizon control of constrained linear parameter varying systems

    NARCIS (Netherlands)

    Sznaier, M.; Lagoa, C.; Stoorvogel, Antonie Arij; Li, X.

    2005-01-01

    In the past few years, control of Linear Parameter Varying Systems (LPV) has been the object of considerable attention, as a way of formalizing the intuitively appealing idea of gain scheduling control for nonlinear systems. However, currently available LPV techniques are both computationally

  13. Risk premia in general equilibrium

    DEFF Research Database (Denmark)

    Posch, Olaf

    This paper shows that non-linearities can generate time-varying and asymmetric risk premia over the business cycle. These (empirical) key features become relevant and asset market implications improve substantially when we allow for non-normalities in the form of rare disasters. We employ explici......'s effective risk aversion.......This paper shows that non-linearities can generate time-varying and asymmetric risk premia over the business cycle. These (empirical) key features become relevant and asset market implications improve substantially when we allow for non-normalities in the form of rare disasters. We employ explicit...... solutions of dynamic stochastic general equilibrium models, including a novel solution with endogenous labor supply, to obtain closed-form expressions for the risk premium in production economies. We find that the curvature of the policy functions affects the risk premium through controlling the individual...

  14. Dosimetric analysis of varying cord planning organ at risk volume in spine stereotactic body radiation therapy

    Directory of Open Access Journals (Sweden)

    Dawn Owen, MD, PhD

    2016-01-01

    Conclusion: Current guidelines may overestimate the risk of myelopathy from spine SBRT. The current study's population included both radiation-naïve and retreatment cases, but no myelopathy was observed despite exceeding recommended spine limits.

  15. Does accessibility of positive and negative schema vary by child physical abuse risk?

    Science.gov (United States)

    Crouch, Julie L; Risser, Heather J; Skowronski, John J; Milner, Joel S; Farc, Magdalena M; Irwin, Lauren M

    2010-11-01

    To examine differences in accessibility of positive and negative schema in parents with high and low risk for child physical abuse (CPA). This study combined picture priming and lexical decision making methods to assess the accessibility of positive and negative words following presentation of child and adult faces. The child and adult faces depicted positive, ambiguous, and negative affective valences. The sample included 67 (51 low and 16 high CPA risk) general population parents. CPA risk status was associated with accessibility of positive/negative words only following priming with faces of the opposite affective valence. More specifically, high CPA risk parents were slower to respond to positive (negative) words following priming with negative (positive) faces. Exploratory analyses indicated that this pattern of findings was more clearly apparent when picture primes involved adult faces. The present findings suggest that high and low CPA risk parents differ in how they process affectively incongruent information. Research is needed to further examine schema accessibility, as well as to examine whether processes involved in attention and affect integration play a role in CPA risk. Copyright © 2010 Elsevier Ltd. All rights reserved.

  16. A note on weighted premium calculation principles

    NARCIS (Netherlands)

    Kaluszka, M.; Laeven, R.J.A.; Okolewski, A.

    2012-01-01

    A prominent problem in actuarial science is to determine premium calculation principles that satisfy certain criteria. Goovaerts et al. [Goovaerts, M. J., De Vylder, F., Haezendonck, J., 1984. Insurance Premiums: Theory and Applications. North-Holland, Amsterdam, p. 84] establish an optimality-type

  17. Does Accessibility of Positive and Negative Schema Vary by Child Physical Abuse Risk?

    Science.gov (United States)

    Crouch, Julie L.; Risser, Heather J.; Skowronski, John J.; Milner, Joel S.; Farc, Magdalena M.; Irwin, Lauren M.

    2010-01-01

    Objective: To examine differences in accessibility of positive and negative schema in parents with high and low risk for child physical abuse (CPA). Methods: This study combined picture priming and lexical decision making methods to assess the accessibility of positive and negative words following presentation of child and adult faces. The child…

  18. Time-varying individual risk attitudes over the Great Recession: A comparison of Germany and Ukraine

    NARCIS (Netherlands)

    Dohmen, T.J.; Lehmann, H.; Pignatti, N.

    We use the panel data of the German Socio-Economic Panel (SOEP) and of the Ukrainian Longitudinal Monitoring Survey (ULMS) to investigate whether risk attitudes have primary (exogenous) determinants that are valid in different stages of economic development and in a different structural context,

  19. Promoting the market and system integration of renewable energies through premium schemes—A case study of the German market premium

    International Nuclear Information System (INIS)

    Gawel, Erik; Purkus, Alexandra

    2013-01-01

    With the share of renewable energies within the electricity sector rising, improving their market and system integration is of increasing importance. By offering plant operators a premium on top of the electricity market price, premium schemes represent an option to increase the alignment of renewable electricity production with market signals, and have been implemented by several EU member states. This paper examines the case study of the German market premium scheme adopted in 2012. Building on an evaluation of early experiences, we discuss whether the market premium contributes to the aims of market and/or system integration (effectiveness), and what potential efficiency gains and additional costs of “administering integration” are associated with it (efficiency). While exposing renewables to price risks is not the scheme’s purpose, it has successfully increased participation in direct marketing. However, risks of overcompensating producers for marketing and balancing costs are high, and the benefits of gradually leading plant operators towards the market are questionable. Incentives for demand-oriented production are established, but they seem insufficient particularly in the case of intermittent renewable energy sources. To conclude, we provide an outlook on alternative designs of premium schemes, and discuss whether they seem better suited for addressing the challenges ahead. - Highlights: • Premium schemes are used to align renewable energy sources (RES) with market signals. • We examine the effectiveness and efficiency of the German market premium scheme. • Participation in direct marketing has increased, but so have support costs. • For intermittent RES, incentives for demand-oriented production are insufficient. • Efficiency gains from exposing RES to market risks entail several trade-offs

  20. Costs of fear: Behavioral and life-history responses to risk and their demographic consequences vary across species

    Science.gov (United States)

    LaManna, Joseph A.; Martin, Thomas E.

    2016-01-01

    Behavioural responses to reduce predation risk might cause demographic ‘costs of fear’. Costs differ among species, but a conceptual framework to understand this variation is lacking. We use a life-history framework to tie together diverse traits and life stages to better understand interspecific variation in responses and costs. We used natural and experimental variation in predation risk to test phenotypic responses and associated demographic costs for 10 songbird species. Responses such as increased parental attentiveness yielded reduced development time and created benefits such as reduced predation probability. Yet, responses to increased risk also created demographic costs by reducing offspring production in the absence of direct predation. This cost of fear varied widely across species, but predictably with the probability of repeat breeding. Use of a life-history framework can aid our understanding of potential demographic costs from predation, both from responses to perceived risk and from direct predation mortality.

  1. Oral complementary medicine and alternative practitioner use varies across chronic conditions and attitudes to risk

    Directory of Open Access Journals (Sweden)

    Robert J Adams

    2010-11-01

    Full Text Available Robert J Adams1, Sarah L Appleton1, Antonia Cole2, Tiffany K Gill3, Anne W Taylor3, Catherine L Hill11The Health Observatory, 2Rheumatology Unit, 3Population Research and Outcomes Unit, SA Health, The University of Adelaide Discipline of Medicine, Queen Elizabeth Hospital, Woodville, AustraliaObjectives: To determine whether chronic conditions and patient factors, such as risk perception and decision-making preferences, are associated with complementary medicine and alternative practitioner use in a representative longitudinal population cohort.Participants and setting: Analysis of data from Stage 2 of the North West Adelaide Health Study of 3161 adults who attended a study clinic visit in 2004–2006. The main outcome measures were the medications brought by participants to the study clinic visit, chronic health conditions, attitudes to risk, levels of satisfaction with conventional medicine, and preferred decision-making style.Results: At least one oral complementary medicine was used by 27.9% of participants, and 7.3% were visiting alternative practitioners (naturopath, osteopath. Oral complementary medicine use was significantly associated with arthritis, osteoporosis, and mental health conditions, but not with other chronic conditions. Any pattern of complementary medicine use was generally significantly associated with female gender, age at least 45 years, patient-driven decision-making preferences (odds ratio [OR] 1.38, 95% confidence interval [CI]: 1.08–1.77, and frequent general practitioner visits (>five per year; OR 3.62, 95% CI: 2.13–6.17. Alternative practitioner visitors were younger, with higher levels of education (diploma/trade [OR 1.88, 95% CI: 1.28–2.76], bachelor’s degree [OR 1.77, 95% CI: 1.11–2.82], income > $80,000 (OR 2.28, 95% CI: 1.26–4.11, female gender (OR 3.15, 95% CI: 2.19–4.52, joint pain not diagnosed as arthritis (OR 1.68, 95% CI: 1.17–2.41, moderate to severe depressive symptoms (OR 2.15, 95% CI

  2. Oral complementary medicine and alternative practitioner use varies across chronic conditions and attitudes to risk.

    Science.gov (United States)

    Adams, Robert J; Appleton, Sarah L; Cole, Antonia; Gill, Tiffany K; Taylor, Anne W; Hill, Catherine L

    2010-11-08

    To determine whether chronic conditions and patient factors, such as risk perception and decision-making preferences, are associated with complementary medicine and alternative practitioner use in a representative longitudinal population cohort. Analysis of data from Stage 2 of the North West Adelaide Health Study of 3161 adults who attended a study clinic visit in 2004-2006. The main outcome measures were the medications brought by participants to the study clinic visit, chronic health conditions, attitudes to risk, levels of satisfaction with conventional medicine, and preferred decision-making style. At least one oral complementary medicine was used by 27.9% of participants, and 7.3% were visiting alternative practitioners (naturopath, osteopath). Oral complementary medicine use was significantly associated with arthritis, osteoporosis, and mental health conditions, but not with other chronic conditions. Any pattern of complementary medicine use was generally significantly associated with female gender, age at least 45 years, patient-driven decision-making preferences (odds ratio [OR] 1.38, 95% confidence interval [CI]: 1.08-1.77), and frequent general practitioner visits (>five per year; OR 3.62, 95% CI: 2.13-6.17). Alternative practitioner visitors were younger, with higher levels of education (diploma/trade [OR 1.88, 95% CI: 1.28-2.76], bachelor's degree [OR 1.77, 95% CI: 1.11-2.82], income >$80,000 (OR 2.28, 95% CI: 1.26-4.11), female gender (OR 3.15, 95% CI: 2.19-4.52), joint pain not diagnosed as arthritis (OR 1.68, 95% CI: 1.17-2.41), moderate to severe depressive symptoms (OR 2.15, 95% CI: 1.04-4.46), and risk-taking behavior (3.26, 1.80-5.92), or low-to-moderate risk aversion (OR 2.08, 95% CI: 1.26-4.11). Although there is widespread use of complementary medicines in the Australian community, there are differing patterns of use between those using oral complementary medicines and those using alternative practitioners.

  3. Combined risk assessment of nonstationary monthly water quality based on Markov chain and time-varying copula.

    Science.gov (United States)

    Shi, Wei; Xia, Jun

    2017-02-01

    Water quality risk management is a global hot research linkage with the sustainable water resource development. Ammonium nitrogen (NH 3 -N) and permanganate index (COD Mn ) as the focus indicators in Huai River Basin, are selected to reveal their joint transition laws based on Markov theory. The time-varying moments model with either time or land cover index as explanatory variables is applied to build the time-varying marginal distributions of water quality time series. Time-varying copula model, which takes the non-stationarity in the marginal distribution and/or the time variation in dependence structure between water quality series into consideration, is constructed to describe a bivariate frequency analysis for NH 3 -N and COD Mn series at the same monitoring gauge. The larger first-order Markov joint transition probability indicates water quality state Class V w , Class IV and Class III will occur easily in the water body of Bengbu Sluice. Both marginal distribution and copula models are nonstationary, and the explanatory variable time yields better performance than land cover index in describing the non-stationarities in the marginal distributions. In modelling the dependence structure changes, time-varying copula has a better fitting performance than the copula with the constant or the time-trend dependence parameter. The largest synchronous encounter risk probability of NH 3 -N and COD Mn simultaneously reaching Class V is 50.61%, while the asynchronous encounter risk probability is largest when NH 3 -N and COD Mn is inferior to class V and class IV water quality standards, respectively.

  4. Storage and the electricity forward premium

    International Nuclear Information System (INIS)

    Douglas, Stratford; Popova, Julia

    2008-01-01

    We develop and test a model describing the influence of natural gas storage inventories on the electricity forward premium. The model is constructed by linking the effect of gas storage constraints on the higher moments of the distribution of electricity prices to an established model of the effect of those moments on the forward premium. The model predicts a sharply negative effect of gas storage inventories on the electricity forward premium when demand for electricity is high and space-heating demand for gas is low. Empirical results, based on PJM data, strongly support the model. (author)

  5. 24 CFR 266.602 - Mortgage insurance premium: Insured advances.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium: Insured... Contract Rights and Obligations Mortgage Insurance Premiums § 266.602 Mortgage insurance premium: Insured.... On each anniversary of the initial closing, the HFA shall pay an interim mortgage insurance premium...

  6. 42 CFR 60.14 - The insurance premium.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 1 2010-10-01 2010-10-01 false The insurance premium. 60.14 Section 60.14 Public... LOAN PROGRAM The Loan § 60.14 The insurance premium. (a) General. (1) The Secretary insures each lender... lender an insurance premium. The insurance premium is due to the Secretary on the date of disbursement of...

  7. Climate Change Impacts on Projections of Excess Mortality at 2030 using Spatially-Varying Ozone-Temperature Risk Surfaces

    Science.gov (United States)

    Wilson, Ander; Reich, Brian J.; Nolte, Christopher G.; Spero, Tanya L.; Hubbell, Bryan; Rappold, Ana G.

    2017-01-01

    We project the change in ozone-related mortality burden attributable to changes in climate between a historical (1995–2005) and near-future (2025–2035) time period while incorporating a nonlinear and synergistic effect of ozone and temperature on mortality. We simulate air quality from climate projections varying only biogenic emissions and holding anthropogenic emissions constant, thus attributing changes in ozone only to changes in climate and independent of changes in air pollutant emissions. We estimate nonlinear, spatially-varying, ozone-temperature risk surfaces for 94 US urban areas using observed data. Using the risk surfaces and climate projections we estimate daily mortality attributable to ozone exceeding 40 ppb (moderate level) and 75 ppb (US ozone NAAQS) for each time period. The average increases in city-specific median April-October ozone and temperature between time periods are 1.02 ppb and 1.94°F; however, the results varied by region. Increases in ozone due to climate change result in an increase in ozone-mortality burden. Mortality attributed to ozone exceeding 40 ppb increases by 7.7% (1.6%, 14.2%). Mortality attributed to ozone exceeding 75 ppb increases by 14.2% (1.6%, 28.9%). The absolute increase in excess ozone mortality is larger for changes in moderate ozone levels, reflecting the larger number of days with moderate ozone levels. PMID:27005744

  8. Does COPD risk vary by ethnicity? A retrospective cross-sectional study.

    Science.gov (United States)

    Gilkes, Alexander; Ashworth, Mark; Schofield, Peter; Harries, Timothy H; Durbaba, Stevo; Weston, Charlotte; White, Patrick

    2016-01-01

    Lower risk of COPD has been reported in black and Asian people, raising questions of poorer recognition or reduced susceptibility. We assessed prevalence and severity of COPD in ethnic groups, controlling for smoking. A retrospective cross-sectional study using routinely collected primary care data in London. COPD prevalence, severity (% predicted forced expiratory volume in 1 second [FEV1]), smoking status, and treatment were compared between ethnic groups, adjusting for age, sex, smoking, deprivation, and practice clustering. Among 358,614 patients in 47 general practices, 47.6% were white, 20% black, and 5% Asian. Prevalence of COPD was 1.01% overall, 1.55% in whites, 0.58% in blacks, and 0.78% in Asians. COPD was less likely in blacks (adjusted odds ratio [OR], 0.44; 95% confidence interval [CI] 0.39-0.51) and Asians (0.82; CI, 0.68-0.98) than whites. Black COPD patients were less likely to be current smokers (OR, 0.56; CI, 0.44-0.71) and more likely to be never-smokers (OR, 4.9; CI, 3.4-7.1). Treatment of patients with similar disease severity was similar irrespective of ethnic origin, except that long-acting muscarinic antagonists were prescribed less in black COPD patients (OR, 0.53; CI, 0.42-0.68). Black ethnicity was a predictor of poorer lung function (% predicted FEV1: B coefficient, -7.6; Pwhites to have COPD after adjusting for lower smoking rates in blacks. It seems likely that the differences observed were due either to ethnic differences in the way cigarettes were smoked or to ethnic differences in susceptibility to COPD.

  9. Does COPD risk vary by ethnicity? A retrospective cross-sectional study

    Directory of Open Access Journals (Sweden)

    Gilkes A

    2016-04-01

    Full Text Available Alexander Gilkes, Mark Ashworth, Peter Schofield, Timothy H Harries, Stevo Durbaba, Charlotte Weston, Patrick White Department of Primary Care and Public Health Sciences, Division of Health and Social Care Research, Kings College London, London, UK Background: Lower risk of COPD has been reported in black and Asian people, raising questions of poorer recognition or reduced susceptibility. We assessed prevalence and severity of COPD in ethnic groups, controlling for smoking. Method: A retrospective cross-sectional study using routinely collected primary care data in London. COPD prevalence, severity (% predicted forced expiratory volume in 1 second [FEV1], smoking status, and treatment were compared between ethnic groups, adjusting for age, sex, smoking, deprivation, and practice clustering. Results: Among 358,614 patients in 47 general practices, 47.6% were white, 20% black, and 5% Asian. Prevalence of COPD was 1.01% overall, 1.55% in whites, 0.58% in blacks, and 0.78% in Asians. COPD was less likely in blacks (adjusted odds ratio [OR], 0.44; 95% confidence interval [CI] 0.39–0.51 and Asians (0.82; CI, 0.68–0.98 than whites. Black COPD patients were less likely to be current smokers (OR, 0.56; CI, 0.44–0.71 and more likely to be never-smokers (OR, 4.9; CI, 3.4–7.1. Treatment of patients with similar disease severity was similar irrespective of ethnic origin, except that long-acting muscarinic antagonists were prescribed less in black COPD patients (OR, 0.53; CI, 0.42–0.68. Black ethnicity was a predictor of poorer lung function (% predicted FEV1: B coefficient, -7.6; P<0.0001, an effect not seen when ethnic-specific predicted FEV1 values were used. Conclusion: Black people in London were half as likely as whites to have COPD after adjusting for lower smoking rates in blacks. It seems likely that the differences observed were due either to ethnic differences in the way cigarettes were smoked or to ethnic differences in susceptibility to

  10. Comparison of Seafood and Agricultural Ecological Premiums1

    OpenAIRE

    Ankamah-Yeboah, Isaac; Nielsen, Max; Nielsen, Rasmus

    2017-01-01

    The report compares ecolabeled seafood premiums observed in the market with consumers’ stated willingness to pay premiums. Also ecolabeled premiums in the agricultural sector were examined. The next issue addressed was the sensitivity of changes in the price and premiums of ecolabeled seafood. Empirical findings showed that all things being equal, consumers stated willingness to pay reflects in their actual market behavior though they may pay less than stated. Premiums observed in the aquacul...

  11. Employer Contribution and Premium Growth in Health Insurance

    OpenAIRE

    Yiyan Liu; Ginger Zhe Jin

    2013-01-01

    We study whether employer premium contribution schemes could impact the pricing behavior of health plans and contribute to rising premiums. Using 1991-2011 data before and after a 1999 premium subsidy policy change in the Federal Employees Health Benefits Program (FEHBP), we find that the employer premium contribution scheme has a differential impact on health plan pricing based on two market incentives: 1) consumers are less price sensitive when they only need to pay part of the premium incr...

  12. Quantitative concept tests of organic premium meat products

    OpenAIRE

    Chrysochou , Polymeros; Krystallis Krontalis, Athanasios

    2015-01-01

    This report is part of WP6 of the SUMMER project. The aim is to investigate how consumers perceive organic premium products and if they are willing to pay a price premium for these products. We conducted an experiment with 426 Danish consumers, in which we manipulate production method (organic vs. conventional), premium production (premium vs. non-premium) and extrinsic quality (high vs. low) across three meat products (pork, beef and chicken). Our findings show that consumers perceive organi...

  13. Market Risk in Demutualised Self-Listed Stock Exchanges: An International Analysis of Selected Time-Varying Betas

    OpenAIRE

    Andrew Worthington; Helen Higgs

    2005-01-01

    This paper examines market risk in four demutualised and self-listed stock exchanges: the Australian Stock Exchange, the Deutsche Börse, the London Stock Exchange and the Singapore Stock Exchange. Daily company and MSCI index returns provide the respective asset and market portfolio data. A bivariate MA-GARCH model is used to estimate time-varying betas for each exchange from listing until 7 June 2005. While the results indicate significant beta volatility, unit root tests show the betas to b...

  14. Employee responses to health insurance premium increases.

    Science.gov (United States)

    Goldman, Dana P; Leibowitz, Arleen A; Robalino, David A

    2004-01-01

    To determine the sensitivity of employees' health insurance decisions--including the decision to not choose health maintenance organization or fee-for-service coverage--during periods of rapidly escalating healthcare costs. A retrospective cohort study of employee plan choices at a single large firm with a "cafeteria-style" benefits plan wherein employees paid all the additional cost of purchasing more generous insurance. We modeled the probability that an employee would drop coverage or switch plans in response to employee premium increases using data from a single large US company with employees across 47 states during the 3-year period of 1989 through 1991, a time of large premium increases within and across plans. Premium increases induced substantial plan switching. Single employees were more likely to respond to premium increases by dropping coverage, whereas families tended to switch to another plan. Premium increases of 10% induced 7% of single employees to drop or severely cut back on coverage; 13% to switch to another plan; and 80% to remain in their existing plan. Similar figures for those with family coverage were 11%, 12%, and 77%, respectively. Simulation results that control for known covariates show similar increases. When faced with a dramatic increase in premiums--on the order of 20%--nearly one fifth of the single employees dropped coverage compared with 10% of those with family coverage. Employee coverage decisions are sensitive to rapidly increasing premiums, and single employees may be likely to drop coverage. This finding suggests that sustained premium increases could induce substantial increases in the number of uninsured individuals.

  15. Health insurance premium tax credit. Final regulations.

    Science.gov (United States)

    2013-02-01

    This document contains final regulations relating to the health insurance premium tax credit enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010.These final regulations provide guidance to individuals related to employees who may enroll in eligible employer-sponsored coverage and who wish to enroll in qualified health plans through Affordable Insurance Exchanges (Exchanges) and claim the premium tax credit.

  16. Cardiovascular risks and elevation of serum DHT vary by route of testosterone administration: a systematic review and meta-analysis.

    Science.gov (United States)

    Borst, Stephen E; Shuster, Jonathan J; Zou, Baiming; Ye, Fan; Jia, Huanguang; Wokhlu, Anita; Yarrow, Joshua F

    2014-11-27

    Potential cardiovascular (CV) risks of testosterone replacement therapy (TRT) are currently a topic of intense interest. However, no studies have addressed CV risk as a function of the route of administration of TRT. Two meta-analyses were conducted, one of CV adverse events (AEs) in 35 randomized controlled trials (RCTs) of TRT lasting 12 weeks or more, and one of 32 studies reporting the effect of TRT on serum testosterone and dihydrotestosterone (DHT). CV risks of TRT: Of 2,313 studies identified, 35 were eligible and included 3,703 mostly older men who experienced 218 CV-related AEs. No significant risk for CV AEs was present when all TRT administration routes were grouped (relative risk (RR) = 1.28, 95% confidence interval (CI): 0.76 to 2.13, P = 0.34). When analyzed separately, oral TRT produced significant CV risk (RR = 2.20, 95% CI: 1.45 to 3.55, P = 0.015), while neither intramuscular (RR = 0.66, 95% CI: 0.28 to 1.56, P = 0.32) nor transdermal (gel or patch) TRT (RR = 1.27, 95% CI: 0.62 to 2.62, P = 0.48) significantly altered CV risk. Serum testosterone/DHT following TRT: Of 419 studies identified, 32 were eligible which included 1,152 men receiving TRT. No significant difference in the elevation of serum testosterone was present between intramuscular or transdermal TRT. However, transdermal TRT elevated serum DHT (5.46-fold, 95% CI: 4.51 to 6.60) to a greater magnitude than intramuscular TRT (2.20-fold, 95% CI: 1.74 to 2.77). Oral TRT produces significant CV risk. While no significant effects on CV risk were observed with either injected or transdermal TRT, the point estimates suggest that further research is needed to establish whether administration by these routes is protective or detrimental, respectively. Differences in the degree to which serum DHT is elevated may underlie the varying CV risk by TRT administration route, as elevated serum dihydrotestosterone has been shown to be associated with CV risk in observational studies.

  17. Risk is still relevant: Time-varying associations between perceived risk and marijuana use among US 12th grade students from 1991 to 2016.

    Science.gov (United States)

    Terry-McElrath, Yvonne M; O'Malley, Patrick M; Patrick, Megan E; Miech, Richard A

    2017-11-01

    Perceived risk of harm has long been a key preventive factor for adolescent marijuana use. However, in recent years, perceived risk has decreased markedly and marijuana use has increased only slightly, leading to new questions about their association. This study investigates the magnitude and stability of the US adolescent marijuana risk/use association from 1991 to 2016, overall and by gender and race/ethnicity. Self-reported data on past 12-month marijuana use, perceived risk of regular marijuana use, gender, and race/ethnicity were obtained from 275,768 US 12th grade students participating in the nationally representative Monitoring the Future study. Time-varying effect modeling (TVEM) was used to examine the marijuana risk/use association over time. Both before and after controlling for gender and race/ethnicity, perceived risk was a strong protective factor against adolescent marijuana use. The magnitude of the great risk/use association strengthened for Hispanic students; remained generally stable over time for 12th graders overall, males, females, and White students; and weakened for Black students. The magnitude of the moderate risk/use association strengthened for 12th graders overall, males, females, White and Hispanic students, but did not continue to strengthen for Black students from 2005 onwards. In general, marijuana use prevalence decreased over time within all levels of perceived risk. Perceived risk remains a strong protective factor for adolescent marijuana use, and the protective association for moderate risk (vs. no/slight risk) is actually increasing over time. Results suggest that accurate and credible information on the risks associated with marijuana use should remain a key component of prevention efforts. Copyright © 2017 Elsevier Ltd. All rights reserved.

  18. Risk factors for low birth-weight in areas with varying malaria transmission in Korogwe, Tanzania: implications for malaria control

    DEFF Research Database (Denmark)

    Mmbando, Bruno Paul; Cole-Lewis, H; Sembuche, S

    2008-01-01

    Low birth weight (LBW) is a risk factor for infant mortality, morbidity, growth retardation, poor cognitive development, and chronic diseases. Maternal exposure to diseases such as malaria, HIV, and syphilis has been shown to have a significant impact on birth weight (BW). This study was aimed...... at determining whether there was a difference in rates of LBW in areas of varying malaria transmission intensity in Korogwe, Tanzania. Retrospective data for one year (June 2004-May 2005) in three maternal and child health (MCH) clinics in the district were analysed. Villages were stratified into three strata...... babies compared to first parity women (OR=0.44, 95% CI 0.19-0.98, P=0.045). Similarly, the risk of LBW was higher in women who had delayed MCH gestational booking and in women who conceived during high malaria transmission seasons. There was high degree of preference of digits ending with 0...

  19. Mortality and morbidity risks vary with birth weight standard deviation score in growth restricted extremely preterm infants.

    Science.gov (United States)

    Yamakawa, Takuji; Itabashi, Kazuo; Kusuda, Satoshi

    2016-01-01

    To assess whether the mortality and morbidity risks vary with birth weight standard deviation score (BWSDS) in growth restricted extremely preterm infants. This was a multicenter retrospective cohort study using the database of the Neonatal Research Network of Japan and including 9149 infants born between 2003 and 2010 at <28 weeks gestation. According to the BWSDSs, the infants were classified as: <-2.0, -2.0 to -1.5, -1.5 to -1.0, -1.0 to -0.5, and ≥-0.5. Infants with BWSDS≥-0.5 were defined as non-growth restricted group. After adjusting for covariates, the risks of mortality and some morbidities were different among the BWSDS groups. Compared with non-growth restricted group, the adjusted odds ratio (aOR) for mortality [aOR, 1.69; 95% confidence interval (CI), 1.35-2.12] and chronic lung disease (CLD) (aOR, 1.28; 95% CI, 1.07-1.54) were higher among the infants with BWSDS -1.5 to <-1.0. The aOR for severe retinopathy of prematurity (ROP) (aOR, 1.36; 95% CI, 1.09-1.71) and sepsis (aOR, 1.72; 95% CI, 1.32-2.24) were higher among the infants with BWSDS -2.0 to <-1.5. The aOR for necrotizing enterocolitis (NEC) (aOR, 2.41; 95% CI, 1.64-3.55) was increased at a BWSDS<-2.0. Being growth restricted extremely preterm infants confer additional risks for mortality and morbidities such as CLD, ROP, sepsis and NEC, and these risks may vary with BWSDS. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

  20. An Auto Telematics System For Insurance Premium Rating amp Pricing.

    Directory of Open Access Journals (Sweden)

    Irode Philip Luvuga

    2017-12-01

    Full Text Available Insurance telematics is a new technology that has been poised to transform and change the way we buy and underwrite insurance by 2030. Insurance Premium Rate is a major variable that determines if a client will buy or take up a policy cover or not. With the current stiff competition being felt in the Industry the local insurance industry continues to suffer big losses due to unhealthy business practice of competitor undercutting among the insurers to attract more clients but exposing the underwriting companies to potential high risks. This in most cases means that the product is totally underpriced to the extent that it would be uneconomical and unsustainable in the long run for the insurance firms. This research outlines a technology defined model that should be used to determine the ideal premium rate payable in the Motor Insurance industry taking into account all the variables and the risk exposure of the policy holder. The system model is able to determine the insurable risk based on the drivers attributes and profile location of the vehicle in relation to risk geo-locations map monitoring the driving parameters of the vehicle by the driver and the driving style. This enable the insurance company determines costs associated with the risk cover based on factual facts which are scientifically determined by the real risks.

  1. Growth-Enhanced Transgenic Coho Salmon (Oncorhynchus kisutch Strains Have Varied Success in Simulated Streams: Implications for Risk Assessment.

    Directory of Open Access Journals (Sweden)

    Rosalind A Leggatt

    Full Text Available Growth hormone (GH transgenic fish have accelerated growth and could improve production efficiency in aquaculture. However, concern exists regarding potential environmental risks of GH transgenic fish should they escape rearing facilities. While environmental effects have been examined in some GH transgenic models, there is a lack of information on whether effects differ among different constructs or strains of transgenic fish. We compared growth and survival of wild-type coho salmon (Oncorhynchus kisutch fry, a fast-growing GH transgenic strain containing a metallothionein promoter (TMT, and three lines/strains containing a reportedly weaker histone-3 promoter (TH3 in hatchery conditions and semi-natural stream tanks with varying levels of natural food and predators. Rank order of genotype size and survival differed with varying environmental conditions, both within and among experiments. Despite accelerated growth in hatchery conditions, TMT fry gained little or no growth enhancement in stream conditions, had enhanced survival when food was limiting, and inconsistent survival under other conditions. Rank growth was inconsistent in TH3 strains, with one strain having highest, and two strains having the lowest growth in stream conditions, although all TH3 strains had consistently poor survival. These studies demonstrate the importance of determining risk estimates for each unique transgenic model independent of other models.

  2. Climate change impacts on projections of excess mortality at 2030 using spatially varying ozone-temperature risk surfaces.

    Science.gov (United States)

    Wilson, Ander; Reich, Brian J; Nolte, Christopher G; Spero, Tanya L; Hubbell, Bryan; Rappold, Ana G

    2017-01-01

    We project the change in ozone-related mortality burden attributable to changes in climate between a historical (1995-2005) and near-future (2025-2035) time period while incorporating a non-linear and synergistic effect of ozone and temperature on mortality. We simulate air quality from climate projections varying only biogenic emissions and holding anthropogenic emissions constant, thus attributing changes in ozone only to changes in climate and independent of changes in air pollutant emissions. We estimate non-linear, spatially varying, ozone-temperature risk surfaces for 94 US urban areas using observed data. Using the risk surfaces and climate projections we estimate daily mortality attributable to ozone exceeding 40 p.p.b. (moderate level) and 75 p.p.b. (US ozone NAAQS) for each time period. The average increases in city-specific median April-October ozone and temperature between time periods are 1.02 p.p.b. and 1.94 °F; however, the results varied by region. Increases in ozone because of climate change result in an increase in ozone mortality burden. Mortality attributed to ozone exceeding 40 p.p.b. increases by 7.7% (1.6-14.2%). Mortality attributed to ozone exceeding 75 p.p.b. increases by 14.2% (1.6 28.9%). The absolute increase in excess ozone mortality is larger for changes in moderate ozone levels, reflecting the larger number of days with moderate ozone levels.

  3. Risk-premia, Carry-trade Dynamics, and Economic Value of Currency Speculation

    DEFF Research Database (Denmark)

    Wagner, Christian

    2012-01-01

    In this paper, we derive the dynamics and assess the economic value of currency speculation by formalizing the concept of a trader inaction range. We show that exchange rate returns comprise a time-varying risk-premium and that uncovered interest parity (UIP) holds in a speculative sense. The often......-cited ‘forward bias puzzle’ originates from the omission of the risk-premium in standard UIP tests. Consistent with its popularity among market professionals, the carry-trade strategy can be rationalized as it systematically collects risk-premia, however, the economic value generated by bilateral carry-trades...

  4. 78 FR 666 - Treasury Inflation-Protected Securities Issued at a Premium; Bond Premium Carryforward

    Science.gov (United States)

    2013-01-04

    ...-BL29 Treasury Inflation-Protected Securities Issued at a Premium; Bond Premium Carryforward AGENCY... contains final regulations that provide guidance on the tax treatment of Treasury Inflation-Protected... regulations in this document provide guidance to holders of Treasury Inflation-Protected Securities and other...

  5. Marriage is a dependent risk factor for mortality of colon adenocarcinoma without a time-varying effect.

    Science.gov (United States)

    Liu, Minling; Li, Lixian; Yu, Wei; Chen, Jie; Xiong, Weibin; Chen, Shuang; Yu, Li

    2017-03-21

    It has been well recognized that the effects of many prognostic factors could change during long-term follow-up. Although marriage has been proven to be a significant prognostic factor for the survival of colon cancer, whether the effect of marriage is constant with time remain unknown. This study analyzed the impact of marital status on the mortality of colon cancer patients with an extended Cox model that allowed for time-varying effects. We identified 71,955 patients who underwent colectomy between 2004 and 2009 to treat colon adenocarcinoma from the Surveilance, Epidemiology and End Results Database. The multivariate extended Cox model was used to evaluate the effect of marital status on all-cause mortality, while the Fine-Gray competing risks model was used for colon cancer-specific mortality, with death from other causes as the competing risk. The unmarried patients carried a 1.37-fold increased risk of all-cause mortality compared with the married patients (95%CI: 1.33-1.40; pMarriage is a dependent prognosis factor for survival of surgically treated colon adenocarcinoma patients. Psychological interventions are suggested to improve receipt of treatment among unmarried patients, as their poor survival may be due to the inefficient treatment.

  6. Stare down the barrel and center the crosshairs: Targeting the ex ante equity premium

    OpenAIRE

    Glen Donaldson; Mark Kamstra; Lisa Kramer

    2003-01-01

    The equity premium of interest in theoretical models is the extra return investors anticipate when purchasing risky stock instead of risk-free debt. Unfortunately, we do not observe this ex ante premium in the data; we only observe the returns that investors actually receive ex post, after they purchase the stock and hold it over some period of time during which random economic shocks affect prices. Over the past century U.S. stocks have returned roughly 6 percent more than risk-free debt, wh...

  7. Early retirement and the influence on healthcare budgets and insurance premiums in a diabetes population.

    Science.gov (United States)

    Walzer, Stefan

    2007-01-01

    To contribute to current discussions about budget impact modeling, two different approaches for the impact of a new pharmaceutical product were analyzed: firstly considering the impact on annual healthcare expenditures only, and secondly additional inclusion of lost insurance premiums due to possible early retirement in patients with chronic diseases. The dynamic model calculates the budget impact from two different perspectives: (a) the impact on healthcare expenditures and (b) on expenditures as well as on health insurance revenues due to premiums. The latter approach could especially be useful for patients with chronic diseases who have higher probabilities of early retirement. Early retirement rates and indirect costs were derived from published data. Healthcare premiums were calculated based on an average premium and a mean income. Epidemiological input data were obtained from the literature. Time horizon was 10 years. Results in terms of reimbursement decisions of the budget impact analysis varied depending on the assumptions made for the insurance premiums, costs, and early retirement rate. Sensitivity analyses revealed that in extreme cases the decision for accepting a new pharmaceutical product would probably be negative using approach (a), but positive using approach (b). Depending on the disease and population of interest in a budget impact analysis, not only the healthcare expenditures for a health insurance have to be considered but also the revenue side for an insurance due to retirement should be included.

  8. Health Insurance Marketplaces: Early Findings on Changes in Plan Availability and Premiums in Rural Places, 2014-2015.

    Science.gov (United States)

    Barker, Abigail; McBride, Timothy D; Kemper, Leah M; Mueller, Keith

    2015-05-01

    The Patient Protection and Affordable Care Act established Health Insurance Marketplaces (HIMs) in all 50 states and the District of Columbia. This policy brief assesses the changes in HIMs from 2014 to 2015 in terms of choices offered and premiums charged, with emphasis on how these measures vary across rural and urban places. Key Findings. (1) In 74 percent of HIM rating areas, the number of firms operating increased by at least one, while the number of firms decreased in only about 6 percent of rating areas. Further, 64 percent of rating areas with fewer than 50 persons per square mile gained at least one firm. (2) There was no consistent pattern of premium increases with respect to rating area population density (used as a proxy here for the degree of "ruralness" of the rating areas). Nationally, rural areas are not experiencing higher premium increases than their urban counterparts. In fact, the lowest increases in second-lowest cost silver plan premiums occurred in the medium-density population rating areas of 51 to 300 persons per square mile. (3) Average adjusted premiums increased from 2014 to 2015 by 6.7 percent in Federally-Facilitated Marketplaces (FFMs) compared to just 1.4 percent in State-Based Marketplaces (SBMs). Regardless of SBM or FFM status, premium increases across the United States were negatively correlated with the number of firms entering the market. (4) Analysis of the most rural states, in terms of percentage of the population classified as nonmetropolitan, shows that, in general, premiums fell significantly in rural places where they had been rather high, and they increased in rural places where they had been rather low. The five rural states with the lowest premium increases had an average of 0.17 firms entering the market, while the five with the highest premium increases had an average of 0.50 firms exiting the market.

  9. THE EQUITY PREMIUM PUZZLE AND EMOTIONAL ASSET PRICING

    OpenAIRE

    MARC GÜRTLER; NORA HARTMANN

    2007-01-01

    "Since the equity premium as well as the risk-free rate puzzle question the concepts central to financial and economic modeling, we apply behavioral decision theory to asset pricing in view of solving these puzzles. U.S. stock market data for the period 1960-2003 and German stock market data for the period 1977-2003 show that emotional investors who act in accordance to Bell's (1985) disappointment theory -a special case of prospect theory- and additionally administer mental accounts demand a...

  10. Multivariate Option Pricing with Time Varying Volatility and Correlations

    DEFF Research Database (Denmark)

    Rombouts, Jeroen V.K.; Stentoft, Lars Peter

    In recent years multivariate models for asset returns have received much attention, in particular this is the case for models with time varying volatility. In this paper we consider models of this class and examine their potential when it comes to option pricing. Specifically, we derive the risk...... neutral dynamics for a general class of multivariate heteroskedastic models, and we provide a feasible way to price options in this framework. Our framework can be used irrespective of the assumed underlying distribution and dynamics, and it nests several important special cases. We provide an application...... to options on the minimum of two indices. Our results show that not only is correlation important for these options but so is allowing this correlation to be dynamic. Moreover, we show that for the general model exposure to correlation risk carries an important premium, and when this is neglected option...

  11. The marriage premium and compensating wage differentials.

    Science.gov (United States)

    Reed, W R; Harford, K

    1989-12-01

    This paper proposes and tests an alternative explanation of the marriage premium that relies upon differences in workers' tastes and compensating wage differentials. A key assumption is that marital status proxies for the consumption of family goods, such as children, and that these are costly. Workers whose greater demands for family goods are taste- generated and shown to choose jobs that offer greater wage, and less non-pecuniary compensation. This creates an observed wage premium that has nothing to do with differences in workers' productivities. Supporting empirical evidence for this hypothesis is presented, including a reevaluation of previous studies.

  12. 77 FR 30377 - Health Insurance Premium Tax Credit

    Science.gov (United States)

    2012-05-23

    ... Health Insurance Premium Tax Credit AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final regulations. SUMMARY: This document contains final regulations relating to the health insurance premium tax... categories of immigrants described in the Children's Health Insurance Program Reauthorization Act. One...

  13. Effects of weight loss and long-term weight maintenance with diets varying in protein and glycemic index on cardiovascular risk factors

    DEFF Research Database (Denmark)

    Gögebakan, Özlem; Kohl, Angela; Osterhoff, Martin A.

    2011-01-01

    We sought to separately examine the effects of either weight loss or diets varying in protein content and glycemic index without further changes in body weight on cardiovascular risk factors within the Diet, Obesity, and Genes study (DiOGenes).......We sought to separately examine the effects of either weight loss or diets varying in protein content and glycemic index without further changes in body weight on cardiovascular risk factors within the Diet, Obesity, and Genes study (DiOGenes)....

  14. Failure to pay for social health insurance premiums: Acts of protest or desperation?

    Science.gov (United States)

    von Wyl, Viktor; Beck, Konstantin

    2015-01-01

    In Switzerland, basic health insurance is mandatory for all inhabitants, but a rising number of insured have arrears in premium payments, potentially leading to coverage suspension. We aimed at characterizing insured with debt enforcement proceedings with respect to socio-demographic and health utilization aspects. Cross-sectional analysis of 508.000 insured with basic health insurance contracts in 2013, of whom 14,000 (2.8%) with debt enforcement proceedings, from 11 Swiss cantons. Groups were characterized using logistic regression and latent class analysis. Insured with debt enforcement proceedings were more likely to be young, male and without dependents (partner, kids). Having no supplementary insurance and receiving partial premium subsidies was associated with an increased debt enforcement proceedings risk. Within the debt enforcement proceedings group, three subgroups were identified: 60% were young and seemingly healthy, with a below-average fraction of premium subsidy recipients (18%) and low out-of-pocket payments in prior year (median Swiss Francs 0). Two groups consisted of relatively ill elderly persons (22%, 99% of whom with chronic illnesses) or families (18%), many of whom (29% and 51%) were recipients of premium subsidies. Median out-of-pocket payments in the prior year were high (Swiss Francs 625 and 688, respectively). Sixty percent of premium arrears derive from young insured without apparent financial problems; 40% are owed by elderly and families, which are potentially hurt by coverage loss.

  15. Clearwood quality and softwood lumber prices: what's the real premium?

    Science.gov (United States)

    Thomas R. Waggener; Roger D. Fight

    1999-01-01

    Diminishing quantities of appearance grade lumber and rising price premiums for it have accompanied the transition from old-growth to young-growth timber. The price premiums for better grades are an incentive for producers to undertake investments to increase the yield of those higher valued products. Price premiums, however, are also an incentive for users to...

  16. 7 CFR 400.710 - Preemption and premium taxation.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 6 2010-01-01 2010-01-01 false Preemption and premium taxation. 400.710 Section 400... of Policies and Rates of Premium § 400.710 Preemption and premium taxation. A policy or plan of insurance that is approved by the Board for FCIC reinsurance is preempted from state and local taxation. ...

  17. 77 FR 26698 - Allocation of Mortgage Insurance Premiums

    Science.gov (United States)

    2012-05-07

    ... Allocation of Mortgage Insurance Premiums AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final... explain how to allocate prepaid qualified mortgage insurance premiums to determine the amount of the... Act of 2010. The regulations affect taxpayers who pay prepaid qualified mortgage insurance premiums...

  18. 24 CFR 241.1030 - Mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premiums. 241... Loans-Eligibility Requirements § 241.1030 Mortgage insurance premiums. The lender, upon endorsement of the note, shall pay the Commissioner a first mortgage insurance premium equal to 0.5 percent of the...

  19. 24 CFR 221.254 - Mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premiums. 221... Cost Homes § 221.254 Mortgage insurance premiums. (a) All of the provisions of §§ 203.260 through 203.295 of this chapter relating to mortgage insurance premiums shall apply to mortgages insured under...

  20. 78 FR 70856 - Information Reporting of Mortgage Insurance Premiums

    Science.gov (United States)

    2013-11-27

    ... Information Reporting of Mortgage Insurance Premiums AGENCY: Internal Revenue Service (IRS), Treasury. ACTION... regulations that require information reporting by persons who receive mortgage insurance premiums, including... reporting requirements that result from the extension of the treatment of mortgage insurance premiums made...

  1. 31 CFR 337.8 - Payment of mortgage insurance premiums.

    Science.gov (United States)

    2010-07-01

    ... insurance premiums. When certificated debentures are tendered for purchase prior to maturity in order that the proceeds thereof be applied to pay for mortgage insurance premiums, any difference between the amount of the debentures purchased and the amount of the mortgage insurance premium will generally be...

  2. Responses to high-fat challenges varying in fat type in subjects with different metabolic risk phenotypes: a randomized trial.

    Directory of Open Access Journals (Sweden)

    Susan J van Dijk

    Full Text Available The ability of subjects to respond to nutritional challenges can reflect the flexibility of their biological system. Nutritional challenge tests could be used as an indicator of health status but more knowledge on metabolic and immune responses of different subjects to nutritional challenges is needed. The aim of this study was to compare the responses to high-fat challenges varying in fat type in subjects with different metabolic risk phenotypes.In a cross-over design 42 men (age 50-70 y consumed three high-fat shakes containing saturated fat (SFA, monounsaturated fat (MUFA or n-3 polyunsaturated (PUFA. Men were selected on BMI and health status (lean, obese or obese diabetic and phenotyped with MRI for adipose tissue distribution. Before and 2 and 4 h after shake consumption blood was drawn for measurement of expression of metabolic and inflammation-related genes in peripheral blood mononuclear cells (PBMCs, plasma triglycerides (TAG, glucose, insulin, cytokines and ex vivo PBMC immune response capacity. The MUFA and n-3 PUFA challenge, compared to the SFA challenge, induced higher changes in expression of inflammation genes MCP1 and IL1β in PBMCs. Obese and obese diabetic subjects had different PBMC gene expression and metabolic responses to high-fat challenges compared to lean subjects. The MUFA challenge induced the most pronounced TAG response, mainly in obese and obese diabetic subjects.The PBMC gene expression response and metabolic response to high-fat challenges were affected by fat type and metabolic risk phenotype. Based on our results we suggest using a MUFA challenge to reveal differences in response capacity of subjects.ClinicalTrials.gov NCT00977262.

  3. Health benefits in 2013: moderate premium increases in employer-sponsored plans.

    Science.gov (United States)

    Claxton, Gary; Rae, Matthew; Panchal, Nirmita; Damico, Anthony; Whitmore, Heidi; Bostick, Nathan; Kenward, Kevin

    2013-09-01

    Employer-sponsored health insurance premiums rose moderately in 2013, the annual Kaiser Family Foundation/Health Research and Educational Trust (Kaiser/HRET) Employer Health Benefits Survey found. In 2013 single coverage premiums rose 5 percent to $5,884, and family coverage premiums rose 4 percent to $16,351. The percentage of firms offering health benefits (57 percent) was similar to that in 2012, as was the percentage of workers at offering firms who were covered by their firm's health benefits (62 percent). The share of workers with a deductible for single coverage increased significantly from 2012, as did the share of workers in small firms with annual deductibles of $1,000 or more. Most firms (77 percent), including nearly all large employers, continued to offer wellness programs, but relatively few used incentives to encourage employees to participate. More than half of large employers offering health risk appraisals to workers offered financial incentives for completing the appraisal.

  4. Gender, Productivity, and the Marital Wage Premium

    Science.gov (United States)

    Lincoln, Anne E.

    2008-01-01

    Explanations for married men's wage premium often emphasize greater market productivity due to a gendered division of household labor, though this "specialization thesis" has been insufficiently interrogated. Using data from Wave 2 of the National Survey of Families and Households (N = 972), this paper examines the relationship between wages and…

  5. AN EMPIRICAL ANALYSIS OF VARIETY PRICE PREMIUM ...

    African Journals Online (AJOL)

    Location price difference was inversely related to distance from the central commodity market, and the seasonal price difference was attributed to storage technique. These show imperfect competitive market behaviour. Peu/drum with characteristics of brown colour, rough skin and large grain size had a price premium than ...

  6. 12 CFR 329.103 - Premiums.

    Science.gov (United States)

    2010-01-01

    ... interest as defined in § 329.1(c). (a) Premiums, whether in the form of merchandise, credit, or cash, given... the balance in a demand deposit account and the duration of the account balance shall not be considered the payment of interest on a demand deposit account and shall not be subject to the limitations in...

  7. Approximations for stop-loss reinsurance premiums

    NARCIS (Netherlands)

    Reijnen, Rajko; Albers, Willem/Wim; Kallenberg, W.C.M.

    2005-01-01

    Various approximations of stop-loss reinsurance premiums are described in literature. For a wide variety of claim size distributions and retention levels, such approximations are compared in this paper to each other, as well as to a quantitative criterion. For the aggregate claims two models are

  8. Stop-loss premiums under dependence

    NARCIS (Netherlands)

    Albers, Willem/Wim

    1999-01-01

    Stop-loss premiums are typically calculated under the assumption that the insured lives in the underlying portfolio are independent. Here we study the effects of small departures from this assumption. Using Edgeworth expansions, it is made transparent which configurations of dependence parameters

  9. Rating a Wildfire Mitigation Strategy with an Insurance Premium: A Boreal Forest Case Study

    Directory of Open Access Journals (Sweden)

    Georgina Rodriguez-Baca

    2016-05-01

    Full Text Available Risk analysis entails the systematic use of historical information to determine the frequency, magnitude and effects of unexpected events. Wildfire in boreal North America is a key driver of forest dynamics and may cause very significant economic losses. An actuarial approach to risk analysis based on cumulative probability distributions was developed to reduce the adverse effects of wildfire. To this effect, we developed spatially explicit landscape models to simulate the interactions between harvest, fire and forest succession over time in a boreal forest of eastern Canada. We estimated the amount of reduction of timber harvest necessary to build a buffer stock of sufficient size to cover fire losses and compared it to an insurance premium estimated in units of timber volume from the probability of occurrence and the amount of damage. Overall, the timber harvest reduction we applied was much more costly than the insurance premium even with a zero interest rate. This is due to the fact that the insurance premium is directly related to risk while the timber harvest reduction is not and, as a consequence, is much less efficient. These results, especially the comparison with a standard indicator such as an insurance premium, have useful implications at the time of choosing a mitigation strategy to protect timber supplies against risk without overly diminishing the provision of services from the forest. They are also promoting the use of insurance against disastrous events in forest management planning.

  10. HIV risks vary according to type of sex work in a cross-sectional survey from Nagaland, India.

    Science.gov (United States)

    O'Halloran, Anna B Z; Armstrong, Gregory; Medhi, Gajendra K; Sono, Collins Z; Mahanta, Jagadish; Kermode, Michelle

    2014-11-12

    Human immunodeficiency virus (HIV) infection is a significant problem among female sex workers (FSWs) in Nagaland, India. Place of solicitation and sex vary considerably in this context. The aim of this study was to investigate the relationship between categories of sex work and HIV risks. In 2009 a survey was undertaken among 417 FSWs in Dimapur, Nagaland using an interviewer-administered questionnaire and blood and urine samples. Using this data, we constructed a typology of sex work by combining usual place of solicitation and place of sex, and examined variations in demographics, sex work patterns, sexually transmitted infections (STIs) and HIV prevalence across typology categories. Binary logistic regression analyses were done to examine the association between category of sex work and HIV, STIs, and condom use. By combining place of solicitation with place of sex, seven distinct categories of sex work emerged. The largest category were women who usually solicited in a public place and had sex in a rented room or lodge (31.7%, n = 132). One-tenth of participants were HIV positive (10.3%) and 35.4% had at least one STI (reactive syphilis serology, gonorrhoea or chlamydia). FSWs who both solicited and entertained in a rented room or lodge (OR = 13.3; 95% CI 2.2, 81.5) and those who solicited by phone and had sex in a rented room or lodge (OR = 6.3; 95% CI 1.0, 38.0) were more likely to be HIV positive compared to home-based FSWs. Women who both solicited and entertained in public (OR = 6.7; 95% CI 1.6, 28.0) and who solicited in public and entertained in a rented room or lodge (OR = 2.5; 95% CI 1.1, 6.0) were more likely to test positive for an STI compared to home-based FSWs. The results indicate that different categories of sex work are associated with different HIV and STI risk profiles. Local contextual understanding of the different types of sex work and the associated levels of risk assist NGOs to target their interventions more

  11. 5 CFR 892.303 - Can I pay my premiums directly by check under the premium conversion plan?

    Science.gov (United States)

    2010-01-01

    ... under the premium conversion plan? 892.303 Section 892.303 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT (CONTINUED) CIVIL SERVICE REGULATIONS (CONTINUED) FEDERAL FLEXIBLE BENEFITS PLAN: PRE-TAX PAYMENT OF HEALTH BENEFITS PREMIUMS Contributions and Withholdings § 892.303 Can I pay my premiums directly...

  12. No Decreased Risk of Gastrointestinal Cancers in Users of Metformin in The Netherlands; A Time-Varying Analysis of Metformin Exposure

    NARCIS (Netherlands)

    de Jong, Roy G; Burden, Andrea M; de Kort, Sander; van Herk-Sukel, Myrthe P; Vissers, Pauline A; Janssen, Paddy K; Haak, Harm R; Masclee, Ad A; de Vries, Frank; Janssen-Heijnen, Maryska L

    2017-01-01

    Previous studies on metformin use and gastrointestinal (GI) cancer risk have yielded inconclusive results on metformin's chemoprotective effects. We aimed to evaluate GI cancer risk in users of metformin in The Netherlands using a time-varying approach in a large population-based database. A cohort

  13. Health Insurance Marketplaces: Premium Trends in Rural Areas.

    Science.gov (United States)

    Barker, Abigail R; Kemper, Leah M; McBride, Timothy D; Meuller, Keith J

    2016-05-01

    Since 2014, when the Health Insurance Marketplaces (HIMs) authorized by the Patient Protection and Affordable Care Act (ACA) were implemented, considerable premium changes have been observed in the marketplaces across the 50 states and the District of Columbia. This policy brief assesses the changes in average HIM plan premiums from 2014 to 2016, before accounting for subsidies, with an emphasis on the widening variation across rural and urban places. Since this brief focuses on premiums without accounting for subsidies, this is not intended to be an analysis of the "affordability" of ACA premiums, as that would require assessment of premiums, cost-sharing adjustments, and other factors.

  14. States with stronger health insurance rate review authority experienced lower premiums in the individual market in 2010-13.

    Science.gov (United States)

    Karaca-Mandic, Pinar; Fulton, Brent D; Hollingshead, Ann; Scheffler, Richard M

    2015-08-01

    States have varying degrees of review authority over health insurance carriers' rates, including prior approval authority over proposed rates and requirements for loss ratios, the proportion of premium revenues spent on medical claims. The Affordable Care Act (ACA) requires carriers in certain categories of health insurance to provide public justification for rate increases of 10 percent or more. We collected data on how states changed their rate review authority and requirements during 2010-13, the years immediately after enactment of the ACA, and we combined these data with carrier filings. We found that adjusted premiums in the individual market in states that had prior-approval authority combined with loss ratio requirements were lower in 2010-13 ($3,489) than premiums in states with no rate review authority or that had only file-and-use regulations, which gave the states no authority to block rate increases ($3,617). Adjusted premiums declined modestly in prior-approval states with loss ratio requirements, from $3,526 in 2010 to $3,452 in 2013, while premiums increased from $3,422 to $3,683 in states with no rate review authority or file-and-use regulations only. Our findings suggest that states with prior approval authority and loss ratio requirements constrained health insurance premium increases. Project HOPE—The People-to-People Health Foundation, Inc.

  15. Macroeconomic sources of foreign exchange risk in new EU members

    Czech Academy of Sciences Publication Activity Database

    Kočenda, Evžen; Poghosyan, T.

    2009-01-01

    Roč. 33, č. 11 (2009), s. 2164-2173 ISSN 0378-4266 R&D Projects: GA ČR(CZ) GA402/08/1376; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : foreign exchange risk * time-varying risk premium * Stochastic discount factor * new EU member countries Subject RIV: AH - Economics Impact factor: 1.908, year: 2009

  16. A Cat Bond Premium Puzzle?

    OpenAIRE

    Vivek J. Bantwal; Howard C. Kunreuther

    1999-01-01

    Catastrophe Bonds whose payoffs are tied to the occurrence of natural disasters offer insurers the ability to hedge event risk through the capital markets that could otherwise leave them insolvent if concentrated solely on their own balance sheets. At the same time, they offer investors a unique opportunity to enhance their portfolios with an asset that provides an attractive return that is uncorrelated with typical financial securities Despite its attractiveness, spreads in this market remai...

  17. Country Value Premiums and Financial Crises

    Directory of Open Access Journals (Sweden)

    Adam Zaremba

    2014-01-01

    Full Text Available The paper concentrates on the value premium across countries and contributes to the investment and asset pricing literature in three ways. First, I provide fresh evidence that the high-value countries perform significantly better than the low-value countries. Additionally, this phenomenon is indifferent to the choice of the computational currency, representative index or value indicator. Second, I demonstrate that the value effect can be successfully amplified by combining with country-level size and momentum effects. Third, I show that returns to the high-value countries deteriorate in financial crisis conditions, because the country-level value premium is negatively correlated with the credit spreads, TED spread and expected volatility. I examine data from 66 markets between years 2000 and 2013.

  18. Premium quality for a mechanical design department

    OpenAIRE

    Rofín Serrà, Guillem

    2009-01-01

    This Thesis has been carried out in a market which is expected to grow rapidly in the next decade. Because of this, actors in the market like Alpha want to strengthen their business position through refining the quality of their products and processes. One of the internal targets of MD, a mechanical design department within Alpha, referred to “premium product quality parameters” although these were not defined. Hence, this Thesis intends to contribute in the definition and understanding that ...

  19. Social Security and the Equity Premium Puzzle

    OpenAIRE

    Olovsson, Conny

    2004-01-01

    This paper shows that social security may be an important factor in explaining the equity premium puzzle. In the absence of shortselling constraints, the young shortsell bonds to the middle-aged and buy equity. Social security reduces the bond demand of the middle-aged, thereby restricting the possibilities of the young to finance their equity purchases. Their equity demand increases as does the average return to equity. Social security also increases the covariance between future consumption...

  20. ACA Marketplace premiums and competition among hospitals and physician practices.

    Science.gov (United States)

    Polyakova, Maria; Bundorf, M Kate; Kessler, Daniel P; Baker, Laurence C

    2018-02-01

    To examine the association between annual premiums for health plans available in Federally Facilitated Marketplaces (FFMs) and the extent of competition and integration among physicians and hospitals, as well as the number of insurers. We used observational data from the Center for Consumer Information and Insurance Oversight on the annual premiums and other characteristics of plans, matched to measures of physician, hospital, and insurer market competitiveness and other characteristics of 411 rating areas in the 37 FFMs. We estimated multivariate models of the relationship between annual premiums and Herfindahl-Hirschman indices of hospitals and physician practices, controlling for the number of insurers, the extent of physician-hospital integration, and other plan and rating area characteristics. Premiums for Marketplace plans were higher in rating areas in which physician, hospital, and insurance markets were less competitive. An increase from the 10th to the 90th percentile of physician concentration and hospital concentration was associated with increases of $393 and $189, respectively, in annual premiums for the Silver plan with the second lowest cost. A similar increase in the number of insurers was associated with a $421 decrease in premiums. Physician-hospital integration was not significantly associated with premiums. Premiums for FFM plans were higher in markets with greater concentrations of hospitals and physicians but fewer insurers. Higher premiums make health insurance less affordable for people purchasing unsubsidized coverage and raise the cost of Marketplace premium tax credits to the government.

  1. Children's health insurance program premiums adversely affect enrollment, especially among lower-income children.

    Science.gov (United States)

    Abdus, Salam; Hudson, Julie; Hill, Steven C; Selden, Thomas M

    2014-08-01

    Both Medicaid and the Children's Health Insurance Program (CHIP), which are run by the states and funded by federal and state dollars, offer health insurance coverage for low-income children. Thirty-three states charged premiums for children at some income ranges in CHIP or Medicaid in 2013. Using data from the 1999-2010 Medical Expenditure Panel Surveys, we show that the relationship between premiums and coverage varies considerably by income level and by parental access to employer-sponsored insurance. Among children with family incomes above 150 percent of the federal poverty level, a $10 increase in monthly premiums is associated with a 1.6-percentage-point reduction in Medicaid or CHIP coverage. In this income range, the increase in uninsurance may be higher among those children whose parents lack an offer of employer-sponsored insurance than among those whose parents have such an offer. Among children with family incomes of 101-150 percent of poverty, a $10 increase in monthly premiums is associated with a 6.7-percentage-point reduction in Medicaid or CHIP coverage and a 3.3-percentage-point increase in uninsurance. In this income range, the increase in uninsurance is even larger among children whose parents lack offers of employer coverage. Project HOPE—The People-to-People Health Foundation, Inc.

  2. Employer choices of family premium sharing.

    Science.gov (United States)

    Vistnes, Jessica Primoff; Morrisey, Michael A; Jensen, Gail A

    2006-03-01

    In 1997, nearly two-thirds of married couples with children under age 18 were dual-earner couples. Such families may have a variety of insurance options available to them. If so, declining a high employee premium contribution may be a mechanism for one spouse to take money wages in lieu of coverage while the other spouse takes coverage rather than high wages. Employers may use these preferences and the size of premium contributions to encourage workers to obtain family coverage through their spouse. The purpose of this paper is to explore the effects of labor force composition, particularly the proportion of dual-earner couples in the labor market, on the marginal employee premium contribution (marginal EPC) for family coverage. We analyze data from the 1997-2001 Medical Expenditure Panel Survey--Insurance Component (MEPS-IC) List Sample of private establishments. We find strong evidence that the marginal EPC for family coverage is higher when there is a larger concentration of women in the workforce, but only in markets with a higher proportion of dual-earner households.

  3. A new perspective on human health risk assessment: Development of a time dependent methodology and the effect of varying exposure durations

    International Nuclear Information System (INIS)

    Siirila, Erica R.; Maxwell, Reed M.

    2012-01-01

    We present a new Time Dependent Risk Assessment (TDRA) that stochastically considers how joint uncertainty and inter-individual variability (JUV) associated with human health risk change as a function of time. In contrast to traditional, time independent assessments of risk, this new formulation relays information on when the risk occurs, how long the duration of risk is, and how risk changes with time. Because the true exposure duration (ED) is often uncertain in a risk assessment, we also investigate how varying the magnitude of fixed size durations (ranging between 5 and 70 years) of this parameter affects the distribution of risk in both the time independent and dependent methodologies. To illustrate this new formulation and to investigate these mechanisms for sensitivity, an example of arsenic contaminated groundwater is used in conjunction with two scenarios of different environmental concentration signals resulting from rate dependencies in geochemical reactions. Cancer risk is computed and compared using environmental concentration ensembles modeled with sorption as 1) a linear equilibrium assumption (LEA) and 2) first order kinetics (Kin). Results show that the information attained in the new time dependent methodology reveals how the uncertainty in other time-dependent processes in the risk assessment may influence the uncertainty in risk. We also show that individual susceptibility also affects how risk changes in time, information that would otherwise be lost in the traditional, time independent methodology. These results are especially pertinent for forecasting risk in time, and for risk managers who are assessing the uncertainty of risk. - Highlights: ► A human health, Time Dependent Risk Assessment (TDRA) methodology is presented. ► TDRA relays information on the magnitude, duration, and fluxes of risk in time. ► Kinetic and equilibrium concentration signals show sensitivity in TDRA results. ► In the TDRA results, individual susceptibility

  4. Flood Catastrophe Model for Designing Optimal Flood Insurance Program : Estimating Location-Specific Premiums in the Netherlands

    NARCIS (Netherlands)

    Ermolieva, T.; Filatova, Tatiana; Ermoliev, Y.; Obersteiner, M.; de Bruijn, K.M.; Jeuken, A.

    2017-01-01

    As flood risks grow worldwide, a well-designed insurance program engaging various stakeholders becomes a vital instrument in flood risk management. The main challenge concerns the applicability of standard approaches for calculating insurance premiums of rare catastrophic losses. This article

  5. Premium Pricing of Liability Insurance Using Random Sum Model

    OpenAIRE

    Kartikasari, Mujiati Dwi

    2017-01-01

    Premium pricing is one of important activities in insurance. Nonlife insurance premium is calculated from expected value of historical data claims. The historical data claims are collected so that it forms a sum of independent random number which is called random sum. In premium pricing using random sum, claim frequency distribution and claim severity distribution are combined. The combination of these distributions is called compound distribution. By using liability claim insurance data, we ...

  6. Employer contribution and premium growth in health insurance.

    Science.gov (United States)

    Liu, Yiyan; Jin, Ginger Zhe

    2015-01-01

    We study whether employer premium contribution schemes could impact the pricing behavior of health plans and contribute to rising premiums. Using 1991-2011 data before and after a 1999 premium subsidy policy change in the Federal Employees Health Benefits Program (FEHBP), we find that the employer premium contribution scheme has a differential impact on health plan pricing based on two market incentives: 1) consumers are less price sensitive when they only need to pay part of the premium increase, and 2) each health plan has an incentive to increase the employer's premium contribution to that plan. Both incentives are found to contribute to premium growth. Counterfactual simulation shows that average premium would have been 10% less than observed and the federal government would have saved 15% per year on its premium contribution had the subsidy policy change not occurred in the FEHBP. We discuss the potential of similar incentives in other government-subsidized insurance systems such as the Medicare Part D and the Health Insurance Marketplace under the Affordable Care Act. Copyright © 2014 Elsevier B.V. All rights reserved.

  7. Premium Pricing of Liability Insurance Using Random Sum Model

    Directory of Open Access Journals (Sweden)

    Mujiati Dwi Kartikasari

    2017-03-01

    Full Text Available Premium pricing is one of important activities in insurance. Nonlife insurance premium is calculated from expected value of historical data claims. The historical data claims are collected so that it forms a sum of independent random number which is called random sum. In premium pricing using random sum, claim frequency distribution and claim severity distribution are combined. The combination of these distributions is called compound distribution. By using liability claim insurance data, we analyze premium pricing using random sum model based on compound distribution

  8. Explaining the so-called 'price premium' in oil markets

    International Nuclear Information System (INIS)

    Merino, A.; Ortiz, A.

    2005-01-01

    This paper explores the information content of several variables on the so-called ''oil price premium over fundamentals''. We define this premium as the difference between the market oil price and the estimated price consistent with the OECD's relative industry stock level. By using Granger causality tests and extended regressions we test the systematic ability of a broad set of variables to explain the premium. We find that speculation in the oil market - measured by non-commercial long positions - can improve the traditional model, reducing the premium significantly during some parts of the sample. (author)

  9. Calculation of benefit reserves based on true m-thly benefit premiums

    Science.gov (United States)

    Riaman; Susanti, Dwi; Supriatna, Agus; Nurani Ruchjana, Budi

    2017-10-01

    Life insurance is a form of insurance that provides risk mitigation in life or death of a human. One of its advantages is measured life insurance. Insurance companies ought to give a sum of money as reserves to the customers. The benefit reserves are an alternative calculation which involves net and cost premiums. An insured may pay a series of benefit premiums to an insurer equivalent, at the date of policy issue, to the sum of to be paid on the death of the insured, or on survival of the insured to the maturity date. A balancing item is required and this item is a liability for one of the parties and the other is an asset. The balancing item, in loan, is the outstanding principle, an asset for the lender and the liability for the borrower. In this paper we examined the benefit reserves formulas corresponding to the formulas for true m-thly benefit premiums by the prospective method. This method specifies that, the reserves at the end of the first year are zero. Several principles can be used for the determined of benefit premiums, an equivalence relation is established in our discussion.

  10. The effect of virtual bidding on forward premiums in the New York wholesale energy market

    Science.gov (United States)

    Knudsen, Andrew D.

    In many parts of the United States, the power industry has been deregulated and replaced with regional wholesale energy markets, where utilities purchase electricity from generators at competitive market rates for subsequent distribution to customers. Numerous studies have shown that in each of these markets, the price of energy purchased in the Day Ahead (futures) market exceeds the price in the Real Time (spot) market on average. The existence of this "forward premium" is evidence of market inefficiency and may indicate participants' aversion to risk in the Real Time market or the exercise of market power by generators. To address this inefficiency, the New York Independent System Operator introduced a virtual bidding system within its wholesale market, which permitted participants to engage in purely financial transactions and hedge their exposure to risk. The new policy was expected to promote price convergence by allowing bidders to arbitrage expected differences between Day Ahead and Real Time prices. This study examines whether the presence of virtual bidding was associated with a change in the mean value and magnitude of forward premiums in the NYISO energy market. The study applies a GARCH model to hourly pricing data from 2001 to 2009, controlling for temperature and economic activity. The results indicate that prior to 2005, virtual bidding was associated with significantly lower and less volatile forward premiums in New York's five most congested zones but with increased premiums in the remaining less congested zones. However, when the entire period from 2001 to 2009 is examined, the results suggest that prices have become significantly more divergent in the presence of virtual bidding. Closer examination of the data reveals a dramatic increase in forward premium volatility across all zones beginning in 2005 that is not accounted for by temperature or economic activity and may have biased the results. This study attempts to account for this unexplained

  11. The Equity Premium Puzzle: Analysis in Brazil after the Real Plan

    Directory of Open Access Journals (Sweden)

    Fábio Augusto Reis Gomes

    2013-04-01

    Full Text Available Our paper investigates whether there is evidence of an Equity Premium Puzzle (EPP in Brazil, applying two different methodologies. The EPP was identified by Mehra and Prescott (1985 since the Consumption Capital Asset Pricing Model (CCAPM, when calibrated with reasonable preference parameters, could not explain high historical average risk premiums in the United States. In our first approach, we consider Mehra’s (2003 model and calibrate the coefficient of risk aversion, using 1995:2-2012:1 quarterly data. The Ibovespa index was used as a measure of the market return, whereas the risk-free rate was proxied by the Selic interbank rate and by the savings account rate. In our second approach, we propose a new method to test the puzzle. We jointly estimate, via generalized method of moments, the parameters of interest using a moment condition that has not been previously explored, as far as we are aware of. The two approaches produced a high risk aversion coefficient, however the second approach indicated that we cannot reject the hypothesis of the risk aversion coefficient being statistically equal to zero. A possible explanation for this result might be that in Brazil the equity premium is not statistically different from zero. Therefore there is no evidence of EPP in Brazil for the studied period.

  12. Quantifying risk over the life course - latency, age-related susceptibility, and other time-varying exposure metrics.

    Science.gov (United States)

    Wang, Molin; Liao, Xiaomei; Laden, Francine; Spiegelman, Donna

    2016-06-15

    Identification of the latency period and age-related susceptibility, if any, is an important aspect of assessing risks of environmental, nutritional, and occupational exposures. We consider estimation and inference for latency and age-related susceptibility in relative risk and excess risk models. We focus on likelihood-based methods for point and interval estimation of the latency period and age-related windows of susceptibility coupled with several commonly considered exposure metrics. The method is illustrated in a study of the timing of the effects of constituents of air pollution on mortality in the Nurses' Health Study. Copyright © 2016 John Wiley & Sons, Ltd. Copyright © 2016 John Wiley & Sons, Ltd.

  13. Quantifying Risk Over the Life Course – Latency, Age-Related Susceptibility, and Other Time-Varying Exposure Metrics

    Science.gov (United States)

    Wang, Molin; Liao, Xiaomei; Laden, Francine; Spiegelman, Donna

    2016-01-01

    Identification of the latency period and age-related susceptibility, if any, is an important aspect of assessing risks of environmental, nutritional and occupational exposures. We consider estimation and inference for latency and age-related susceptibility in relative risk and excess risk models. We focus on likelihood-based methods for point and interval estimation of the latency period and age-related windows of susceptibility coupled with several commonly considered exposure metrics. The method is illustrated in a study of the timing of the effects of constituents of air pollution on mortality in the Nurses’ Health Study. PMID:26750582

  14. 5 CFR 890.502 - Withholdings, contributions, LWOP, premiums, and direct premium payment.

    Science.gov (United States)

    2010-01-01

    ... amount equal to the premiums for a pay period during which the employee was in a leave without pay (LWOP... for every pay period during which the enrollment continues, except for the 31-day temporary extension... 365 days. (1) An employee who is granted leave without pay (LWOP) under subpart L of part 630 of this...

  15. Risk factors for low birth-weight in areas with varying malaria transmission in Korogwe, Tanzania: implications for malaria control

    DEFF Research Database (Denmark)

    Mmbando, Bruno Paul; Cole-Lewis, H; Sembuche, S

    2008-01-01

    Low birth weight (LBW) is a risk factor for infant mortality, morbidity, growth retardation, poor cognitive development, and chronic diseases. Maternal exposure to diseases such as malaria, HIV, and syphilis has been shown to have a significant impact on birth weight (BW). This study was aimed...... babies compared to first parity women (OR=0.44, 95% CI 0.19-0.98, P=0.045). Similarly, the risk of LBW was higher in women who had delayed MCH gestational booking and in women who conceived during high malaria transmission seasons. There was high degree of preference of digits ending with 0...

  16. A new perspective on human health risk assessment: Development of a time dependent methodology and the effect of varying exposure durations

    Energy Technology Data Exchange (ETDEWEB)

    Siirila, Erica R., E-mail: esiirila@mymail.mines.edu [Hydrologic Science and Engineering Program, Colorado School of Mines, 1500 Illinois St., Golden, CO 80401 (United States); Department of Geology and Geological Engineering, Colorado School of Mines, 1500 Illinois St., Golden, CO 80401 (United States); Maxwell, Reed M., E-mail: rmaxwell@mines.edu [Hydrologic Science and Engineering Program, Colorado School of Mines, 1500 Illinois St., Golden, CO 80401 (United States); Integrated Groundwater Modeling Center (IGWMC), Colorado School of Mines, 1500 Illinois St., Golden, CO 80401 (United States); Department of Geology and Geological Engineering, Colorado School of Mines, 1500 Illinois St., Golden, CO 80401 (United States)

    2012-08-01

    We present a new Time Dependent Risk Assessment (TDRA) that stochastically considers how joint uncertainty and inter-individual variability (JUV) associated with human health risk change as a function of time. In contrast to traditional, time independent assessments of risk, this new formulation relays information on when the risk occurs, how long the duration of risk is, and how risk changes with time. Because the true exposure duration (ED) is often uncertain in a risk assessment, we also investigate how varying the magnitude of fixed size durations (ranging between 5 and 70 years) of this parameter affects the distribution of risk in both the time independent and dependent methodologies. To illustrate this new formulation and to investigate these mechanisms for sensitivity, an example of arsenic contaminated groundwater is used in conjunction with two scenarios of different environmental concentration signals resulting from rate dependencies in geochemical reactions. Cancer risk is computed and compared using environmental concentration ensembles modeled with sorption as 1) a linear equilibrium assumption (LEA) and 2) first order kinetics (Kin). Results show that the information attained in the new time dependent methodology reveals how the uncertainty in other time-dependent processes in the risk assessment may influence the uncertainty in risk. We also show that individual susceptibility also affects how risk changes in time, information that would otherwise be lost in the traditional, time independent methodology. These results are especially pertinent for forecasting risk in time, and for risk managers who are assessing the uncertainty of risk. - Highlights: Black-Right-Pointing-Pointer A human health, Time Dependent Risk Assessment (TDRA) methodology is presented. Black-Right-Pointing-Pointer TDRA relays information on the magnitude, duration, and fluxes of risk in time. Black-Right-Pointing-Pointer Kinetic and equilibrium concentration signals show

  17. How do farmers react to varying water allocations? An assessment of how the attitude to risk affects farm incomes

    NARCIS (Netherlands)

    Schenk, J.; Hellegers, P.; Asseldonk, van Marcel; Davidson, B.

    2014-01-01

    A risk farmers have to cope with is annual changes in the availability of irrigation water. In this paper the relationship between irrigation water allocated to farmers and the incomes they derive in the Coleambally Irrigation Areas (CIA) in Australia is quantified. It is shown empirically that

  18. Relationship of optimism and suicidal ideation in three groups of patients at varying levels of suicide risk.

    Science.gov (United States)

    Huffman, Jeff C; Boehm, Julia K; Beach, Scott R; Beale, Eleanor E; DuBois, Christina M; Healy, Brian C

    2016-06-01

    Optimism has been associated with reduced suicidal ideation, but there have been few studies in patients at high suicide risk. We analyzed data from three study populations (total N = 319) with elevated risk of suicide: (1) patients with a recent acute cardiovascular event, (2) patients hospitalized for heart disease who had depression or an anxiety disorder, and (3) patients psychiatrically hospitalized for suicidal ideation or following a suicide attempt. For each study we analyzed the association between optimism (measured by the Life-Orientation Test-Revised) and suicidal ideation, and then completed an exploratory random effects meta-analysis of the findings to synthesize this data. The meta-analysis of the three studies showed that higher levels of self-reported optimism were associated with a lower likelihood of suicidal ideation (odds ratio [OR] = .89, 95% confidence interval [CI] = .85-.95, z = 3.94, p optimism (OR = .84, 95% CI = .76-.92, z = 3.57, p optimism may be associated with a lower risk of suicidal ideation, above and beyond the effects of depressive symptoms, for a wide range of patients with clinical conditions that place them at elevated risk for suicide. Copyright © 2016 Elsevier Ltd. All rights reserved.

  19. Associations of Participation in Service Activities with Academic, Behavioral, and Civic Outcomes of Adolescents at Varying Risk Levels

    Science.gov (United States)

    Schmidt, Jennifer A.; Shumow, Lee; Kackar, Hayal Z.

    2012-01-01

    Youth who participate in service activities differ from those who do not on a number of key demographic characteristics like socio-economic status and other indicators of risk; and most studies demonstrating positive outcomes among service participants employ small non-representative samples. Thus, there is little evidence as to whether the…

  20. Varying geospatial analyses to assess climate risk and adaptive capacity in a hotter, drier Southwestern United States

    Science.gov (United States)

    Elias, E.; Reyes, J. J.; Steele, C. M.; Rango, A.

    2017-12-01

    Assessing vulnerability of agricultural systems to climate variability and change is vital in securing food systems and sustaining rural livelihoods. Farmers, ranchers, and forest landowners rely on science-based, decision-relevant, and localized information to maintain production, ecological viability, and economic returns. This contribution synthesizes a collection of research on the future of agricultural production in the American Southwest (SW). Research was based on a variety of geospatial methodologies and datasets to assess the vulnerability of rangelands and livestock, field crops, specialty crops, and forests in the SW to climate-risk and change. This collection emerged from the development of regional vulnerability assessments for agricultural climate-risk by the U.S. Department of Agriculture (USDA) Climate Hub Network, established to deliver science-based information and technologies to enable climate-informed decision-making. Authors defined vulnerability differently based on their agricultural system of interest, although each primarily focuses on biophysical systems. We found that an inconsistent framework for vulnerability and climate risk was necessary to adequately capture the diversity, variability, and heterogeneity of SW landscapes, peoples, and agriculture. Through the diversity of research questions and methodologies, this collection of articles provides valuable information on various aspects of SW vulnerability. All articles relied on geographic information systems technology, with highly variable levels of complexity. Agricultural articles used National Agricultural Statistics Service data, either as tabular county level summaries or through the CropScape cropland raster datasets. Most relied on modeled historic and future climate information, but with differing assumptions regarding spatial resolution and temporal framework. We assert that it is essential to evaluate climate risk using a variety of complementary methodologies and

  1. The Phantom Gender Difference in the College Wage Premium

    Science.gov (United States)

    Hubbard, William H. J.

    2011-01-01

    A growing literature seeks to explain why so many more women than men now attend college. A commonly cited stylized fact is that the college wage premium is, and has been, higher for women than for men. After identifying and correcting a bias in estimates of college wage premiums, I find that there has been essentially no gender difference in the…

  2. 5 CFR 410.402 - Paying premium pay.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Paying premium pay. 410.402 Section 410... for Training Expenses § 410.402 Paying premium pay. (a) Prohibitions. Except as provided by paragraph (b) of this section, an agency may not use its funds, appropriated or otherwise available, to pay...

  3. 26 CFR 1.848-2 - Determination of net premiums.

    Science.gov (United States)

    2010-04-01

    ... reinsurance agreements with parties not subject to United States taxation) are treated separately and are... consideration includes— (i) Advance premiums; (ii) Amounts in a premium deposit fund or similar account, to the... parties not subject to United States taxation. (2) Net consideration determined by a ceding company—(i) In...

  4. Premium Motorsi priimad päevad / Raigo Neudorf

    Index Scriptorium Estoniae

    Neudorf, Raigo

    2007-01-01

    Automüüja Premium Motors on edu saavutanud luksusmaasturi Hummer ning teiste USA eksklusiivsete automarkide müügiõigusega. Tabel: Rentaabel äri. Vt. samas: Palun kaks roosat Hummerit; Premium Motors hakkab sügisel Hiina maastureid müüma.

  5. Can large long-term investors capture illiquidity premiums

    NARCIS (Netherlands)

    de Jong, F.C.J.M.; Driessen, J.J.A.G.

    2015-01-01

    In this paper we perform a literature study to assess whether large long-term investors can benefit from liquidity premiums in different asset classes. We both describe the theoretical predictions on liquidity premiums and portfolio choice with illiquidity, as well as empirical evidence on liquidity

  6. 12 CFR 217.101 - Premiums on deposits.

    Science.gov (United States)

    2010-01-01

    ... from paying interest on a demand deposit. Premiums, whether in the form of merchandise, credit, or cash... AGAINST THE PAYMENT OF INTEREST ON DEMAND DEPOSITS (REGULATION Q) Interpretations § 217.101 Premiums on... that is not, directly or indirectly, related to or dependent on the balance in a demand deposit account...

  7. Price premium of organic salmon in Danish retail sale

    DEFF Research Database (Denmark)

    Ankamah Yeboah, Isaac; Nielsen, Max; Nielsen, Rasmus

    2016-01-01

    for organic salmon in Danish retail sale using consumer panel scanner data from households by applying a random effect hedonic price model that permits unobserved household heterogeneity. A price premium of 20% was identified for organic salmon. The magnitude of this premium is comparable to organic labeled...

  8. 75 FR 9247 - Single Family Mortgage Insurance Premium, Single Family

    Science.gov (United States)

    2010-03-01

    ... DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR-5376-N-13] Single Family Mortgage Insurance Premium, Single Family AGENCY: Office of the Chief Information Officer, HUD. ACTION: Notice... is soliciting public comments on the subject proposal. Lenders use the Single Family Premium...

  9. 78 FR 7264 - Health Insurance Premium Tax Credit

    Science.gov (United States)

    2013-02-01

    ... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9611] RIN 1545-BL49 Health Insurance Premium Tax Credit AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final regulations. SUMMARY: This document contains final regulations relating to the health insurance premium tax credit...

  10. 76 FR 50931 - Health Insurance Premium Tax Credit

    Science.gov (United States)

    2011-08-17

    ... Health Insurance Premium Tax Credit AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of... relating to the health insurance premium tax credit enacted by the Patient Protection and Affordable Care... be able to purchase private health insurance through State-based competitive marketplaces called...

  11. 77 FR 41048 - Health Insurance Premium Tax Credit; Correction

    Science.gov (United States)

    2012-07-12

    ... the health insurance premium tax credit enacted by the Patient Protection and Affordable Care Act and... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9590] RIN 1545-BJ82 Health Insurance Premium Tax Credit; Correction AGENCY: Internal Revenue Service (IRS), Treasury. ACTION...

  12. 31 CFR 337.13 - Payment of mortgage insurance premiums.

    Science.gov (United States)

    2010-07-01

    ... insurance premiums. When book-entry debentures are being purchased prior to maturity to pay for mortgage insurance premiums, the difference between the amount of the debentures purchased and the mortgage insurance... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Payment of mortgage insurance...

  13. 24 CFR 213.256 - Premiums; insurance upon completion.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Premiums; insurance upon completion... HOUSING AND URBAN DEVELOPMENT MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES COOPERATIVE HOUSING MORTGAGE INSURANCE Contract Rights and Obligations-Projects § 213.256 Premiums...

  14. 24 CFR 236.253 - Premiums-operating loss loans.

    Science.gov (United States)

    2010-04-01

    ... Obligations for Mortgage Insurance § 236.253 Premiums—operating loss loans. All of the provisions of § 207.252a of this chapter relating to mortgage insurance premiums on operating loss loans shall apply to... Act the mortgage insurance premiums due in accordance with § 207.252a shall be calculated on the basis...

  15. X-ray attenuation of the liver and kidney in cats considered at varying risk of hepatic lipidosis.

    Science.gov (United States)

    Lam, Richard; Niessen, Stijn J; Lamb, Christopher R

    2014-01-01

    X-ray attenuation of the liver has been measured using computed tomography (CT) and reported to decrease in cats with experimentally induced hepatic lipidosis. To assess the clinical utility of this technique, medical records and noncontrast CT scans of a series of cats were retrospectively reviewed. A total of 112 cats met inclusion criteria and were stratified into three hepatic lipidosis risk groups. Group 1 cats were considered low-risk based on no history of inappetence or weight loss, and normal serum chemistry values; Group 2 cats were considered intermediate risk based on weight loss, serum hepatic enzymes above normal limits, or reasonably controlled diabetes mellitus; and Group 3 cats were considered high risk based on poorly controlled diabetes mellitus due to hypersomatotropism. Mean CT attenuation values (Hounsfield units, HU) were measured using regions of interest placed within the liver and cranial pole of the right kidney. Hepatic and renal attenuation were weakly positively correlated with each other (r = 0.2, P = 0.03) and weakly negatively correlated with body weight (r = -0.21, P = 0.05, and r = -0.34, P = 0.001, respectively). Mean (SD) hepatic and renal cortical attenuation values were 70.7 (8.7) HU and 49.6 (9.2) HU for Group 1 cats, 71.4 (7.9) HU and 48.6 (9.1) HU for Group 2, and 68.9 (7.6) HU and 47.6 (7.2) HU for Group 3. There were no significant differences in hepatic or renal attenuation among groups. Findings indicated that CT measures of X-ray attenuation in the liver and kidney may not be accurate predictors of naturally occurring hepatic lipidosis in cats. © 2013 American College of Veterinary Radiology.

  16. Taxa de juros e prêmio de risco: investigando a hipótese Bresser-Nakano para a economia brasileira, 1995-2005 Interest rate and the risk premium: Bresser-Nakano's hypothesis in the brazilian economy, 1995-2005

    Directory of Open Access Journals (Sweden)

    André M. Marques

    2007-08-01

    Full Text Available A proposta Bresser-Nakano deflagrou uma forte discussão sobre a política de juros no Brasil, suscitando uma série de críticas e contribuições para o seu aperfeiçoamento. Seu argumento central baseia-se na suposição de que o sentido da causalidade vai da taxa de juros para o prêmio de risco, e não o contrário. Com isso, a autoridade monetária, ao reduzi-la, promove um círculo virtuoso na economia, reduzindo o prêmio de risco e, através da taxa de câmbio, a própria inflação. Essa hipótese, no entanto, continua controversa e carece de estudos empíricos visando à sua verificação. O objetivo principal deste trabalho é investigar a sua validade para a economia brasileira nos últimos 10 anos de política monetária. Aplicando testes de causalidade de Granger, os resultados encontrados apóiam a hipótese Bresser-Nakano.The Bresser-Nakano's proposal raised a wide discussion on the monetary policy in Brazil and several critiques were brought about as well as contributions for its improvement. Their main argument is based upon a causality relation that runs from interest rate to risk premium with a positive correlation. In this case a cut in the interest rate shifts down the risk premium, and could even reduce the price inflation by the exchange rate. This assumption is linked to others issues in financial integration in an open economy context. The traditional view is that the interest rate is determined by the interest rate parity condition and that the monetary authority has no autonomy to set different rates from those determined by the "capital's flows". An alternative approach defends that is possible to peg with wide autonomy the domestic interest rate, even in this context. The results endorse Bresser-Nakano's proposal and suggest it could be feasible for Brazilian real situation.

  17. A comparison of temperature increases produced by "premium" and "standard" diamond burs: An in-vitro study.

    Science.gov (United States)

    Segal, Pnina; Sap, Danny; Ben-Amar, Ariel; Levartovsky, Shifra; Matalon, Shlomo

    2016-02-01

    Vital tooth preparations may cause irreversible thermal damage to the pulp. The manufacturing techniques of dental burs may decrease heat production and minimize the risk of overheating and trauma to the dental pulp. Strauss (Raanana, Israel) has introduced "premium" diamond burs, claiming superior efficiency and longevity. We sought to determine the safest preparation methods by performing a comparison of intrapulpal temperature increases caused with "standard" and "premium" burs. Three types of diamond burs (F1R, F21R, and K2) were tested on extracted human teeth (n = 8 teeth per bur type). Premium and standard manufacturing techniques were compared for each bur type (n = 24 teeth per group; total 48 teeth). An intrapulpal thermocouple was used to measure the temperature during the procedure. Comparisons were analyzed with the t test and one-way ANOVA. P ≤ .05 was considered significant. All premium burs demonstrated lower temperature increases compared to the standard burs (P ≤ .001 for F21R and K2, P = .086 for F1R). The temperature increases with premium burs were similar for different bur shapes, but the temperature increases with standard burs depended on the bur shape (P pulp tissue damage, and thus reduce postoperative pulp-associated complications.

  18. Premium Collection and the Problem of Voluntary Enrolment in China’s New Rural Cooperative Medical System

    Directory of Open Access Journals (Sweden)

    Armin Müller

    2016-01-01

    Full Text Available In late 2002, the Chinese government launched an initiative to extend the coverage of health insurance in rural China with the New Rural Cooperative Medical System (NRCMS. It covered all of rural China by 2008 and is being continuously adapted and developed. This study explores two conflicting goals in the policy design: universal coverage and voluntary enrolment. Local governments often faced the problem that only insufficient numbers of villagers were enrolling voluntarily. They developed different strategies to cope with it: Complementary outpatient reimbursement via medical savings accounts (MSAs effectively transferred villagers’ premiums back to them, thus making the NRCMS more attractive. Adapting the premium-collection process to the local context or utilising collusive practices allowed them to pay premiums on behalf of the villagers from the insurance funds. These strategies undermine the effectiveness of the NRCMS as a risk-pooling mechanism, facilitate latent coverage gaps and turn it into a tax-funded service.

  19. Portfolio size as funktion of the premium: modeling and optimization

    DEFF Research Database (Denmark)

    Asmussen, Søren; Christensen, Bent Jesper; Taksar, Michael I

    An insurance company has a large number N of potential customers characterized by i.i.d. r.v.'s A1,…,AN giving the arrival rates of claims. Customers are risk averse, and a customer accepts an offered premium p according to his A-value. The modeling further involves a discount rate d>r of customers......, where r is the risk-free interest rate. Based on calculations of the customers' present values of the alternative strategies of insuring and not insuring, the portfolio size n(p) is derived, and also the rate of claims from the insured customers is given. Further, the value of p which is optimal...... for minimizing the ruin probability is derived in a diffusion approximation to the Cramér-Lundberg risk process with an added liability rate L of the company. The solution involves the Lambert W function. Similar discussion is given for extensions involving customers having only partial information...

  20. 31 CFR 50.36 - Allocation of premium income associated with entities that do share profits and losses with...

    Science.gov (United States)

    2010-07-01

    ... Money and Finance: Treasury Office of the Secretary of the Treasury TERRORISM RISK INSURANCE PROGRAM State Residual Market Insurance Entities; Workers' Compensation Funds § 50.36 Allocation of premium... agreement to place and service insurance contracts for a State residual market insurance entity or a State...

  1. Drop-Jump Landing Varies With Baseline Neurocognition: Implications for Anterior Cruciate Ligament Injury Risk and Prevention.

    Science.gov (United States)

    Herman, Daniel C; Barth, Jeffrey T

    2016-09-01

    Neurocognitive status may be a risk factor for anterior cruciate ligament (ACL) injury. Neurocognitive domains such as visual attention, processing speed/reaction time, and dual-tasking may influence ACL injury risk via alterations to neuromuscular performance during athletic tasks. However, the relationship between neurocognition and performance during athletic tasks is not yet established. Athletes with low baseline neurocognitive scores will demonstrate poorer jump landing performance compared with athletes with high baseline neurocognitive score. Controlled laboratory study. Neurocognitive performance was measured using the Concussion Resolution Index (CRI). Three-dimensional kinematic and kinetic data of the dominant limb were collected for 37 recreational athletes while performing an unanticipated jump-landing task. Healthy, nonconcussed subjects were screened using a computer-based neurocognitive test into a high performers (HP; n = 20; average CRI percentile, 78th) and a low performers (LP; n = 17; average CRI percentile, 41st) group. The task consisted of a forward jump onto a force plate with an immediate rebound to a second target that was assigned 250 milliseconds before landing on the force plate. Kinematic and kinetic data were obtained during the first jump landing. The LP group demonstrated significantly altered neuromuscular performance during the landing phase while completing the jump-landing task, including significantly increased peak vertical ground-reaction force (mean ± SD of LP vs HP: 1.81 ± 0.53 vs 1.38 ± 0.37 body weight [BW]; P knee abduction moment (0.47 ± 0.56 vs 0.03 ± 0.64 BW × body height; P = .03), and knee abduction angle (6.1° ± 4.7° vs 1.3° ± 5.6°; P = .03), as well as decreased trunk flexion angle (9.6° ± 9.6° vs 16.4° ± 11.2°; P knee kinematic and kinetic patterns that are linked to ACL injury. Neurocognitive testing using the CRI may be useful for identification of athletes at elevated risk for future ACL

  2. HIV, wages, and the skill premium.

    Science.gov (United States)

    Marinescu, Ioana

    2014-09-01

    The HIV epidemic has dramatically decreased labor supply among prime-age adults in Sub-Saharan Africa. Using within-country variation in regional HIV prevalence and a synthetic panel, I find that HIV significantly increases the capital-labor ratio in urban manufacturing firms. The impact of HIV on average wages is positive but imprecisely estimated. In contrast, HIV has a large positive impact on the skill premium. The impact of HIV on the wages of low skilled workers is insignificantly different from 0, and is strongly dampened by competition from rural migrants. The HIV epidemic disproportionately increases the incomes of high-skilled survivors, thus increasing inequality. Copyright © 2014 Elsevier B.V. All rights reserved.

  3. The Eco-Efficiency Premium Puzzle

    International Nuclear Information System (INIS)

    Guenster, N.; Derwall, J.; Bauer, R.; Koedijk, K.

    2004-09-01

    Conventional investment theory suggests that socially responsible investing (SRI) leads to inferior, rather than superior, portfolio performance. Using Innovest's well-established corporate eco-efficiency scores, we provide evidence supporting the contrary. We compose two equity portfolios that differ in ecoefficiency characteristics and find that our high-ranked portfolio provided substantially higher average returns compared to its low-ranked counterpart over the period 1995-2003. Using a wide range of performance attribution techniques to address common methodological concerns, we show that this performance differential cannot be explained by differences in market sensitivity, investment style, or industry-specific components. We finally investigate whether this ecoefficiency premium puzzle withstands the inclusion of transaction costs scenarios, and evaluate how excess returns can be earned in a practical setting via a best-in-class stock selection strategy. The results remain significant under all levels of transactions costs, thus suggesting that the incremental benefits of SRI can be substantial

  4. The Happy Meal® Effect: the impact of toy premiums on healthy eating among children in Ontario, Canada.

    Science.gov (United States)

    Hobin, Erin P; Hammond, David G; Daniel, Samantha; Hanning, Rhona M; Manske, Steve

    2012-05-24

    "Toy premiums", offered with McDonald's Happy Meals®, are a prominent form of food marketing directed at children. Two California jurisdictions recently implemented policies that only permit offering fast-food toy premiums with meals that meet certain nutritional criteria. The primary objective of the current study was to examine elements of this policy in a Canadian context and determine if children select healthier food products if toy premiums are only offered with healthier food options. The study also examined if the impact of restricting toy premiums to healthier foods varied by gender and age. A between-groups experimental study was conducted with 337 children aged 6-12 years attending day camps in Ontario, Canada. Children were offered one of four McDonald's Happy Meals® as part of the camp lunch program: two "healthier" meals that met the nutritional criteria and two meals that did not. In the control condition, all four meals were offered with a toy premium. In the intervention condition, the toy was only offered with the two "healthier" meals. Children were significantly more likely to select the healthier meals when toys were only offered with meals that met nutritional criteria (OR=3.19, 95% CI: 1.89-5.40). The effect of pairing toys with healthier meals had a stronger effect on boys than girls (OR=1.90, 95% CI: 1.14-3.17). Policies that restrict toy premiums to food that meet nutritional criteria may promote healthier eating at fast-food restaurants.

  5. Insurance premiums and insurance coverage of near-poor children.

    Science.gov (United States)

    Hadley, Jack; Reschovsky, James D; Cunningham, Peter; Kenney, Genevieve; Dubay, Lisa

    States increasingly are using premiums for near-poor children in their public insurance programs (Medicaid/SCHIP) to limit private insurance crowd-out and constrain program costs. Using national data from four rounds of the Community Tracking Study Household Surveys spanning the seven years from 1996 to 2003, this study estimates a multinomial logistic regression model examining how public and private insurance premiums affect insurance coverage outcomes (Medicaid/SCHIP coverage, private coverage, and no coverage). Higher public premiums are significantly associated with a lower probability of public coverage and higher probabilities of private coverage and uninsurance; higher private premiums are significantly related to a lower probability of private coverage and higher probabilities of public coverage and uninsurance. The results imply that uninsurance rates will rise if both public and private premiums increase, and suggest that states that impose or increase public insurance premiums for near-poor children will succeed in discouraging crowd-out of private insurance, but at the expense of higher rates of uninsurance. Sustained increases in private insurance premiums will continue to create enrollment pressures on state insurance programs for children.

  6. Premium analysis for copula model: A case study for Malaysian motor insurance claims

    Science.gov (United States)

    Resti, Yulia; Ismail, Noriszura; Jaaman, Saiful Hafizah

    2014-06-01

    This study performs premium analysis for copula models with regression marginals. For illustration purpose, the copula models are fitted to the Malaysian motor insurance claims data. In this study, we consider copula models from Archimedean and Elliptical families, and marginal distributions of Gamma and Inverse Gaussian regression models. The simulated results from independent model, which is obtained from fitting regression models separately to each claim category, and dependent model, which is obtained from fitting copula models to all claim categories, are compared. The results show that the dependent model using Frank copula is the best model since the risk premiums estimated under this model are closely approximate to the actual claims experience relative to the other copula models.

  7. Optimal Premium as a Function of the Deductible: Customer Analysis and Portfolio Characteristics

    Directory of Open Access Journals (Sweden)

    Julie Thøgersen

    2016-11-01

    Full Text Available An insurance company offers an insurance contract ( p , K , consisting of a premium p and a deductible K. In this paper, we consider the problem of choosing the premium optimally as a function of the deductible. The insurance company is facing a market of N customers, each characterized by their personal claim frequency, α, and risk aversion, β. When a customer is offered an insurance contract, she/he will, based on these characteristics, choose whether or not to insure. The decision process of the customer is analyzed in detail. Since the customer characteristics are unknown to the company, it models them as i.i.d. random variables; A 1 , … , A N for the claim frequencies and B 1 , … , B N for the risk aversions. Depending on the distributions of A i and B i , expressions for the portfolio size n ( p ; K ∈ [ 0 , N ] and average claim frequency α ( p ; K in the portfolio are obtained. Knowing these, the company can choose the premium optimally, mainly by minimizing the ruin probability.

  8. Risk of Stress Fracture Varies by Race/Ethnic Origin in a Cohort Study of 1.3 Million US Army Soldiers.

    Science.gov (United States)

    Bulathsinhala, Lakmini; Hughes, Julie M; McKinnon, Craig J; Kardouni, Joseph R; Guerriere, Katelyn I; Popp, Kristin L; Matheny, Ronald W; Bouxsein, Mary L

    2017-07-01

    Stress fractures (SF) are common and costly injuries in military personnel. Risk for SF has been shown to vary with race/ethnicity. Previous studies report increased SF risk in white and Hispanic Soldiers compared with black Soldiers. However, these studies did not account for the large ethnic diversity in the US military. We aimed to identify differences in SF risk among racial/ethnic groups within the US Army. A retrospective cohort study was conducted using data from the Total Army Injury and Health Outcomes Database from 2001 until 2011. SF diagnoses were identified from ICD-9 codes. We used Cox-proportional hazard models to calculate time to SF by racial/ethnic group after adjusting for age, education, and body mass index. We performed a sex-stratified analysis to determine whether the ethnic variation in SF risk depends on sex. We identified 21,549 SF cases in 1,299,332 Soldiers (more than 5,228,525 person-years of risk), revealing an overall incidence rate of 4.12 per 1000 person-years (7.47 and 2.05 per 1000 person-years in women and men, respectively). Using non-Hispanic blacks as the referent group, non-Hispanic white women had the highest risk of SF, with a 92% higher risk of SF than non-Hispanic black women (1.92 [1.81-2.03]), followed by American Indian/Native Alaskan women (1.72 [1.44-1.79]), Hispanic women (1.65 [1.53-1.79]), and Asian women (1.32 [1.16-1.49]). Similarly, non-Hispanic white men had the highest risk of SF, with a 59% higher risk of SF than non-Hispanic black men (1.59 [1.50-1.68]), followed by Hispanic men (1.19 [1.10-1.29]). When examining the total US Army population, we found substantial differences in the risk of stress fracture among racial/ethnic groups, with non-Hispanic white Soldiers at greatest risk and Hispanic, American Indian/Native Alaskan, and Asian Soldiers at an intermediate risk. Additional studies are needed to determine the factors underlying these race- and ethnic-related differences in stress fracture risk.

  9. 24 CFR 266.600 - Mortgage insurance premium: Insurance upon completion.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium... MULTIFAMILY PROJECT LOANS Contract Rights and Obligations Mortgage Insurance Premiums § 266.600 Mortgage insurance premium: Insurance upon completion. (a) Initial premium. For projects insured upon completion, on...

  10. 24 CFR 207.252e - Method of payment of mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... insurance premiums. 207.252e Section 207.252e Housing and Urban Development Regulations Relating to Housing... Premiums § 207.252e Method of payment of mortgage insurance premiums. In the cases that the Commissioner... mortgagees, that mortgage insurance premiums be remitted electronically. [63 FR 1303, Jan. 8, 1998] ...

  11. 26 CFR 1.163-11T - Allocation of certain prepaid qualified mortgage insurance premiums (temporary).

    Science.gov (United States)

    2010-04-01

    ... insurance premiums (temporary). 1.163-11T Section 1.163-11T Internal Revenue INTERNAL REVENUE SERVICE... insurance premiums (temporary). (a) Allocation—(1) In general. As provided in section 163(h)(3)(E), premiums... section applies whether the qualified mortgage insurance premiums are paid in cash or are financed...

  12. PENENTUAN CADANGAN PREMI DENGAN METODE PREMIUM SUFFICIENCY PADA ASURANSI JIWA SEUMUR HIDUP JOINT LIFE

    Directory of Open Access Journals (Sweden)

    NI PUTU MIRAH PERMATASARI

    2016-08-01

    Full Text Available The aim of this research was to get the formula of premium reserves through the premium sufficiency method. Premium reserve is the amount of fund that is collected by the insurance company in preparation for the claim’s payment. Premium sufficiency method is gross premium calculation. To construct that formula, this research used Tabel Mortalitas Indonesia (TMI 2011, interest rate 2.5% and cost of alpha %. Based on simulation result in men premium reserve value of age 1 of 56 years propotional with insured periods, but after56 years enhancement of premium reserve value.

  13. Flood Catastrophe Model for Designing Optimal Flood Insurance Program: Estimating Location-Specific Premiums in the Netherlands.

    Science.gov (United States)

    Ermolieva, T; Filatova, T; Ermoliev, Y; Obersteiner, M; de Bruijn, K M; Jeuken, A

    2017-01-01

    As flood risks grow worldwide, a well-designed insurance program engaging various stakeholders becomes a vital instrument in flood risk management. The main challenge concerns the applicability of standard approaches for calculating insurance premiums of rare catastrophic losses. This article focuses on the design of a flood-loss-sharing program involving private insurance based on location-specific exposures. The analysis is guided by a developed integrated catastrophe risk management (ICRM) model consisting of a GIS-based flood model and a stochastic optimization procedure with respect to location-specific risk exposures. To achieve the stability and robustness of the program towards floods with various recurrences, the ICRM uses stochastic optimization procedure, which relies on quantile-related risk functions of a systemic insolvency involving overpayments and underpayments of the stakeholders. Two alternative ways of calculating insurance premiums are compared: the robust derived with the ICRM and the traditional average annual loss approach. The applicability of the proposed model is illustrated in a case study of a Rotterdam area outside the main flood protection system in the Netherlands. Our numerical experiments demonstrate essential advantages of the robust premiums, namely, that they: (1) guarantee the program's solvency under all relevant flood scenarios rather than one average event; (2) establish a tradeoff between the security of the program and the welfare of locations; and (3) decrease the need for other risk transfer and risk reduction measures. © 2016 Society for Risk Analysis.

  14. The Effects of Premium Changes on ALL Kids

    Data.gov (United States)

    U.S. Department of Health & Human Services — The Effects of Premium Changes on ALL Kids, Alabamas CHIP Program Unlike many other CHIP programs, ALL Kids is a standalone program that provides year long...

  15. Demystifying first-cost green building premiums in healthcare.

    Science.gov (United States)

    Houghton, Adele; Vittori, Gail; Guenther, Robin

    2009-01-01

    This study assesses the extent of "first-cost green building construction premiums" in the healthcare sector based on data submitted by and interviews with 13 current LEED-certified and LEED-registered healthcare project teams, coupled with a literature survey of articles on the topics of actual and perceived first-cost premiums associated with green building strategies. This analysis covers both perceived and realized costs across a range of projects in this sector, leading to the following conclusions: Construction first-cost premiums may be lower than is generally perceived, and they appear to be independent of both building size and level of "green" achievement; projects are using financial incentives and philanthropy to drive higher levels of achievement; premiums are decreasing over time; and projects are benefiting from improvements in health and productivity which, although difficult to monetize, are universally valued.

  16. 26 CFR 1.822-11 - Net premiums.

    Science.gov (United States)

    2010-04-01

    ... TAXES Mutual Insurance Companies (other Than Life and Certain Marine Insurance Companies and Other Than Fire Or Flood Insurance Companies Which Operate on Basis of Perpetual Policies Or Premium Deposits) § 1...

  17. 26 CFR 1.823-1 - Net premiums.

    Science.gov (United States)

    2010-04-01

    ... TAXES Mutual Insurance Companies (other Than Life and Certain Marine Insurance Companies and Other Than Fire Or Flood Insurance Companies Which Operate on Basis of Perpetual Policies Or Premium Deposits) § 1...

  18. 26 CFR 1.823-4 - Net premiums.

    Science.gov (United States)

    2010-04-01

    ... TAXES Mutual Insurance Companies (other Than Life and Certain Marine Insurance Companies and Other Than Fire Or Flood Insurance Companies Which Operate on Basis of Perpetual Policies Or Premium Deposits) § 1...

  19. Premium growth and its effect on employer-sponsored insurance.

    Science.gov (United States)

    Vistnes, Jessica; Selden, Thomas

    2011-03-01

    We use variation in premium inflation and general inflation across geographic areas to identify the effects of downward nominal wage rigidity on employers' health insurance decisions. Using employer level data from the 2000 to 2005 Medical Expenditure Panel Survey-Insurance Component, we examine the effect of premium growth on the likelihood that an employer offers insurance, eligibility rates among employees, continuous measures of employee premium contributions for both single and family coverage, and deductibles. We find that small, low-wage employers are less likely to offer health insurance in response to increased premium inflation, and if they do offer coverage they increase employee contributions and deductible levels. In contrast, larger, low-wage employers maintain their offers of coverage, but reduce eligibility for such coverage. They also increase employee contributions for single and family coverage, but not deductibles. Among high-wage employers, all but the largest increase deductibles in response to cost pressures.

  20. A case for 'prevailing ecology' as premium determinant in home ...

    African Journals Online (AJOL)

    A case for 'prevailing ecology' as premium determinant in home-based child care ... Ewe mothers located in Dzemeni a migrant, lakeside community in Ghana. ... It builds a case from the analysis of definitions and concepts in care literature.

  1. Log-supermodularity of weight functions and the loading monotonicity of weighted insurance premiums

    OpenAIRE

    Hristo S. Sendov; Ying Wang; Ricardas Zitikis

    2010-01-01

    The paper is motivated by a problem concerning the monotonicity of insurance premiums with respect to their loading parameter: the larger the parameter, the larger the insurance premium is expected to be. This property, usually called loading monotonicity, is satisfied by premiums that appear in the literature. The increased interest in constructing new insurance premiums has raised a question as to what weight functions would produce loading-monotonic premiums. In this paper we demonstrate a...

  2. Estimating the market premium in short term interest rates

    OpenAIRE

    Hansen, Hans Fredrik

    2006-01-01

    Looking at the term structure in the interest rate market one can’t help notice the evident market premium above the central banks target rate. What factors might decide this premium? By using different variations of simple regression models we see that the model is constantly lagging the real time series. Acknowledging the fact that market clearings often are subject to several equations; we’re better able to develop a sensible model using a simultaneous equilibrium model. The multiple equat...

  3. Fixed-premium deposit insurance and international credit crunches

    OpenAIRE

    Mark M. Spiegel

    1996-01-01

    This article introduces a monopolistically competitive model of foreign lending in which both explicit and implicit fixed-premium deposit insurance increase the degree to which bank participation in relending to problem debtors falls below its globally optimal level. This provides a channel for fixed-premium deposit insurance to inhibit credit extension in bad states, resulting in an increase in the expected default percentage and an increase in the expected burden on the deposit insurance in...

  4. Methodological comparison of marginal structural model, time-varying Cox regression, and propensity score methods: the example of antidepressant use and the risk of hip fracture.

    Science.gov (United States)

    Ali, M Sanni; Groenwold, Rolf H H; Belitser, Svetlana V; Souverein, Patrick C; Martín, Elisa; Gatto, Nicolle M; Huerta, Consuelo; Gardarsdottir, Helga; Roes, Kit C B; Hoes, Arno W; de Boer, Antonius; Klungel, Olaf H

    2016-03-01

    Observational studies including time-varying treatments are prone to confounding. We compared time-varying Cox regression analysis, propensity score (PS) methods, and marginal structural models (MSMs) in a study of antidepressant [selective serotonin reuptake inhibitors (SSRIs)] use and the risk of hip fracture. A cohort of patients with a first prescription for antidepressants (SSRI or tricyclic antidepressants) was extracted from the Dutch Mondriaan and Spanish Base de datos para la Investigación Farmacoepidemiológica en Atención Primaria (BIFAP) general practice databases for the period 2001-2009. The net (total) effect of SSRI versus no SSRI on the risk of hip fracture was estimated using time-varying Cox regression, stratification and covariate adjustment using the PS, and MSM. In MSM, censoring was accounted for by inverse probability of censoring weights. The crude hazard ratio (HR) of SSRI use versus no SSRI use on hip fracture was 1.75 (95%CI: 1.12, 2.72) in Mondriaan and 2.09 (1.89, 2.32) in BIFAP. After confounding adjustment using time-varying Cox regression, stratification, and covariate adjustment using the PS, HRs increased in Mondriaan [2.59 (1.63, 4.12), 2.64 (1.63, 4.25), and 2.82 (1.63, 4.25), respectively] and decreased in BIFAP [1.56 (1.40, 1.73), 1.54 (1.39, 1.71), and 1.61 (1.45, 1.78), respectively]. MSMs with stabilized weights yielded HR 2.15 (1.30, 3.55) in Mondriaan and 1.63 (1.28, 2.07) in BIFAP when accounting for censoring and 2.13 (1.32, 3.45) in Mondriaan and 1.66 (1.30, 2.12) in BIFAP without accounting for censoring. In this empirical study, differences between the different methods to control for time-dependent confounding were small. The observed differences in treatment effect estimates between the databases are likely attributable to different confounding information in the datasets, illustrating that adequate information on (time-varying) confounding is crucial to prevent bias. Copyright © 2016 John Wiley & Sons, Ltd.

  5. Exchange rate risk in Central European countries

    Czech Academy of Sciences Publication Activity Database

    Kočenda, Evžen; Poghosyan, T.

    2010-01-01

    Roč. 60, č. 1 (2010), s. 22-39 ISSN 0015-1920 R&D Projects: GA ČR(CZ) GA402/08/1376; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : foreign exchange risk * time-varying risk premium * stochastic discount factor Subject RIV: AH - Economics Impact factor: 0.278, year: 2010 http://journal.fsv.cuni.cz/storage/1178_str_22_39_-_ko%C4%8Denda.pdf

  6. Specifics of the Unearned Premium Reserve in the Accounting of Commercial Insurance Companies

    Directory of Open Access Journals (Sweden)

    Jana Gláserová

    2014-01-01

    Full Text Available Commercial insurance companies are liable to create, on the basis of risks arising from the fulfillment of the object of their activity, technical reserves, which are used to cover liabilities arising to insurance companies from insurance and reinsurance activity. The paper focuses on the technical reserve which is, in accordance with the accounting-legal regulation, created obligatorily in commercial insurance companies – it is the unearned premium reserve.The paper explores the role and place of this technical reserve in the accounting of the commercial insurance companies based on the analysis of its substance, i.e. the objective definition. The paper is based on the methodology of the accounting, evaluation and methods of determining the amount of the technical reserve which will affect the income from operations as well as income tax base of commercial insurance companies. The paper also studied the method of reporting of unearned premium reserve in accounting according to Czech accounting legislation in comparison with International Accounting Standards (IAS/IFRS. The aim of this paper is to determine the impacts of the creation and application of the unearned premium reserve on some important items of the financial statements, which are mainly the income of operations, equity capital and balance sheet as well as to identify the impacts of different reporting of this reserve according to Czech accounting legislation and in accordance with IAS/IFRS. Performing the analysis of the accounting-legal regulation of the unearned premium reserve in the insurance companies, the analysis of the method of accounting of this reserve and also the comparison of reporting of this reserve according to both mentioned regulations is a prerequisite for the fulfillment of the aim.

  7. Perception and description of premium beers by panels with different degrees of product expertise

    DEFF Research Database (Denmark)

    Giacalone, Davide; Ribeiro, Leticia Machado; Frøst, Michael Bom

    2016-01-01

    The present study compares subjects with varying degrees of product expertise with regards to their ability to provide a sensory profile of beverages. Eight premium beers were evaluated by three different panels using a Napping® test, followed by a descriptive task. Two panels were constituted of...... were all above 0.90, indicating high configurational similarity. In contrast, PLS-DA showed significant differences in the use of attributes, particularly between Experts and Novices, suggesting that product expertise is more associated with descriptive, rather than perceptual, ability....

  8. Advertising non-premium products as if they were premium: The impact of advertising up on advertising elasticity and brand equity

    NARCIS (Netherlands)

    Guitart, I.A. (Ivan A.); Gonzalez, J. (Jorge); S. Stremersch (Stefan)

    2018-01-01

    textabstractNon-premium brands occasionally emulate their premium counterparts by using ads that emphasize premium characteristics such as superior performance and exclusivity. We define this practice as “advertising up” and develop hypotheses about its short- and long-term impact on advertising

  9. Triglycerides, total cholesterol, high density lipoprotein cholesterol and low density lipoprotein cholesterol in rats exposed to premium motor spirit fumes.

    Science.gov (United States)

    Aberare, Ogbevire L; Okuonghae, Patrick; Mukoro, Nathaniel; Dirisu, John O; Osazuwa, Favour; Odigie, Elvis; Omoregie, Richard

    2011-06-01

    Deliberate and regular exposure to premium motor spirit fumes is common and could be a risk factor for liver disease in those who are occupationally exposed. A possible association between premium motor spirit fumes and plasma levels of triglyceride, total cholesterol, high density lipoprotein cholesterol and low density lipoprotein cholesterol using a rodent model could provide new insights in the pathology of diseases where cellular dysfunction is an established risk factor. The aim of this study was to evaluate the possible effect of premium motor spirit fumes on lipids and lipoproteins in workers occupationally exposed to premium motor spirit fumes using rodent model. Twenty-five Wister albino rats (of both sexes) were used for this study between the 4(th) of August and 7(th) of September, 2010. The rats were divided into five groups of five rats each. Group 1 rats were not exposed to premium motor spirit fumes (control group), group 2 rats were exposed for 1 hour daily, group 3 for 3 hours daily, group 4 for 5 hours daily and group 5 for 7 hours daily. The experiment lasted for a period of 4 weeks. Blood samples obtained from all the groups after 4 weeks of exposure were used for the estimation of plasma levels of triglyceride, total cholesterol, high density lipoprotein- cholesterol and low density lipoprotein- cholesterol. Results showed significant increase in means of plasma total cholesterol and low density lipoprotein levels (P<0.05). The mean triglyceride and total body weight were significantly lower (P<0.05) in the exposed group when compared with the unexposed. The plasma level of high density lipoprotein, the ratio of low density lipoprotein to high density lipoprotein and the ratio of total cholesterol to high density lipoprotein did not differ significantly in exposed subjects when compared with the control group. These results showed that frequent exposure to petrol fumes may be highly deleterious to the liver cells.

  10. Trends in the Use of Premium and Discount Cigarette Brands: Findings from the ITC US Surveys (2002–2011)

    Science.gov (United States)

    Cornelius, Monica E.; Driezen, Pete; Fong, Geoffrey T.; Chaloupka, Frank J.; Hyland, Andrew; Bansal-Travers, Maansi; Carpenter, Matthew J.; Cummings, K. Michael

    2014-01-01

    Objective The purpose of this paper was to examine trends in the use of premium and discount cigarette brands and determine correlates of type of brand used and brand switching. Methods Data from the International Tobacco Control (ITC) US adult smoker cohort survey were analyzed. The total study sample included 6669 adult cigarette smokers recruited and followed from 2002 to 2011 over eight different survey waves. Each survey wave included an average of 1700 smokers per survey with replenishment of those lost to follow-up. Results Over the eight survey waves, a total of 260 different cigarette brands were reported by smokers, of which 17% were classified as premium and 83% as discount brands. Marlboro, Newport, and Camel were the most popular premium brands reported by smokers in our sample over all eight survey waves. The percentage of smokers using discount brands increased between 2002 and 2011, with a marked increase in brand switching from premium to discount cigarettes observed after 2009 corresponding to the $0.61 increase in the federal excise tax on cigarettes. Cigarette brand preferences varied by age group and income levels with younger, higher income smokers more likely to report smoking premium brand cigarettes, while older, middle and lower income, heavier smokers were more likely to report using discount brands. Conclusions Our data suggest that demographic and smoking trends favor the continued growth of low priced cigarette brands. From a tobacco control perspective, the findings from this study suggest that governments should consider enacting stronger minimum pricing laws in order to keep the base price of cigarettes high, since aggressive price marketing will likely continue to be used by manufacturers to compete for the shrinking pool of remaining smokers in the population. PMID:24092600

  11. Trends in the use of premium and discount cigarette brands: findings from the ITC US Surveys (2002-2011).

    Science.gov (United States)

    Cornelius, Monica E; Driezen, Pete; Fong, Geoffrey T; Chaloupka, Frank J; Hyland, Andrew; Bansal-Travers, Maansi; Carpenter, Matthew J; Cummings, K Michael

    2014-03-01

    The purpose of this paper was to examine trends in the use of premium and discount cigarette brands and determine correlates of type of brand used and brand switching. Data from the International Tobacco Control (ITC) US adult smoker cohort survey were analysed. The total study sample included 6669 adult cigarette smokers recruited and followed from 2002 to 2011 over eight different survey waves. Each survey wave included an average of 1700 smokers per survey with replenishment of those lost to follow-up. Over the eight survey waves, a total of 260 different cigarette brands were reported by smokers, of which 17% were classified as premium and 83% as discount brands. Marlboro, Newport, and Camel were the most popular premium brands reported by smokers in our sample over all eight survey waves. The percentage of smokers using discount brands increased between 2002 and 2011, with a marked increase in brand switching from premium to discount cigarettes observed after 2009 corresponding to the $0.61 increase in the federal excise tax on cigarettes. Cigarette brand preferences varied by age group and income levels with younger, higher income smokers more likely to report smoking premium brand cigarettes, while older, middle and lower income, heavier smokers were more likely to report using discount brands. Our data suggest that demographic and smoking trends favour the continued growth of low priced cigarette brands. From a tobacco control perspective, the findings from this study suggest that governments should consider enacting stronger minimum pricing laws in order to keep the base price of cigarettes high, since aggressive price marketing will likely continue to be used by manufacturers to compete for the shrinking pool of remaining smokers in the population.

  12. PENENTUAN CADANGAN PREMI DENGAN METODE PREMIUM SUFFICIENCY PADA ASURANSI JIWA SEUMUR HIDUP JOINT LIFE

    OpenAIRE

    NI PUTU MIRAH PERMATASARI; I NYOMAN WIDANA; KARTIKA SARI

    2016-01-01

    The aim of this research was to get the formula of premium reserves through the premium sufficiency method. Premium reserve is the amount of fund that is collected by the insurance company in preparation for the claim’s payment. Premium sufficiency method is gross premium calculation. To construct that formula, this research used Tabel Mortalitas Indonesia (TMI) 2011, interest rate 2.5% and cost of alpha %. Based on simulation result in men premium reserve value of age 1 of 56 years propotio...

  13. Medical malpractice reform and employer-sponsored health insurance premiums.

    Science.gov (United States)

    Morrisey, Michael A; Kilgore, Meredith L; Nelson, Leonard Jack

    2008-12-01

    Tort reform may affect health insurance premiums both by reducing medical malpractice premiums and by reducing the extent of defensive medicine. The objective of this study is to estimate the effects of noneconomic damage caps on the premiums for employer-sponsored health insurance. Employer premium data and plan/establishment characteristics were obtained from the 1999 through 2004 Kaiser/HRET Employer Health Insurance Surveys. Damage caps were obtained and dated based on state annotated codes, statutes, and judicial decisions. Fixed effects regression models were run to estimate the effects of the size of inflation-adjusted damage caps on the weighted average single premiums. State tort reform laws were identified using Westlaw, LEXIS, and statutory compilations. Legislative repeal and amendment of statutes and court decisions resulting in the overturning or repealing state statutes were also identified using LEXIS. Using a variety of empirical specifications, there was no statistically significant evidence that noneconomic damage caps exerted any meaningful influence on the cost of employer-sponsored health insurance. The findings suggest that tort reforms have not translated into insurance savings.

  14. Risk measurement with equivalent utility principles

    NARCIS (Netherlands)

    Denuit, M.; Dhaene, J.; Goovaerts, M.; Kaas, R.; Laeven, R.

    2006-01-01

    Risk measures have been studied for several decades in the actuarial literature, where they appeared under the guise of premium calculation principles. Risk measures and properties that risk measures should satisfy have recently received considerable attention in the financial mathematics

  15. Did the Affordable Care Act's Dependent Coverage Mandate Increase Premiums?

    OpenAIRE

    Briggs Depew; James Bailey

    2014-01-01

    We investigate the impact of the Affordable Care Act's dependent coverage mandate on insurance premiums. The expansion of dependent coverage under the ACA allows young adults to remain on their parent's private health insurance plans until the age of 26. We find that the mandate has led to a 2.5-2.8 percent increase in premiums for health insurance plans that cover children, relative to single-coverage plans. We find no evidence that the mandate caused an increase in the amount of the employe...

  16. Premium Forecasting of an Insurance Company: Automobile Insurance

    OpenAIRE

    Fouladvand, M. Ebrahim; Darooneh, Amir H.

    2002-01-01

    We present an analytical study of an insurance company. We model the company's performance on a statistical basis and evaluate the predicted annual income of the company in terms of insurance parameters namely the premium, total number of the insured, average loss claims etc. We restrict ourselves to a single insurance class the so-called automobile insurance. We show the existence a crossover premium p_c below which the company is loss-making. Above p_c, we also give detailed statistical ana...

  17. Geographic variation in premiums in health insurance marketplaces.

    Science.gov (United States)

    Barker, Abigail R; McBride, Timothy D; Kemper, Leah M; Mueller, Keith

    2014-08-01

    This policy brief analyzes the 2014 premiums associated with qualified health plans (QHPs) made available through new health insurance marketplaces (HIMs), an implementation of the Patient Protection and Affordable Care Act (ACA) of 2010. We report differences in premiums by insurance rating areas while controlling for other important factors such as the actuarial value of the plan (metal level), cost-of-living differences, and state-level decisions over type of rating area. While market equilibrium, based on experience and understanding of the characteristics of the new market, should not be expected this soon, preliminary results give policymakers key issues to monitor.

  18. 5 CFR 892.102 - What is premium conversion and how does it work?

    Science.gov (United States)

    2010-01-01

    ...) CIVIL SERVICE REGULATIONS (CONTINUED) FEDERAL FLEXIBLE BENEFITS PLAN: PRE-TAX PAYMENT OF HEALTH BENEFITS... FEHB insurance premium. If you are a participant in the premium conversion plan, Section 125 of the...

  19. 5 CFR 892.206 - Can I cancel my waiver and participate in premium conversion?

    Science.gov (United States)

    2010-01-01

    ... (CONTINUED) CIVIL SERVICE REGULATIONS (CONTINUED) FEDERAL FLEXIBLE BENEFITS PLAN: PRE-TAX PAYMENT OF HEALTH BENEFITS PREMIUMS Eligibility and Participation § 892.206 Can I cancel my waiver and participate in premium...

  20. 75 FR 16645 - Increase in the Primary Nuclear Liability Insurance Premium

    Science.gov (United States)

    2010-04-02

    ... Primary Nuclear Liability Insurance Premium AGENCY: Nuclear Regulatory Commission. ACTION: Final rule... impractical. The NRC is amending its regulations to increase the primary premium for liability insurance... protection requirements and indemnity agreements to increase the primary nuclear liability insurance layer...

  1. What health plans do people prefer? The trade-off between premium and provider choice.

    Science.gov (United States)

    Determann, Domino; Lambooij, Mattijs S; de Bekker-Grob, Esther W; Hayen, Arthur P; Varkevisser, Marco; Schut, Frederik T; Wit, G Ardine de

    2016-09-01

    Within a healthcare system with managed competition, health insurers are expected to act as prudent buyers of care on behalf of their customers. To fulfil this role adequately, understanding consumer preferences for health plan characteristics is of vital importance. Little is known, however, about these preferences and how they vary across consumers. Using a discrete choice experiment (DCE) we quantified trade-offs between basic health plan characteristics and analysed whether there are differences in preferences according to age, health status and income. We selected four health plan characteristics to be included in the DCE: (i) the level of provider choice and associated level of reimbursement, (ii) the primary focus of provider contracting (price, quality, social responsibility), (iii) the level of service benefits, and (iv) the monthly premium. This selection was based on a literature study, expert interviews and focus group discussions. The DCE consisted of 17 choice sets, each comprising two hypothetical health plan alternatives. A representative sample (n = 533) of the Dutch adult population, based on age, gender and educational level, completed the online questionnaire during the annual open enrolment period for 2015. The final model with four latent classes showed that being able to choose a care provider freely was by far the most decisive characteristic for respondents aged over 45, those with chronic conditions, and those with a gross income over €3000/month. Monthly premium was the most important choice determinant for young, healthy, and lower income respondents. We conclude that it would be very unlikely for half of the sample to opt for health plans with restricted provider choice. However, a premium discount up to €15/month by restricted health plans might motivate especially younger, healthier, and less wealthy consumers to choose these plans. Copyright © 2016 Elsevier Ltd. All rights reserved.

  2. Estimating dual deposit insurance premium rates and forecasting non-performing loans: Two new models

    OpenAIRE

    Yoshino, Naoyuki; Taghizadeh-Hesary, Farhad; Nili, Farhad

    2015-01-01

    Risky banks that endanger the stability of the financial system should pay higher deposit insurance premiums than healthy banks and other financial institutions that have shown good financial performance. It is necessary, therefore, to have at least a dual fair premium rate system. In this paper, we develop a model for calculating dual fair premium rates. Our definition of a fair premium rate in this paper is a rate that could cover the operational expenditures of the deposit insuring organiz...

  3. The impact of instant reward programs and bonus premiums on consumer purchase behavior

    NARCIS (Netherlands)

    Minnema, Alec; Bijmolt, Tammo H. A.; Non, Marielle C.

    This study examines the impact of an instant reward program (IRP) with bonus premiums on consumer purchase behavior. An IRP is a rapidly growing form of short-term program that rewards consumers instantly with small premiums per fixed spending, where these premiums are part of a larger set of

  4. Taking private labels upmarket : Empirical generalizations on category drivers of premium private label introductions

    NARCIS (Netherlands)

    Ter Braak, A.M.; Geyskens, I.; Dekimpe, M.G.

    Premium private labels (PLs) are considered one of the hottest trends in grocery retailing. Still, retailers do not feel the need to introduce premium PLs in every category. Generalizing across approximately 150 categories for six retailers from two countries that already carry premium PLs for

  5. Mating motives are neither necessary nor sufficient to create the beauty premium.

    Science.gov (United States)

    Hafenbrädl, Sebastian; Dana, Jason

    2017-01-01

    Mating motives lead decision makers to favor attractive people, but this favoritism is not sufficient to create a beauty premium in competitive settings. Further, economic approaches to discrimination, when correctly characterized, could neatly accommodate the experimental and field evidence of a beauty premium. Connecting labor economics and evolutionary psychology is laudable, but mating motives do not explain the beauty premium.

  6. 24 CFR 266.606 - Mortgage insurance premium: Duration and method of paying.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium... AFFORDABLE MULTIFAMILY PROJECT LOANS Contract Rights and Obligations Mortgage Insurance Premiums § 266.606 Mortgage insurance premium: Duration and method of paying. (a) Duration of payments. Mortgage insurance...

  7. 24 CFR 232.825 - Pro rata refund of insurance premium.

    Science.gov (United States)

    2010-04-01

    ... ASSISTED LIVING FACILITIES Contract Rights and Obligations Premiums § 232.825 Pro rata refund of insurance premium. Upon termination of a loan insurance contract by a payment in full or by a voluntary termination... rata portion of the current annual loan insurance premium theretofore paid which is applicable to the...

  8. 24 CFR 251.6 - Method of payment of mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... insurance premiums. 251.6 Section 251.6 Housing and Urban Development Regulations Relating to Housing and... HOUSING PROJECTS § 251.6 Method of payment of mortgage insurance premiums. In the cases that the... affected lenders, that mortgage insurance premiums be remitted electronically. [63 FR 1303, Jan. 8, 1998] ...

  9. 24 CFR 241.825 - Pro rata refund of insurance premium.

    Science.gov (United States)

    2010-04-01

    ... Projects Without a HUD-Insured or HUD-Held Mortgage Premiums § 241.825 Pro rata refund of insurance premium... of the current annual loan insurance premium theretofore paid which is applicable to the portion of... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Pro rata refund of insurance...

  10. 76 FR 40741 - Federal Housing Administration (FHA) Mortgage Insurance Premiums for Multifamily Housing Programs...

    Science.gov (United States)

    2011-07-11

    ... Administration (FHA) Mortgage Insurance Premiums for Multifamily Housing Programs, Health Care Facilities and... mortgage insurance premiums (MIPs) for FHA Multifamily Housing, Health Care Facilities, and Hospital... mortgage insurance regulation at 24 CFR 207.254 provides as follows: Notice of future premium changes will...

  11. 26 CFR 1.6050H-3T - Information reporting of mortgage insurance premiums (temporary).

    Science.gov (United States)

    2010-04-01

    ... Information reporting of mortgage insurance premiums (temporary). (a) Information reporting requirements. Any... section applies to the receipt of all payments of mortgage insurance premiums, by cash or financing... premiums is determined on a mortgage-by-mortgage basis. A recipient need not aggregate mortgage insurance...

  12. 12 CFR 741.4 - Insurance premium and one percent deposit.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Insurance premium and one percent deposit. 741... Insurance premium and one percent deposit. (a) Scope. This section implements the requirements of Section... payment of an insurance premium. (b) Definitions. For purposes of this section: (1) Available assets ratio...

  13. 24 CFR 236.252 - First, second, and third mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... insurance premiums. 236.252 Section 236.252 Housing and Urban Development Regulations Relating to Housing... insurance premiums. All of the provisions of § 207.252 of this chapter governing the first, second, and third mortgage insurance premiums shall apply to mortgages insured under this subpart, except: (a) Where...

  14. 77 FR 21580 - Changes in Certain Multifamily Housing and Health Care Facility Mortgage Insurance Premiums for...

    Science.gov (United States)

    2012-04-10

    ... Multifamily Housing and Health Care Facility Mortgage Insurance Premiums for Fiscal Year (FY) 2013 AGENCY...: In accordance with HUD regulations, this notice announces changes of the mortgage insurance premiums... mortgage. The mortgage insurance premiums to be in effect for FHA firm commitments issued or reissued in FY...

  15. 24 CFR 203.260 - Amount of mortgage insurance premium (periodic MIP).

    Science.gov (United States)

    2010-04-01

    ... Mortgage Insurance Premiums-Periodic Payment § 203.260 Amount of mortgage insurance premium (periodic MIP... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Amount of mortgage insurance premium (periodic MIP). 203.260 Section 203.260 Housing and Urban Development Regulations Relating to...

  16. 38 CFR 8.4 - Deduction of insurance premiums from compensation, retirement pay, or pension.

    Science.gov (United States)

    2010-07-01

    ...' Relief DEPARTMENT OF VETERANS AFFAIRS NATIONAL SERVICE LIFE INSURANCE Premiums § 8.4 Deduction of insurance premiums from compensation, retirement pay, or pension. The insured under a National Service life insurance policy which is not lapsed may authorize the monthly deduction of premiums from disability...

  17. 7 CFR 1962.29 - Payment of fees and insurance premiums.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 14 2010-01-01 2009-01-01 true Payment of fees and insurance premiums. 1962.29... Security § 1962.29 Payment of fees and insurance premiums. (a) Fees. (1) Security instruments. Borrowers... the service cannot be obtained without cost. (b) Insurance premiums. County Supervisors are authorized...

  18. 24 CFR 203.22 - Payment of insurance premiums or charges; prepayment privilege.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Payment of insurance premiums or... Underwriting Procedures Eligible Mortgages § 203.22 Payment of insurance premiums or charges; prepayment privilege. (a) Payment of periodic insurance premiums or charges. Except with respect to mortgages for which...

  19. 24 CFR 266.608 - Mortgage insurance premium: Pro rata refund.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium: Pro... PROJECT LOANS Contract Rights and Obligations Mortgage Insurance Premiums § 266.608 Mortgage insurance premium: Pro rata refund. If the Contract of Insurance is terminated by payment in full or is terminated...

  20. 24 CFR 266.610 - Method of payment of mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... insurance premiums. 266.610 Section 266.610 Housing and Urban Development Regulations Relating to Housing... MULTIFAMILY PROJECT LOANS Contract Rights and Obligations Mortgage Insurance Premiums § 266.610 Method of payment of mortgage insurance premiums. In the cases that the Commissioner deems appropriate, the...

  1. 48 CFR 2132.770 - Insurance premium payments and special contingency reserve.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Insurance premium payments... GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Contract Funding 2132.770 Insurance premium payments and special contingency reserve. Insurance premium payments and a special contingency reserve are made...

  2. Risk premiums in cap rates of investment property

    NARCIS (Netherlands)

    Wouwe, van M.; Berkhout, T.M.; Tansens, P.R.

    2008-01-01

    This article reports the results of a study about the correlations and patterns over time between the composite elements of the initial yield in the prime office and retail property markets in the Netherlands, the United Kingdom (London), Belgium (Brussels), and Germany (Frankfurt). For this study,

  3. Young moped riders : reducing high risks and high insurance premiums.

    NARCIS (Netherlands)

    Wegman, F.C.M.

    1992-01-01

    The paper examines the reported fall in fatal accidents for moped riders in The Netherlands, and also describes developments with respect to the ownership and use of mopeds. An analysis considers the safety problems of moped riders and suggests how insurance companies might help overcome the safety

  4. Rational expectations, risk and efficiency in energy futures markets

    Energy Technology Data Exchange (ETDEWEB)

    Serletis, Apostolos (Calgary Univ., AB (CA). Dept. of Economics)

    1991-04-01

    Conditional on the hypothesis that energy futures markets are efficient or rational, this paper uses Fama's regression approach to measure the information in energy futures prices about future spot prices and time varying premiums. The paper finds that the premium and expected future spot price components of energy futures prices are negatively correlated and that most of the variation in futures prices is variation in expected premiums. (author).

  5. Cost Effectiveness of Premium Versus Regular Gasoline in MCPS Buses.

    Science.gov (United States)

    Baacke, Clifford M.; Frankel, Steven M.

    The primary question posed in this study is whether premium or regular gasoline is more cost effective for the Montgomery County Public School (MCPS) bus fleet, as a whole, when miles-per-gallon, cost-per-gallon, and repair costs associated with mileage are considered. On average, both miles-per-gallon, and repair costs-per-mile favor premium…

  6. Cumulative Prospect Theory, Option Returns, and the Variance Premium

    NARCIS (Netherlands)

    Baele, Lieven; Driessen, Joost; Ebert, Sebastian; Londono Yarce, J.M.; Spalt, Oliver

    The variance premium and the pricing of out-of-the-money (OTM) equity index options are major challenges to standard asset pricing models. We develop a tractable equilibrium model with Cumulative Prospect Theory (CPT) preferences that can overcome both challenges. The key insight is that the

  7. 75 FR 38748 - Medicaid Program; Premiums and Cost Sharing; Correction

    Science.gov (United States)

    2010-07-06

    ... DEPARTMENT OF HEALTH AND HUMAN SERVICES Centers for Medicare & Medicaid Services 42 CFR Parts 447 and 457 [CMS-2244-CN] RIN 0938-AP73 Medicaid Program; Premiums and Cost Sharing; Correction AGENCY: Centers for Medicare & Medicaid Services (CMS), HHS ACTION: Correction of final rule with comment period...

  8. 'Benefits cycle' replacing premium cycle as consumerism takes hold.

    Science.gov (United States)

    2002-05-01

    The traditional premium cycle of ups and downs in rates is giving way to a new phenomenon--driven by the advent of consumerism in health care--termed the "benefits cycle" by one consultant. Rather than shifts in rates, he argues, the future will see shifts in benefits packages.

  9. Consumer Protection and Premium Rate Services In Denmark

    DEFF Research Database (Denmark)

    Trzaskowski, Jan

    2006-01-01

    The regulation of the telecommunication industry in Denmark is quite liberal. There are no requirements to register with national authorities when providing telecommunication services or Premium Rate Services. Only Network Operators, who want to make use of the scarce frequency resources, must re...... active in securing compliance with the law....

  10. 77 FR 41270 - Health Insurance Premium Tax Credit

    Science.gov (United States)

    2012-07-13

    ... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Parts 1 and 602 [TD 9590] RIN 1545-BJ82 Health Insurance Premium Tax Credit Correction In rule document 2012-12421 appearing on pages 30377-30400 in the issue of Wednesday, May 23, 2012, make the following corrections: 0 1. On page 30385, in the...

  11. Interdependence of life insurance service quality and premium

    Directory of Open Access Journals (Sweden)

    Dragan Benazić

    2006-12-01

    Full Text Available Insurance companies in Croatia feel the need to find new sources of competitive advantage on the Croatian life insurance market amid increasing competition and a poorly profiled offer of life insurance services. Lately, both marketing literature and practice seem to point to the shaping of a relationship between service quality and price as a possible solution to improving the position of insurance companies on the Croatian market. In providing life insurance services, the insurance companies should focus on the quality elements that offer certain benefits a client is willing to pay for. Changes in individual quality features have been evaluated differently by clients. Such differences in their evaluation of changes in the individual elements of service quality also reflect the willingness of clients to pay a suitable increase on their insurance premium. Improvements in the service quality features that are subjectively evaluated as important should lead to the client’s acceptance of a higher life insurance premium. The paper considers the interdependence between the quality of life insurance services and the premium from the aspect of the client’s willingness to pay a higher life insurance premium for a higher service quality.

  12. Quantifying the Impact of Autism Coverage on Private Insurance Premiums

    Science.gov (United States)

    Bouder, James N.; Spielman, Stuart; Mandell, David S.

    2009-01-01

    Many states are considering legislation requiring private insurance companies to pay for autism-related services. Arguments against mandates include that they will result in higher premiums. Using Pennsylvania legislation as an example, which proposed covering services up to $36,000 per year for individuals less than 21 years of age, this paper…

  13. Advertising non-premium products as if they were premium: The impact of advertising up on advertising elasticity and brand equity

    OpenAIRE

    Guitart, I.A. (Ivan A.); Gonzalez, J. (Jorge); Stremersch, Stefan

    2018-01-01

    textabstractNon-premium brands occasionally emulate their premium counterparts by using ads that emphasize premium characteristics such as superior performance and exclusivity. We define this practice as “advertising up” and develop hypotheses about its short- and long-term impact on advertising elasticity and brand equity respectively. We test the hypotheses in two large-scale empirical studies using a comprehensive dataset from the automotive industry that includes, among others, the conten...

  14. The Association of State Rate Review Authority with Health Insurance Premiums.

    Science.gov (United States)

    Ticse, Caroline

    2015-10-01

    Key findings. (1) Adjusted premiums in the individual market in states with prior approval authority combined with loss ratio requirements were lower in 2010-2013 than premiums in states with no rate review authority or file-and-use regulations only. (2) Adjusted premiums declined modestly in prior approval states while premiums increased in states with no rate review authority or with file-and-use regulations only. (3) The findings suggest that states with prior approval authority and loss ratio requirements constrained increases in health insurance premiums.

  15. Is there evidence that recent consolidation in the health insurance industry has adversely affected premiums?

    Science.gov (United States)

    Kopit, William G

    2004-01-01

    James Robinson suggests that recent consolidation in the insurance market has been a cause of higher health insurance prices (premiums). Although the recent consolidation among health insurers and rising premiums are indisputable, it is unlikely that consolidation has had any adverse effect on premiums nationwide, and Robinson provides no data that suggest otherwise. Specifically, he does not present data showing an increase in concentration in any relevant market during the past few years, let alone any resulting increase in premiums. Health insurance consolidation in certain local markets could adversely affect premiums, but it seems clear that it is not a major national antitrust issue.

  16. Methodological comparison of marginal structural model, time-varying Cox regression, and propensity score methods : the example of antidepressant use and the risk of hip fracture

    NARCIS (Netherlands)

    Ali, M Sanni; Groenwold, Rolf H H; Belitser, Svetlana V; Souverein, Patrick C; Martín, Elisa; Gatto, Nicolle M; Huerta, Consuelo; Gardarsdottir, Helga; Roes, Kit C B; Hoes, Arno W; de Boer, Antonius; Klungel, Olaf H

    2016-01-01

    BACKGROUND: Observational studies including time-varying treatments are prone to confounding. We compared time-varying Cox regression analysis, propensity score (PS) methods, and marginal structural models (MSMs) in a study of antidepressant [selective serotonin reuptake inhibitors (SSRIs)] use and

  17. The pricing of long and short run variance and correlation risk in stock returns

    NARCIS (Netherlands)

    Cosemans, M.

    2011-01-01

    This paper studies the pricing of long and short run variance and correlation risk. The predictive power of the market variance risk premium for returns is driven by the correlation risk premium and the systematic part of individual variance premia. Furthermore, I find that aggregate volatility risk

  18. Macroeconomic Perspectives on the Equity Premium Puzzle

    NARCIS (Netherlands)

    J. Zenhorst (Jorn)

    2012-01-01

    textabstractSuppose you were born on January 1, 1983. A few months later, your parents, wanting to set aside some money for your 18th birthday, were at a crossroads. They could either invest money in risk-free Dutch government bonds or in the newly created AEX index, investing in companies’

  19. ENTREPRENEURIAL STRATEGIC INNOVATION MODEL FOR ATTAINING PREMIUM VALUE FOR THE SRI LANKAN GEM AND JEWELLERY INDUSTRY

    Directory of Open Access Journals (Sweden)

    Shyamalie Ekanayake

    2010-07-01

    Full Text Available Entrepreneurial innovative action is a four-pronged strategic integration; it mitigates financial risk in knowledge transfer and technology transfer, it integrates manufacturing and business strategy, and it provides policy remedy to transform the assets and capabilities of the value system. The innovation process utilises market innovations to establish a competitive advantage, gathers intellectual assets, attains proprietary rights and fosters the ability to implement appropriate strategies and sustain a competitive advantage, thus generating premium value. The entrepreneur's commitment uncovers market opportunities and exploits the inventiveness of value-system technologies to result in market innovation. The integration of the above-mentioned four forces with changing market needs transforms the capabilities of the value system to allow it to sustain business value regeneration and thus generate premium value. The failure of either one or all four forces of entrepreneurs' innovative strategies will lead to a reduction in the market value of the products and disintegrate the industry value system. This phenomena was observed in the gem and jewellery industry in Sri Lanka, where the industry has been capable enough to develop a competitive product base but has been positioned to experience a reduction in market value. This reduction has resulted in the disintegration of the industry value system, forcing firms to work in isolation.

  20. Does Intrinsic Habit Formation Actually Resolve the Equity Premium Puzzle?

    OpenAIRE

    David A. Chapman

    2002-01-01

    Constantinides (1990) describes a simple model of intrinsic habit formation that appears to resolve the "equity premium puzzle" of Mehra and Prescott (1985). This finding is particularly important, since it has motivated a broader consideration of the implications of habit formation preferences in dynamic equilibrium models. However, consumption growth actually behaves very differently pre- and post-1948, and the explanatory power of the habit formation model is driven by the pre-1948 data. U...

  1. QUALITY PREMIUMS FOR AUSTRALIAN WHEAT IN THE GROWING ASIAN MARKETS

    OpenAIRE

    Ahmadi-Esfahani, Fredoun Z.; Stanmore, Roland G.

    1994-01-01

    An hedonic price function is applied to Australia's wheat exports to the growing Asian markets. The values for the quality characteristics in the wheat markets of Indonesia, Malaysia, Singapore, South Korea, and Thailand are estimated. The data base for the study is from the Australian Wheat Board shipments over the period 1984 to 1991. The sample is divided into two separate time periods to test the consistency in demand for export wheat and to trace recent trends in quality premiums. The im...

  2. Curb your premium! evaluating state intervention in medical malpractice insurance

    OpenAIRE

    Sofia, AmaralGarcia; Veronica, Grembi

    2011-01-01

    Using data of Italian public healthcare providers over years 2001 through 2008, we evaluate the impact of two policies adopted by Italian Regions (i.e., States) to cope with increasing medical malpractice costs using a Difference-in-Difference specification. We assess the impact of the policies on premiums paid and legal expenditures. The first policy consisted in collecting information and monitoring both compensation requests and any legal action related to a medical malpractice claim again...

  3. The equity premium in finance and valuation textbooks

    OpenAIRE

    Fernandez, Pablo

    2008-01-01

    This paper is a review of the recommendations about the equity premium found in the main finance and valuation textbooks. We review several editions of books written by authors such as Brealey and Myers; Copeland, Koller and Murrin (McKinsey); Ross, Westerfield and Jaffe; Bodie, Kane and Marcus; Damodaran; Copeland and Weston; Van Horne; Bodie and Merton; Stowe et al.; Pratt; Penman; Bruner; Weston & Brigham; and Arzac. We highlight the confusing message the textbooks convey regarding the equ...

  4. Coal sulfur-premium models for SO2 allowance valuation

    International Nuclear Information System (INIS)

    Henry, J.B. II; Radulski, D.R.; Ellingson, E.G.; Engels, J.P.

    1995-01-01

    Clean Air Capital Markets, an investment bank structuring SO 2 Allowance transactions, has designed two allowance value models. The first forecasts an equilibrium allowance value based on coal supply and demand. The second estimates the sulfur premium of all reported coal deliveries to utilities. Both models demonstrate that the fundamental allowance value is approximately double current spot market prices for small volumes of off-system allowances

  5. The impact of CHIP premium increases on insurance outcomes among CHIP eligible children.

    Science.gov (United States)

    Nikolova, Silviya; Stearns, Sally

    2014-03-03

    Within the United States, public insurance premiums are used both to discourage private health policy holders from dropping coverage and to reduce state budget costs. Prior research suggests that the odds of having private coverage and being uninsured increase with increases in public insurance premiums. The aim of this paper is to test effects of Children's Health Insurance Program (CHIP) premium increases on public insurance, private insurance, and uninsurance rates. The fact that families just below and above a state-specific income cut-off are likely very similar in terms of observable and unobservable characteristics except the premium contribution provides a natural experiment for estimating the effect of premium increases. Using 2003 Medical Expenditure Panel Survey (MEPS) merged with CHIP premiums, we compare health insurance outcomes for CHIP eligible children as of January 2003 in states with a two-tier premium structure using a cross-sectional regression discontinuity methodology. We use difference-in-differences analysis to compare longitudinal insurance outcomes by December 2003. Higher CHIP premiums are associated with higher likelihood of private insurance. Disenrollment from CHIP in response to premium increases over time does not increase the uninsurance rate. When faced with higher CHIP premiums, private health insurance may be a preferable alternative for CHIP eligible families with higher incomes. Therefore, competition in the insurance exchanges being formed under the Affordable Care Act could enhance choice.

  6. THE INFLUENCE OF LINE EXTENSION STRATEGIES BY PREMIUM BRANDS ON BRAND EQUITY: CULTURAL DIFFERENCES BETWEEN GERMANY AND THAILAND

    Directory of Open Access Journals (Sweden)

    Florian Lukas SEIZER

    2017-05-01

    Full Text Available Premium markets are expected to outperform other markets throughout the near future. Thus these markets are of high importance for marketers, who already face challenges to manage premium brands due to the hazard of a possible dilution of user’s sense of exclusivity and pride. Premium brand managers must know when it is best to take a pass on short-term growth opportunities that could tarnish the brand's long-term health. Line extensions embody one of the most frequently used vehicles for growth to meet global consumer needs. Though they have advantages, also risks are associated with them. Consequently, the purpose of this study is to identify the influence of line extensions on brand equity in culturally different spheres. The study focuses on premium brands from the automotive industry and asks if and in how far different – vertical (different price & quality level and horizontal (same price & quality level – line extension strategies influence brand equity differently among cultures. A one group pre-test post-test research design is used to measure brand equity before and after an existing brand’s (hypothetical extension. A structured online survey with page logic collected primary data from four hundred students in Germany and Thailand recruited by a matched sampling technique. Culture has to be added to brand equity models as results show distinctive changes of brand equity for both Germany and Thailand. While after vertical downscale extensions, brand equity increases in Germany, it decreases in Thailand. Hence, the research results in managerial recommendations which assess if product policy strategies should be thought ‘regionally’ or ‘globally’.

  7. The Value Premium on the Danish Stock Market

    DEFF Research Database (Denmark)

    Risager, Ole

    2005-01-01

    research on this issue. The purpose of this paper is to report evidence for the Danish stock market and to test whether the value premium is a genuine long-term feature of the market or just a phenomenon that pops up now and then. To research this issue we have collected accounting and stock market data......A number of influential studies have documented a strong value premium for US stocks over the period 1963 to 1990 (Fama and French (1992), Lakonishok et al. (1994)). Stocks with low price-earnings multiples, price-book values and other measures of value are reported to have given a higher mean...... return than the high multiple growth firms. Work by Basu (1997) and others have shown that the value dominance is also a feature of the earlier market history of the United States. The value premium is reported also to exist in a number of other countries over the period 1975 to 1995 (Fama and French...

  8. Designing Psychological Treatments for Scalability: The PREMIUM Approach.

    Directory of Open Access Journals (Sweden)

    Sukumar Vellakkal

    Full Text Available Lack of access to empirically-supported psychological treatments (EPT that are contextually appropriate and feasible to deliver by non-specialist health workers (referred to as 'counsellors' are major barrier for the treatment of mental health problems in resource poor countries. To address this barrier, the 'Program for Effective Mental Health Interventions in Under-resourced Health Systems' (PREMIUM designed a method for the development of EPT for severe depression and harmful drinking. This was implemented over three years in India. This study assessed the relative usefulness and costs of the five 'steps' (Systematic reviews, In-depth interviews, Key informant surveys, Workshops with international experts, and Workshops with local experts in the first phase of identifying the strategies and theoretical model of the treatment and two 'steps' (Case series with specialists, and Case series and pilot trial with counsellors in the second phase of enhancing the acceptability and feasibility of its delivery by counsellors in PREMIUM with the aim of arriving at a parsimonious set of steps for future investigators to use for developing scalable EPT.The study used two sources of data: the usefulness ratings by the investigators and the resource utilization. The usefulness of each of the seven steps was assessed through the ratings by the investigators involved in the development of each of the two EPT, viz. Healthy Activity Program for severe depression and Counselling for Alcohol Problems for harmful drinking. Quantitative responses were elicited to rate the utility (usefulness/influence, followed by open-ended questions for explaining the rankings. The resources used by PREMIUM were computed in terms of time (months and monetary costs.The theoretical core of the new treatments were consistent with those of EPT derived from global evidence, viz. Behavioural Activation and Motivational Enhancement for severe depression and harmful drinking respectively

  9. Simulating the market coefficient of relative risk aversion

    Directory of Open Access Journals (Sweden)

    Samih Antoine Azar

    2014-12-01

    Full Text Available In this paper, expected utility, defined by a Taylor series expansion around expected wealth, is maximized. The coefficient of relative risk aversion (CRRA that is commensurate with a 100% investment in the risky asset is simulated. The following parameters are varied: the riskless return, the market standard deviation, the market stock premium, and the skewness and the kurtosis of the risky return. Both the high extremes and the low extremes are considered. With these figures, the upper bound of the market CRRA is 3.021 and the lower bound is 0.466. Log utility, which corresponds to a CRRA of 1, is not excluded.

  10. MODEL PERAMALAN KONSUMSI BAHAN BAKAR JENIS PREMIUM DI INDONESIA DENGAN REGRESI LINIER BERGANDA

    Directory of Open Access Journals (Sweden)

    Farizal

    2014-12-01

    Full Text Available Energy consumption forecasting, especially premium, is an integral part of energy management. Premium is a type of energy that receives government subsidy. Unfortunately, premium forecastings being performed have considerable high error resulting difficulties on reaching planned subsidy target and exploding the amount. In this study forecasting was conducted using multilinear regression (MLR method with ten candidate predictor variables. The result shows that only four variables which are inflation, selling price disparity between pertamanx and premium, economic growth rate, and the number of car, dictate premium consumption. Analsys on the MLR model indicates that the model has a considerable low error with the mean absolute percentage error (MAPE of 5.18%. The model has been used to predict 2013 primium consumption with 1.05% of error. The model predicted that 2013 premium consumption was 29.56 million kiloliter, while the reality was 29.26 million kiloliter.

  11. Impact of terrorism and political instability on equity premium: Evidence from Pakistan

    Science.gov (United States)

    MengYun, Wu; Imran, Muhammad; Zakaria, Muhammad; Linrong, Zhang; Farooq, Muhammad Umer; Muhammad, Shah Khalid

    2018-02-01

    The study quantifies the impact of terrorism and political instability on firm equity premium in Pakistan using panel data for 306 non-financial firms for the period 2001 to 2014. Other variables included are law & order, government regime change and financial crisis of 2007/08. The estimated results reveal that terrorism has statistically significant negative impact on firm equity premium in Pakistan. This result is robust with alternative equation specifications. The result also remains same when terrorism variable is replaced with external and internal conflict variables. Law & order variable has significant positive effect on firm equity premium, which implies that equity premium increases with the improvement in law & order situation in the country. Equity premium also increases with government stability and when there is democratic system in the country. The result also reveals that global financial crisis of 2007/08 negatively influenced the firm equity premium. The study suggests some policy implications.

  12. Fair premium rate of the deposit insurance system based on banks' creditworthiness

    OpenAIRE

    Yoshino, Naoyuki; Taghizadeh-Hesary, Farhad; Nili, Farhad

    2017-01-01

    Purpose: Deposit insurance is a key element in modern banking, as it guarantees the financial safety of deposits at depository financial institutions. It is necessary to have at least a dual fair premium rate system based on the creditworthiness of financial institutions, as considering a singular premium system for all banks will have a moral hazard. In this paper, we develop a theoretical as well as an empirical model for calculating dual fair premium rates. Design/methodology/approach: Our...

  13. Using the Black Scholes method for estimating high cost illness insurance premiums in Colombia

    Directory of Open Access Journals (Sweden)

    Liliana Chicaíza

    2009-04-01

    Full Text Available This article applied the Black-Scholes option valuation formula to calculating high-cost illness reinsurance premiums in the Colombian health system. The coverage pattern used in reinsuring high-cost illnesses was replicated by means of a European call option contract. The option’s relevant variables and parameters were adapted to an insurance market context. The premium estimated by the BlackScholes method fell within the range of premiums estimated by the actuarial method.

  14. Pricing Currency Risk under Currency Boards

    OpenAIRE

    Schmukler, Sergio L.; Servén, Luis

    2002-01-01

    Currency risk is one of the two components of the total interest rate differential. Hard pegs, such as currency boards, are meant to reduce or even eliminate currency risk, thus, reducing domestic interest rates. This paper investigates the patterns and determinants of the currency risk premium in two currency boards—Argentina and Hong Kong. Despite the presumed rigidity of currency boards, the currency premium is almost always positive and at times very large. Its term structure is usually u...

  15. Changes in the Relative Balance of Approach and Avoidance Inclinations to Use Alcohol Following Cue Exposure Vary in Low and High Risk Drinkers

    Directory of Open Access Journals (Sweden)

    Ross C. Hollett

    2017-05-01

    Full Text Available According to the ambivalence model of craving, alcohol craving involves the dynamic interplay of separate approach and avoidance inclinations. Cue-elicited increases in approach inclinations are posited to be more likely to result in alcohol consumption and risky drinking behaviors only if unimpeded by restraint inclinations. Current study aims were (1 to test if changes in the net balance between approach and avoidance inclinations following alcohol cue exposure differentiate between low and high risk drinkers, and (2 if this balance is associated with alcohol consumption on a subsequent taste test. In two experiments (N = 60; N = 79, low and high risk social drinkers were exposed to alcohol cues, and pre- and post- approach and avoidance inclinations measured. An ad libitum alcohol consumption paradigm and a non-alcohol exposure condition were also included in Study 2. Cue-elicited craving was characterized by a predominant approach inclination only in the high risk drinkers. Conversely, approach inclinations were adaptively balanced by equally strong avoidance inclinations when cue-elicited craving was induced in low risk drinkers. For these low risk drinkers with the balanced craving profile, neither approach or avoidance inclinations predicted subsequent alcohol consumption levels during the taste test. Conversely, for high risk drinkers, where the approach inclination predominated, each inclination synergistically predicted subsequent drinking levels during the taste test. In conclusion, results support the importance of assessing both approach and avoidance inclinations, and their relative balance following alcohol cue exposure. Specifically, this more comprehensive assessment reveals changes in craving profiles that are not apparent from examining changes in approach inclinations alone, and it is this shift in the net balance that distinguishes high from low risk drinkers.

  16. Premium Pricing In Health Insurance By Nelson- Aalen Estimator

    OpenAIRE

    Istikaanah, Najmah

    2011-01-01

    In this paper the using of Nelson Aalen estimators are presented to estimate transition probabilities of multistate model. Based on discrete time Markov, we will get transition matrices?é?á which the elements are transition probabilities from Nelson Aalen estimator. Because of the data that used in the construction of transition matrices are person?óÔé¼Ôäós health histories, then it can be seen as a morbidity value, which can be used to premium pricing.?é?á

  17. Alkaloid-derived molecules in low rank Argonne premium coals.

    Energy Technology Data Exchange (ETDEWEB)

    Winans, R. E.; Tomczyk, N. A.; Hunt, J. E.

    2000-11-30

    Molecules that are probably derived from alkaloids have been found in the extracts of the subbituminous and lignite Argonne Premium Coals. High resolution mass spectrometry (HRMS) and liquid chromatography mass spectrometry (LCMS) have been used to characterize pyridine and supercritical extracts. The supercritical extraction used an approach that has been successful for extracting alkaloids from natural products. The first indication that there might be these natural products in coals was the large number of molecules found containing multiple nitrogen and oxygen heteroatoms. These molecules are much less abundant in bituminous coals and absent in the higher rank coals.

  18. Assessment of plutonium security effect using import premium method

    International Nuclear Information System (INIS)

    Ohkubo, Hiroo; Aoyagi, Tadashi; Kikuchi, Masahiro; Suzuki, Atsuyuki.

    1994-01-01

    A mathematical formulation was developed to describe the concept of import premium method, which can quantify a security effect of demand reduction of imports by introducing the alternative before its supply disruption (or variation) may happen. Next, by using this formula, a security value of plutonium use (especially, fast breeder reactor), defined as a contributor to reduction of possibilities of disruption (or variation) of natural uranium supply was estimated. From these studies, it is concluded that although the formula proposed here is simplified, it may be available for assessing an energy security if only we prepare the data concerning future motions of supply and demand curves. (author)

  19. Comparison of varying operating parameters on heavy metals ecological risk during anaerobic co-digestion of chicken manure and corn stover.

    Science.gov (United States)

    Yan, Yilong; Zhang, Liqiu; Feng, Li; Sun, Dezhi; Dang, Yan

    2018-01-01

    In this study, the potential ecological risk of heavy metals (Mn, Zn, Cu, Ni, As, Cd, Pb, Cr) accumulation from anaerobic co-digestion of chicken manure (CM) and corn stover (CS) was evaluated by comparing different initial substrate concentrations, digestion temperatures, and mixture ratios. Results showed that the highest volumetric methane yield of 20.3±1.4L/L reactor was achieved with a CS:CM ratio of 3:1 (on volatile solid basis) in mesophilic solid state anaerobic digestion (SS-AD). Although co-digestion increased the concentrations of all tested heavy metals and the direct toxicity of some heavy metals, the potential ecological risk index indicated that the digestates were all classified as low ecological risk. The biogasification and risk variation of heavy metals were affected by the operating parameters. These results are significant and should be taken into consideration when optimizing co-digestion of animal manure and crop residues during full-scale projects. Copyright © 2017 Elsevier Ltd. All rights reserved.

  20. Impact of varying the definition of myopia on estimates of prevalence and associations with risk factors: time for an approach that serves research, practice and policy.

    Science.gov (United States)

    Cumberland, Phillippa M; Bountziouka, Vasiliki; Rahi, Jugnoo S

    2018-02-03

    Refractive error is an increasing global public health concern that requires robust and reliable research to identify modifiable risk factors and provide accurate estimates of population burden. We investigated the impact of reclassification of individuals when using different threshold values of spherical equivalent (SE) to define myopia, on estimates of frequency, distribution and associations with risk factors, to inform current international initiatives to standardise definitions. A random sample of 1985 individuals from the 1958 British birth cohort, at age 44, had autorefraction and self-reported on educational attainment and social class.Refraction status assigned in three different models using SE: (A) moderate to high myopia -3 diopters (D) or more extreme (≤-3.00D), (B) hypermetropia +1.00D or more extreme (≥+1.00D) and (C) mild myopia using three different thresholds: -1.00D, -0.75D or -0.50D, hence reciprocal changes in definition of emmetropia. Frequency estimates and associations with risk factors altered significantly as the threshold value for myopia moved towards SE 0.0D: prevalence of mild myopia increased from 28% to 47%, the association with highest educational attainment attenuated and with higher social class strengthened, with changes in risk ratios of approximately 20%. Even small changes in the threshold definition of myopia (±0.25D) can significantly affect the conclusions of epidemiological studies, creating both false-positive and false-negative associations for specific risk factors. An international classification for refractive error, empirically evidenced and cognisant of the question(s) being addressed and the population(s) being studied, is needed to serve better translational research, practice and policy. © Article author(s) (or their employer(s) unless otherwise stated in the text of the article) 2018. All rights reserved. No commercial use is permitted unless otherwise expressly granted.

  1. Prognostic significance of P2RY8-CRLF2 and CRLF2 overexpression may vary across risk subgroups of childhood B-cell acute lymphoblastic leukemia.

    Science.gov (United States)

    Dou, Hu; Chen, Xi; Huang, Yi; Su, Yongchun; Lu, Ling; Yu, Jie; Yin, Yibing; Bao, Liming

    2017-02-01

    The cytokine receptor-like factor 2 (CRLF2) gene plays an important role in early B-cell development. Aberrations in CRLF2 activate the JAK-STAT signaling pathway that contributes to B-cell acute lymphoblastic leukemia (B-ALL). The prognostic significance of CRLF2 overexpression and P2RY8-CRLF2 fusion in various B-ALL risk subgroups has not been well established. Two hundred seventy-one patients with newly diagnosed childhood B-ALL were enrolled from a Chinese population. The prevalence of CRLF2 overexpression, CRLF2-P2RY8 fusion, CRLF2 F232C mutation, and JAK2 and IL7R mutational status were analyzed, and the prognostic impact of CRLF2 overexpression and P2RY8-CRLF2 on B-ALL was evaluated by assessing their influence on overall survival and event-free survival. CRLF2 overexpression and P2RY8-CRLF2 were found in 19% and 10%, respectively, in the whole cohort. No correlation between CRLF2 overexpression and P2RY8-CRLF2 was observed. CRLF2 F322C and IL7R mutations were not detected in B-ALL cases overexpressing CRLF2, and no JAK2 mutations were found in the whole cohort either. The results showed that CRLF2 overexpression and P2RY8-CRLF2 were associated with a poor outcome in unselected B-ALL. Moreover, in an intermediate risk B-ALL subgroup P2RY8-CRLF2 was correlated with worse survival, whereas in high- and low-risk subgroups, CRLF2 overexpression predicted a poor outcome. Our findings suggest that P2RY8-CRLF2 is an independent prognostic indicator in intermediate risk B-ALL, while CRLF2 overexpression is correlated with an inferior outcome in high- or low-risk B-ALL. Our study demonstrates that the impact of P2RY8-CRLF2 and CRLF2 overexpression on B-ALL survival may differ across risk subgroups. © 2016 Wiley Periodicals, Inc. © 2016 Wiley Periodicals, Inc.

  2. Surgeons' Perspectives on Premium Implants in Total Joint Arthroplasty.

    Science.gov (United States)

    Wasterlain, Amy S; Bello, Ricardo J; Vigdorchik, Jonathan; Schwarzkopf, Ran; Long, William J

    2017-09-01

    Declining total joint arthroplasty reimbursement and rising implant prices have led many hospitals to restrict access to newer, more expensive total joint arthroplasty implants. The authors sought to understand arthroplasty surgeons' perspectives on implants regarding innovation, product launch, costs, and cost-containment strategies including surgeon gain-sharing and patient cost-sharing. Members of the International Congress for Joint Reconstruction were surveyed regarding attitudes about implant technology and costs. Descriptive and univariate analyses were performed. A total of 126 surgeons responded from all 5 regions of the United States. Although 76.9% believed new products advance technology in orthopedics, most (66.7%) supported informing patients that new implants lack long-term clinical data and restricting new implants to a small number of investigators prior to widespread market launch. The survey revealed that 66.7% would forgo gain-sharing incentives in exchange for more freedom to choose implants. Further, 76.9% believed that patients should be allowed to pay incremental costs for "premium" implants. Surgeons who believed that premium products advance orthopedic technology were more willing to forgo gain-sharing (P=.040). Surgeons with higher surgical volume (P=.007), those who believed implant companies should be allowed to charge more for new technology (Pnew implants with patients. Many surgeons support alternative payment models permitting surgeons and patients to retain implant selection autonomy. Most respondents prioritized patient beneficence and surgeon autonomy above personal financial gain. [Orthopedics. 2017; 40(5):e825-e830.]. Copyright 2017, SLACK Incorporated.

  3. 29 CFR 778.205 - Premiums for weekend and holiday work-example.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 3 2010-07-01 2010-07-01 false Premiums for weekend and holiday work-example. 778.205....205 Premiums for weekend and holiday work—example. The application of section 7(e)(6) may be illustrated by the following example: Suppose an agreement of employment calls for the payment of $7.50 an...

  4. 76 FR 67572 - Medicare Program; Medicare Part B Monthly Actuarial Rates, Premium Rate, and Annual Deductible...

    Science.gov (United States)

    2011-11-01

    ... section 1839 of the Act, requires that, starting on January 1,2007, the Part B premium a beneficiary pays... private sector costs of this notice fall below this threshold as well. Executive Order 13132 establishes... B premium rate for 2012 is $99.90, which is equal to 50 percent of the monthly actuarial rate for...

  5. 75 FR 68790 - Medicare Program; Medicare Part B Monthly Actuarial Rates, Premium Rate, and Annual Deductible...

    Science.gov (United States)

    2010-11-09

    ... the Act, requires that, starting on January 1, 2007, the Part B premium a beneficiary pays each month... private sector costs of this notice fall below this threshold as well. Executive Order 13132 establishes... B premium rate for 2011 is $115.40, which is equal to 50 percent of the monthly actuarial rate for...

  6. 78 FR 64943 - Medicare Program; Medicare Part B Monthly Actuarial Rates, Premium Rate, and Annual Deductible...

    Science.gov (United States)

    2013-10-30

    ... section 1839 of the Act, requires that, starting on January 1, 2007, the Part B premium a beneficiary pays... governments or on the private sector. Executive Order 13132 establishes certain requirements that an agency... B premium rate for all enrollees for 2014 is $104.90, which is equal to 50 percent of the monthly...

  7. Residential consumers in the Cape Peninsula's willingness to pay for premium priced green electricity

    International Nuclear Information System (INIS)

    Oliver, Henry; Volschenk, Jako; Smit, Eon

    2011-01-01

    A number of studies have explored the willingness (i.e. stated willingness as opposed to actual willingness) of consumers to pay a premium for green electricity in developed countries. However, little is known about how this translates into an emerging economy context. This study investigates the level of willingness of residential households in South Africa's Cape Peninsula to pay a premium for electricity from renewable energy. It methodologically drew on recent contributions in the literature on norm-motivated behaviour used to identify testable factors that could influence residential consumers' willingness to pay (WTP). Interestingly, the study found a significant positive link between household income and WTP for green electricity, contrary to the findings of some previous studies. Not only are higher income households more likely to pay a premium, but typically they are also willing to pay a bigger premium. It was also further established that the view that green electricity is reliable, involvement in the recycling of waste and the belief that everyone should contribute to green electricity generation drive the WTP. - Research Highlights: →The study explored the drivers of willingness to pay (WTP) a premium for green electricity. →All the hypothesised drivers of WTP a premium were found to be significant. →Contrary to some former studies, income was found to be a good predictor of WTP and the pledged premium. →The quantum of the premium positively correlates with income levels.

  8. 5 CFR 550.1409 - Inapplicability of premium pay and aggregate pay caps.

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Inapplicability of premium pay and aggregate pay caps. 550.1409 Section 550.1409 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT CIVIL... Inapplicability of premium pay and aggregate pay caps. Accrued compensatory time off under this subpart is not...

  9. 29 CFR 825.212 - Employee failure to pay health plan premium payments.

    Science.gov (United States)

    2010-07-01

    ... Family and Medical Leave Act § 825.212 Employee failure to pay health plan premium payments. (a)(1) In... obligations to maintain health insurance coverage cease under FMLA if an employee's premium payment is more... an employee's insurance in accordance with this section and fails to restore the employee's health...

  10. 38 CFR 8.5 - Authorization for deduction of premiums from compensation, retirement pay, or pension.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Authorization for deduction of premiums from compensation, retirement pay, or pension. 8.5 Section 8.5 Pensions, Bonuses, and... Authorization for deduction of premiums from compensation, retirement pay, or pension. Deductions from benefits...

  11. 5 CFR 892.202 - Are retirees eligible for the premium conversion plan?

    Science.gov (United States)

    2010-01-01

    ... conversion plan? 892.202 Section 892.202 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT (CONTINUED) CIVIL SERVICE REGULATIONS (CONTINUED) FEDERAL FLEXIBLE BENEFITS PLAN: PRE-TAX PAYMENT OF HEALTH BENEFITS PREMIUMS Eligibility and Participation § 892.202 Are retirees eligible for the premium conversion plan? No...

  12. 5 CFR 892.301 - How do I pay my premium?

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 2 2010-01-01 2010-01-01 false How do I pay my premium? 892.301 Section 892.301 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT (CONTINUED) CIVIL SERVICE REGULATIONS (CONTINUED) FEDERAL FLEXIBLE BENEFITS PLAN: PRE-TAX PAYMENT OF HEALTH BENEFITS PREMIUMS Contributions and...

  13. 5 CFR 892.201 - Who is covered by the premium conversion plan?

    Science.gov (United States)

    2010-01-01

    ... plan? 892.201 Section 892.201 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT (CONTINUED) CIVIL SERVICE REGULATIONS (CONTINUED) FEDERAL FLEXIBLE BENEFITS PLAN: PRE-TAX PAYMENT OF HEALTH BENEFITS PREMIUMS Eligibility and Participation § 892.201 Who is covered by the premium conversion plan? (a) All...

  14. 5 CFR 610.407 - Premium pay for holiday work for employees on compressed work schedules.

    Science.gov (United States)

    2010-01-01

    ... schedule who performs work on a holiday is entitled to basic pay, plus premium pay at a rate equal to basic pay, for the work that is not in excess of the employee's compressed work schedule for that day. For... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Premium pay for holiday work for...

  15. 26 CFR 1.249-1 - Limitation on deduction of bond premium on repurchase.

    Science.gov (United States)

    2010-04-01

    ... A issues a callable 20-year convertible bond at face for $1,000 bearing interest at 10 percent per... 26 Internal Revenue 3 2010-04-01 2010-04-01 false Limitation on deduction of bond premium on... deduction of bond premium on repurchase. (a) Limitation—(1) General rule. No deduction is allowed to the...

  16. 24 CFR 255.6 - Method of payment of mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... insurance premiums. 255.6 Section 255.6 Housing and Urban Development Regulations Relating to Housing and... PROJECTS § 255.6 Method of payment of mortgage insurance premiums. The provisions of 24 CFR 251.6 shall..., DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT...

  17. 24 CFR 4001.203 - Calculation of upfront and annual mortgage insurance premiums for Program mortgages.

    Science.gov (United States)

    2010-04-01

    ... mortgage insurance premiums for Program mortgages. 4001.203 Section 4001.203 Housing and Urban Development... HOMEOWNERS PROGRAM HOPE FOR HOMEOWNERS PROGRAM Rights and Obligations Under the Contract of Insurance § 4001.203 Calculation of upfront and annual mortgage insurance premiums for Program mortgages. (a...

  18. 24 CFR 252.6 - Method of payment of mortgage insurance premiums.

    Science.gov (United States)

    2010-04-01

    ... insurance premiums. 252.6 Section 252.6 Housing and Urban Development Regulations Relating to Housing and..., AND BOARD AND CARE HOMES § 252.6 Method of payment of mortgage insurance premiums. The provisions of..., DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT...

  19. 78 FR 59366 - Multifamily, Healthcare Facilities, and Hospital Mortgage Insurance Premiums for Fiscal Year (FY...

    Science.gov (United States)

    2013-09-26

    ... Facilities, and Hospital Mortgage Insurance Premiums for Fiscal Year (FY) 2014 AGENCY: Office of the... with HUD regulations, this Notice announces the mortgage insurance premiums (MIPs) for Federal Housing Administration (FHA) Multifamily, Healthcare Facilities, and Hospital mortgage insurance programs that have...

  20. Insurer Competition In Federally Run Marketplaces Is Associated With Lower Premiums.

    Science.gov (United States)

    Jacobs, Paul D; Banthin, Jessica S; Trachtman, Samuel

    2015-12-01

    Federal subsidies for health insurance premiums sold through the Marketplaces are tied to the cost of the benchmark plan, the second-lowest-cost silver plan. According to economic theory, the presence of more competitors should lead to lower premiums, implying smaller federal outlays for premium subsidies. The long-term impact of the Affordable Care Act on government spending will depend on the cost of these premium subsidies over time, with insurer participation and the level of competition likely to influence those costs. We studied insurer participation and premiums during the first two years of the Marketplaces. We found that the addition of a single insurer in a county was associated with a 1.2 percent lower premium for the average silver plan and a 3.5 percent lower premium for the benchmark plan in the federally run Marketplaces. We found that the effect of insurer entry was muted after two or three additional entrants. These findings suggest that increased insurer participation in the federally run Marketplaces reduces federal payments for premium subsidies. Project HOPE—The People-to-People Health Foundation, Inc.

  1. 24 CFR 220.806 - Pro rata refund of insurance premium.

    Science.gov (United States)

    2010-04-01

    ... refund of insurance premium. Upon termination of loan insurance contract by a payment in full or by a... equal to the pro rata portion of the current annual loan insurance premium theretofore paid which is... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Pro rata refund of insurance...

  2. Contribution of cardiac and extra-cardiac disease burden to risk of cardiovascular outcomes varies by ejection fraction in heart failure

    DEFF Research Database (Denmark)

    Wolsk, Emil; Claggett, Brian; Køber, Lars

    2018-01-01

    AIMS: Patients with heart failure (HF) often have multiple co-morbidities that contribute to the risk of adverse cardiovascular (CV) and non-CV outcomes. We assessed the relative contribution of cardiac and extra-cardiac disease burden and demographic factors to CV outcomes in HF patients...... Association class, systolic blood pressure, time since HF diagnosis, HF medication use), extra-cardiac (body mass index, creatinine, diabetes mellitus, chronic obstructive pulmonary disease, smoker), and demographic (age, gender) categories, and calculated subscores for each patient representing the burden......EF patients (PAR: 76% cardiac disease vs. 58% extra-cardiac disease, P vs. 49% extra-cardiac disease, P

  3. The impact of HMO competition on private health insurance premiums, 1985-1992.

    Science.gov (United States)

    Wickizer, T M; Feldstein, P J

    1995-01-01

    A critical unresolved health policy question is whether competition stimulated by managed care organizations can slow the rate of growth in health care expenditures. We analyzed the competitive effects of health maintenance organizations (HMOs) on the growth in fee-for-service indemnity insurance premiums over the period 1985-1992 using premium data on 95 groups that had policies with a single, large, private insurance carrier. We used multiple regressions to estimate the effect of HMO market penetration on insurance premium growth rates. HMO penetration had a statistically significant (p market whose HMO penetration rate increased by 25% (e.g., from 10% to 12.5%), the real rate of growth in premiums would be approximately 5.9% instead of 7.0%. Our findings indicate that competitive strategies, relying on managed care, have significant potential to reduce health insurance premium growth rates, thereby resulting in substantial cost savings over time.

  4. Obstetricians' rising liability insurance premiums and inductions at late preterm gestations.

    Science.gov (United States)

    Murthy, Karna; Grobman, William A; Lee, Todd A; Holl, Jane L

    2009-04-01

    To estimate the association between professional liability insurance premiums for obstetricians and late preterm induction (LPI) rates. Data from the National Center for Health Statistics were used to identify all Illinois women pregnant with singletons at 34 weeks' gestation from 1991 to 2003. The independent association between LPI (induction between 34 and 37 weeks' gestation) rates and the previous year's obstetric malpractice insurance premiums was evaluated using linear regression. The mean annual LPI rate (5.4/1000 in 1991 to 15.2/1000 in 2003, P insurance premiums ($55,480 to $110,613, P insurance premium. Rising premiums are associated with increased frequency of LPI among women with singleton gestations.

  5. The Effect of Massachusetts' Health Reform on Employer-Sponsored Insurance Premiums.

    Science.gov (United States)

    Cogan, John F; Hubbard, R Glenn; Kessler, Daniel

    2010-01-01

    In this paper, we use publicly available data from the Medical Expenditure Panel Survey - Insurance Component (MEPS-IC) to investigate the effect of Massachusetts' health reform plan on employer-sponsored insurance premiums. We tabulate premium growth for private-sector employers in Massachusetts and the United States as a whole for 2004 - 2008. We estimate the effect of the plan as the difference in premium growth between Massachusetts and the United States between 2006 and 2008-that is, before versus after the plan-over and above the difference in premium growth for 2004 to 2006. We find that health reform in Massachusetts increased single-coverage employer-sponsored insurance premiums by about 6 percent, or $262. Although our research design has important limitations, it does suggest that policy makers should be concerned about the consequences of health reform for the cost of private insurance.

  6. Brain tissue strains vary with head impact location: A possible explanation for increased concussion risk in struck versus striking football players.

    Science.gov (United States)

    Elkin, Benjamin S; Gabler, Lee F; Panzer, Matthew B; Siegmund, Gunter P

    2018-03-29

    On-field football helmet impacts over a large range of severities have caused concussions in some players but not in other players. One possible explanation for this variability is the struck player's helmet impact location. We examined the effect of impact location on regional brain tissue strain when input energy was held constant. Laboratory impacts were performed at 12 locations distributed over the helmet and the resulting head kinematics were simulated in two finite element models of the brain: the Simulated Injury Monitor and the Global Human Body Model Consortium brain model. Peak kinematics, injury metrics and brain strain varied significantly with impact location. Differences in impact location explained 33 to 37% of the total variance in brain strain for the whole brain and cerebrum, considerably more than the variance explained by impact location for the peak resultant head kinematics (8 to 23%) and slightly more than half of the variance explained by the difference in closing speed (57 to 61%). Both finite element models generated similar strain results, with minor variations for impacts that generated multi-axial rotations, larger variations in brainstem strains for some impact locations and a small bias for the cerebellum. Based on this experimental and computational simulation study, impact location on the football helmet has a large effect on regional brain tissue strain. We also found that the lowest strains consistently occurred in impacts to the crown and forehead, helmet locations commonly associated with the striking player. Copyright © 2018 Elsevier Ltd. All rights reserved.

  7. Obesity Severity, Dietary Behaviors, and Lifestyle Risks Vary by Race/Ethnicity and Age in a Northern California Cohort of Children with Obesity.

    Science.gov (United States)

    Ford, Margaret C; Gordon, Nancy P; Howell, Amanda; Green, Cheryl E; Greenspan, Louise C; Chandra, Malini; Mellor, R Grant; Lo, Joan C

    2016-01-01

    Identification of modifiable behaviors is important for pediatric weight management and obesity prevention programs. This study examined obesogenic behaviors in children with obesity in a Northern California obesity intervention program using data from a parent/teen-completed intake questionnaire covering dietary and lifestyle behaviors (frequency of breakfast, family meals, unhealthy snacking and beverages, fruit/vegetable intake, sleep, screen time, and exercise). Among 7956 children with BMI ≥ 95th percentile, 45.5% were females and 14.2% were 3-5, 44.2% were 6-11, and 41.6% were 12-17 years old. One-quarter (24.9%) were non-Hispanic white, 11.3% were black, 43.5% were Hispanic, and 12.0% were Asian/Pacific Islander. Severe obesity was prevalent (37.4%), especially among blacks, Hispanics, and older children, and was associated with less frequent breakfast and exercise and excess screen time, and in young children it was associated with consumption of sweetened beverages or juice. Unhealthy dietary behaviors, screen time, limited exercise, and sleep were more prevalent in older children and in selected black, Hispanic, and Asian subgroups, where consumption of sweetened beverages or juice was especially high. Overall, obesity severity and obesogenic behaviors increased with age and varied by gender and race/ethnicity. We identified several key prevalent modifiable behaviors that can be targeted by healthcare professionals to reduce obesity when counseling children with obesity and their parents.

  8. Obesity Severity, Dietary Behaviors, and Lifestyle Risks Vary by Race/Ethnicity and Age in a Northern California Cohort of Children with Obesity

    Directory of Open Access Journals (Sweden)

    Margaret C. Ford

    2016-01-01

    Full Text Available Identification of modifiable behaviors is important for pediatric weight management and obesity prevention programs. This study examined obesogenic behaviors in children with obesity in a Northern California obesity intervention program using data from a parent/teen-completed intake questionnaire covering dietary and lifestyle behaviors (frequency of breakfast, family meals, unhealthy snacking and beverages, fruit/vegetable intake, sleep, screen time, and exercise. Among 7956 children with BMI ≥ 95th percentile, 45.5% were females and 14.2% were 3–5, 44.2% were 6–11, and 41.6% were 12–17 years old. One-quarter (24.9% were non-Hispanic white, 11.3% were black, 43.5% were Hispanic, and 12.0% were Asian/Pacific Islander. Severe obesity was prevalent (37.4%, especially among blacks, Hispanics, and older children, and was associated with less frequent breakfast and exercise and excess screen time, and in young children it was associated with consumption of sweetened beverages or juice. Unhealthy dietary behaviors, screen time, limited exercise, and sleep were more prevalent in older children and in selected black, Hispanic, and Asian subgroups, where consumption of sweetened beverages or juice was especially high. Overall, obesity severity and obesogenic behaviors increased with age and varied by gender and race/ethnicity. We identified several key prevalent modifiable behaviors that can be targeted by healthcare professionals to reduce obesity when counseling children with obesity and their parents.

  9. PENGARUH KEBIJAKAN HARGA BBM, JUMLAH SEPEDA MOTOR, PENDAPATAN PERKAPITA TERHADAP KONSUMSI PREMIUM

    Directory of Open Access Journals (Sweden)

    Tri Atmojo

    2017-06-01

    Full Text Available Konsumsi BBM di Indonesia semakin meningkat karena meningkatnya pendapatan masyarakat, jumlah kendaraan bermotor di Indonesia. Tujuan dari penelitian ini adalah untuk mengetahui pengaruh kebijakan harga BBM, kendaraan bermotor (motor, pendapatan perkapita terhadap konsumsi BBM (Premium. Objek penelitian ini adalah konsumsi BBM di Republik Indonesia kurun waktu 1985-2014. Penelitian ini menggunakan desain penelitian dengan pendekatan kuantitatif. Analisis data menggunakan analisis Regresi Linier Berganda dengan metode Ordinary Least Square (OLS. Berdasarkan hasil penelitian dapat disimpulkan bahwa kebijakan harga berpengaruh signifikan terhadap konsumsi premium, pendapatan per kapita  berpengaruh positif terhadap konsumsi premium, jumlah sepeda motor berpengaruh positif terhadap konsumsi premium, serta harga BBM, pendapatan perkapita, dan jumlah sepeda motor secara serentak berpengaruh positif terhadap konsumsi premium. Fuel consumption in Indonesia is increasing due to rising incomes, the number of motor vehicles in Indonesia. The purpose of this study was to determine the effect of fuel price policy, motor vehicles (motorcycles, per capita income on the consumption of fuel (Premium. The object of this study is the fuel consumption in the Republic of Indonesia period 1985-2014. The design of this research study with a quantitative approach. Analyzed using Multiple Linear Regression Ordinary Least Square method (OLS. Based on the results of this study concluded that the pricing policies have a significant effect on the consumption of premium, per capita income has positive influence on consumption of premium, the number of motorcycles positive effect on premium consumption, as well as fuel prices, per capita income, and the number of motorcycles simultaneously positive effect on consumption of premium.

  10. 75 FR 68798 - Medicare Program; Part A Premiums for CY 2011 for the Uninsured Aged and for Certain Disabled...

    Science.gov (United States)

    2010-11-09

    ... Retirement Act and certain others do not have to pay premiums for Medicare Part A.) Section 1818A of the Act... specifies that the premium that these individuals will pay for CY 2011 will be equal to the premium for... consequential effect on State, local, or tribal governments or on the private sector. However, States are...

  11. 12 CFR 221.122 - Applicability of margin requirements to credit in connection with Insurance Premium Funding...

    Science.gov (United States)

    2010-01-01

    ... in connection with Insurance Premium Funding Programs. 221.122 Section 221.122 Banks and Banking...) Interpretations § 221.122 Applicability of margin requirements to credit in connection with Insurance Premium... with insurance premium funding programs. The inquiries are included in a set of guidelines in the...

  12. 24 CFR 213.259a - Premiums-mortgages insured pursuant to section 238(c) of the Act.

    Science.gov (United States)

    2010-04-01

    .... All of the provisions of §§ 213.253 through 213.259 governing mortgage insurance premiums shall apply... mortgage insurance premiums due on such mortgages in accordance with §§ 213.253 through 213.259 shall be... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Premiums-mortgages insured pursuant...

  13. 25 CFR 103.19 - When must the lender pay BIA the loan guaranty or insurance premium?

    Science.gov (United States)

    2010-04-01

    ... insurance premium? 103.19 Section 103.19 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LOAN GUARANTY, INSURANCE, AND INTEREST SUBSIDY How a Lender Obtains a Loan Guaranty or Insurance Coverage § 103.19 When must the lender pay BIA the loan guaranty or insurance premium? The premium...

  14. Nuclear power and investor perceptions of risk

    International Nuclear Information System (INIS)

    Kahal, M.I.; Miller, R.E.

    1984-01-01

    This paper explores and quantifies the recent Wall Street fears concerning nuclear utilities. An econometric model of investor behavior is presented that quantifies the nuclear risk premium for the period when nuclear fear among investors was at its height, in mid-1984. The principal finding is that the risk premium relates primarily to nuclear construction work in progress (CWIP), rather than to the commercial operation of completed nuclear plants. 7 references, 1 table

  15. Early risk pathways to physical versus relational peer aggression: The interplay of externalizing behavior and corporal punishment varies by child sex.

    Science.gov (United States)

    Zulauf, Courtney A; Sokolovsky, Alexander W; Grabell, Adam S; Olson, Sheryl L

    2018-03-01

    Children who aggress against their peers may use physical or relational forms, yet little research has looked at early childhood risk factors and characteristics that uniquely predict high levels of relational versus physical aggression in preadolescence. Accordingly, the main aim of our study was to link early corporal punishment and externalizing behavior to children's physical and relational peer aggression during preadolescence and to examine how these pathways differed by sex. Participants were 193, 3-year-old boys (39%) and girls who were reassessed following the transition to kindergarten (5.5 years) and preadolescence (10.5 years). A series of autoregressive, cross-lagged path analyses were conducted to examine the relationships between child externalizing problems and corporal punishment at ages 3 and 5.5 years, and their association with physical and relational aggression at age 10.5. Multiple group analysis was used to determine whether pathways differed by sex. Three developmental pathways were identified: (i) direct associations between stable childhood externalizing problems and later physical aggression; (ii) a direct pathway from early corporal punishment to preadolescent relational and physical peer aggression; and (iii) an indirect pathway from early corporal punishment to later physical aggression via continuing externalizing problems in middle childhood. Child sex moderated the nature of these pathways, as well as the direction of association between risk and outcome variables. These data advance our understanding of the etiology of distinct forms of peer aggression and highlight the potential for more efficacious prevention and intervention efforts in the early childhood years. © 2018 Wiley Periodicals, Inc.

  16. Mapping malaria risk using environmental and anthropic variables Mapeamento do risco de malaria utilizando variáveis ambientais e antrópicas

    Directory of Open Access Journals (Sweden)

    Mauricio Edilberto Rincón-Romero

    2009-09-01

    Full Text Available Despite much research in the identification of areas with malaria, it is urgent to further investigate mapping techniques to achieve better approaches in strategies to prevent, mitigate, and eradicate the mosquito and the illness eventually. By using spatial distributed modeling techniques with Geographical Information Systems (GIS, the study proposes methodology to map malaria risk zoning for the municipality of Buenaventura in Colombia. The model proposed by Craig et al.¹ using climatic information was adapted to the conditions of the study area regarding scale and spatial resolution. Geomorphologic and anthropic variables were added to improve spatial allocation of areas with higher risk of contracting the illness, refining zoning. Then, they were contrasted with the locations reported by health entities², taking into account spatial distribution. The comparison of results shows a decrease in the area obtained initially using the Craig et al. model¹ (1999, from 5,422.4 km² (89.1% of the municipality's territory to 624.3km² (approximately 10% of the municipality's area, yielding a total reduction of 78.8% when environmental and anthropic variables were included in the model. Data show that of the 9,863 cases reported during 2001 to 2005 for 20 selected towns as basis for the amount of surveyed malaria cases², 1,132 were located in the very high-risk areas, 7,662 were in the areas of moderate risk, and 1,066 cases in low-risk areas, showing that 89% of the cases reported fell into the areas with higher risk for malaria.A pesar de muchas investigaciones en la identificación de las zonas con presencia de malaria, es urgente profundizar las técnicas de su mapeo para lograr mejores aproximaciones, para ayudar a focalizar los esfuerzos y recursos en prevención, mitigación y estrategias de erradicación del mosquito y eventualmente de la enfermedad. Usando modelación espacial distribuida con herramientas de Sistemas de Información Geogr

  17. Excessive progression in weekly running distance and risk of running-related injuries: an association which varies according to type of injury.

    Science.gov (United States)

    Nielsen, Rasmus Østergaard; Parner, Erik Thorlund; Nohr, Ellen Aagaard; Sørensen, Henrik; Lind, Martin; Rasmussen, Sten

    2014-10-01

    An explorative, 1-year prospective cohort study. Objective To examine whether an association between a sudden change in weekly running distance and running-related injury varies according to injury type. It is widely accepted that a sudden increase in running distance is strongly related to injury in runners. But the scientific knowledge supporting this assumption is limited. A volunteer sample of 874 healthy novice runners who started a self-structured running regimen were provided a global-positioning-system watch. After each running session during the study period, participants were categorized into 1 of the following exposure groups, based on the progression of their weekly running distance: less than 10% or regression, 10% to 30%, or more than 30%. The primary outcome was running-related injury. A total of 202 runners sustained a running-related injury. Using Cox regression analysis, no statistically significant differences in injury rates were found across the 3 exposure groups. An increased rate of distance-related injuries (patellofemoral pain, iliotibial band syndrome, medial tibial stress syndrome, gluteus medius injury, greater trochanteric bursitis, injury to the tensor fascia latae, and patellar tendinopathy) existed in those who progressed their weekly running distance by more than 30% compared with those who progressed less than 10% (hazard ratio = 1.59; 95% confidence interval: 0.96, 2.66; P = .07). Novice runners who progressed their running distance by more than 30% over a 2-week period seem to be more vulnerable to distance-related injuries than runners who increase their running distance by less than 10%. Owing to the exploratory nature of the present study, randomized controlled trials are needed to verify these results, and more experimental studies are needed to validate the assumptions. Still, novice runners may be well advised to progress their weekly distances by less than 30% per week over a 2-week period.

  18. Phlebitis risk varies by peripheral venous catheter site and increases after 96 hours: a large multi-centre prospective study.

    Science.gov (United States)

    Cicolini, Giancarlo; Manzoli, Lamberto; Simonetti, Valentina; Flacco, Maria Elena; Comparcini, Dania; Capasso, Lorenzo; Di Baldassarre, Angela; Eltaji Elfarouki, Ghaleb

    2014-11-01

    This multi-centre prospective field study evaluated whether peripheral venous catheter site of insertion influences the risk of catheter-related phlebitis. Potential predictors of phlebitis were also investigated. Millions of patients worldwide use peripheral venous catheters, which frequently cause local complications including phlebitis, infection and obstruction. Although phlebitis predictors have been broadly investigated, uncertainties remain on the potential effect of cannulation anatomical site, duration and the appropriate time for catheter removal. A prospective cohort design was carried out from January-June 2012. The clinical course of each patient who received a new peripheral venous catheter for any cause in five Italian hospitals was followed by trained nurses until catheter removal. The presence of phlebitis was assessed every 24 hours using the Visual Infusion Phlebitis score. Analyses were based upon multilevel mixed-effects regression. The final sample consisted of 1498 patients. The average time for catheters in situ was 65·6 hours and 23·6% of the catheters were in place beyond 96 hours. Overall phlebitis incidence was 15·4%, 94·4% of which were grade 1. The likelihood of phlebitis independently increased with increasing catheter duration, being highest after 96 hours. Compared with patients with catheter placed in the dorsum of the hand (22·8% of the sample), those with the catheter located in the antecubital fossa (34·1%) or forearm were less likely to have a phlebitis of any grade. Antecubital fossa and forearm veins may be preferential sites for peripheral venous cannulation. Our results support Centers for Disease Control and Prevention recommendations to replace catheters in adults no later than 96 hours. A relevant proportion of healthcare personnel did not adhere to such guidelines - more attention to this issue is required. © 2014 John Wiley & Sons Ltd.

  19. Users Handbook for the Argonne Premium Coal Sample Program

    Energy Technology Data Exchange (ETDEWEB)

    Vorres, K.S.

    1993-10-01

    This Users Handbook for the Argonne Premium Coal Samples provides the recipients of those samples with information that will enhance the value of the samples, to permit greater opportunities to compare their work with that of others, and aid in correlations that can improve the value to all users. It is hoped that this document will foster a spirit of cooperation and collaboration such that the field of basic coal chemistry may be a more efficient and rewarding endeavor for all who participate. The different sections are intended to stand alone. For this reason some of the information may be found in several places. The handbook is also intended to be a dynamic document, constantly subject to change through additions and improvements. Please feel free to write to the editor with your comments and suggestions.

  20. Should people with unhealthy lifestyles pay higher health insurance premiums?

    Science.gov (United States)

    Buchanan, David R

    2011-02-01

    This commentary sets the article by Dubois on the ethical justification for charging higher insurance premiums for people with unhealthy lifestyles in the context of US health care reform. It reviews the relevance and strength of normative concerns identified by Dubois about the acceptability of such differentiated "means-tested" plans. It identifies key issues involving whether certain health behaviors matter ethically, and if so, the grounds that would justify an obligation for people to take action. The article frames the answer in terms of the need to achieve an ethically acceptable balance between the principle of equality and principle of merit and concludes with four ethical standards to focus the terms of the debate.

  1. Environmental pollution risk and insurance

    OpenAIRE

    Fragnelli, Vito; Marina, Maria Erminia

    2002-01-01

    We consider environmental risks that are evaluated too much heavy for a single insurance company, but they can be insured by n companies which a premium is assigned to.This is precisely the Italian scenario where a pool of companies co-insures these risks.Under a game theoretic approach we start by analyzing how they should split the risk and the premium in order to be better off. Under suitable hypotheses, there exists an optimal decomposition of the risk, that allow us to define a cooperati...

  2. Calculating sales prices for natural gas. Securing success through an assessment of risks and opportunities; Vertriebspreiskalkulation Erdgas. Erfolgssicherung durch Chancen- und Risikobewertung

    Energy Technology Data Exchange (ETDEWEB)

    Gumbel, Steffen; Henze, Michael [energie quader GmbH, Darmstadt (Germany)

    2011-11-15

    Over the past years the gas market, which was once entirely supply-driven, has developed more and more into a buyer's market. Gas supply companies increasingly see themselves confronted with more innovative and varied supply inquiries from their customers. With sales margins increasingly coming under pressure, this often leaves no option but to give close consideration to the appropriate risk premium. This creates an urgent need to review existing risk assessment methods and put a stronger focus on possible opportunities.

  3. Economic analysis of price premiums in the presence of non-convexities. Evidence from German electricity markets

    International Nuclear Information System (INIS)

    Paschmann, Martin

    2017-01-01

    Analyzing price data from sequential German electricity markets, namely the day-ahead and intraday auction, a puzzling but apparently systematic pattern of price premiums can be identified. The price premiums are highly correlated with the underlying demand profile. As there is evidence that widespread models for electricity forward premiums are not applicable to the market dynamics under analysis, a theoretical model is developed within this article which reveals that non-convexities in only a subset of sequential markets with differing product granularity may cause systematic price premiums at equilibrium. These price premiums may be bidirectional and reflect a value for additional short-term power supply system flexibility.

  4. Economic analysis of price premiums in the presence of non-convexities. Evidence from German electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Paschmann, Martin

    2017-11-15

    Analyzing price data from sequential German electricity markets, namely the day-ahead and intraday auction, a puzzling but apparently systematic pattern of price premiums can be identified. The price premiums are highly correlated with the underlying demand profile. As there is evidence that widespread models for electricity forward premiums are not applicable to the market dynamics under analysis, a theoretical model is developed within this article which reveals that non-convexities in only a subset of sequential markets with differing product granularity may cause systematic price premiums at equilibrium. These price premiums may be bidirectional and reflect a value for additional short-term power supply system flexibility.

  5. Plan–Provider Integration, Premiums, and Quality in the Medicare Advantage Market

    Science.gov (United States)

    Frakt, Austin B; Pizer, Steven D; Feldman, Roger

    2013-01-01

    Objective. To investigate how integration between Medicare Advantage plans and health care providers is related to plan premiums and quality ratings. Data Source. We used public data from the Centers for Medicare and Medicaid Services (CMS) and the Area Resource File and private data from one large insurer. Premiums and quality ratings are from 2009 CMS administrative files and some control variables are historical. Study Design. We estimated ordinary least-squares models for premiums and plan quality ratings, with state fixed effects and firm random effects. The key independent variable was an indicator of plan–provider integration. Data Collection. With the exception of Medigap premium data, all data were publicly available. We ascertained plan–provider integration through examination of plans’ websites and governance documents. Principal Findings. We found that integrated plan–providers charge higher premiums, controlling for quality. Such plans also have higher quality ratings. We found no evidence that integration is associated with more generous benefits. Conclusions. Current policy encourages plan–provider integration, although potential effects on health insurance products and markets are uncertain. Policy makers and regulators may want to closely monitor changes in premiums and quality after integration and consider whether quality improvement (if any) justifies premium increases (if they occur). PMID:23800017

  6. Plan-provider integration, premiums, and quality in the Medicare Advantage market.

    Science.gov (United States)

    Frakt, Austin B; Pizer, Steven D; Feldman, Roger

    2013-12-01

    To investigate how integration between Medicare Advantage plans and health care providers is related to plan premiums and quality ratings. We used public data from the Centers for Medicare and Medicaid Services (CMS) and the Area Resource File and private data from one large insurer. Premiums and quality ratings are from 2009 CMS administrative files and some control variables are historical. We estimated ordinary least-squares models for premiums and plan quality ratings, with state fixed effects and firm random effects. The key independent variable was an indicator of plan-provider integration. With the exception of Medigap premium data, all data were publicly available. We ascertained plan-provider integration through examination of plans' websites and governance documents. We found that integrated plan-providers charge higher premiums, controlling for quality. Such plans also have higher quality ratings. We found no evidence that integration is associated with more generous benefits. Current policy encourages plan-provider integration, although potential effects on health insurance products and markets are uncertain. Policy makers and regulators may want to closely monitor changes in premiums and quality after integration and consider whether quality improvement (if any) justifies premium increases (if they occur). © Health Research and Educational Trust.

  7. Ability and Willingness to Pay Premium in the Framework of National Health Insurance System

    Directory of Open Access Journals (Sweden)

    Aulia Abdillah Ramadhan

    2015-12-01

    Full Text Available Background: The National Health Insurance is one of the government’s efforts to improve community access to health services. The government has fixed the premiums to be paid by community, except for underprivileged community. The aim of the study was to identify Ability to Pay (ATP and Willingness to Pay (WTP of the national health insurance premium. Methods: A descriptive study which involved 210 housewives who were chosen by rapid survey method was conducted from September to November 2013 in Cipacing village, Jatinangor, Sumedang, West Java. Data collection was using questionnaire to obtain level of ability and willingness to pay the health insurance premium. The results were compared to the required premium by the government (Rp 22,000,-. Results: Most of the respondents were only housewives, but there were still respondents who were private workers. Most of them were 20–39 years old. About 57.6% of the respondents were able to pay for the required premium, but Only 17.4% of the them were willing to pay according to the required premium. Conclusions: The ATP of the respondents are higher compared to the WTP, meaning that most of the respondents are able to pay the requires premium but are not willing to pay it.

  8. Estimating Premium Sensitivity for Children's Public Health Insurance Coverage: Selection but No Death Spiral

    Science.gov (United States)

    Marton, James; Ketsche, Patricia G; Snyder, Angela; Adams, E Kathleen; Zhou, Mei

    2015-01-01

    Objective To estimate the effect of premium increases on the probability that near-poor and moderate-income children disenroll from public coverage. Data Sources Enrollment, eligibility, and claims data for Georgia's PeachCare for Kids™ (CHIP) program for multiple years. Study Design We exploited policy-induced variation in premiums generated by cross-sectional differences and changes over time in enrollee age, family size, and income to estimate the duration of enrollment as a function of the effective (per child) premium. We classify children as being of low, medium, or high illness severity. Principal Findings A dollar increase in the per-child premium is associated with a slight increase in a typical child's monthly probability of exiting coverage from 7.70 to 7.83 percent. Children with low illness severity have a significantly higher monthly baseline probability of exiting than children with medium or high illness severity, but the enrollment response to premium increases is similar across all three groups. Conclusions Success in achieving coverage gains through public programs is tempered by persistent problems in maintaining enrollment, which is modestly affected by premium increases. Retention is subject to adverse selection problems, but premium increases do not appear to significantly magnify the selection problem in this case. PMID:25130764

  9. Growth and variability in health plan premiums in the individual insurance market before the Affordable Care Act.

    Science.gov (United States)

    Gruber, Jonathan

    2014-06-01

    Before we can evaluate the impact of the Affordable Care Act on health insurance premiums in the individual market, it is critical to understand the pricing trends of these premiums before the implementation of the law. Using rates of increase in the individual insurance market collected from state regulators, this issue brief documents trends in premium growth in the pre-ACA period. From 2008 to 2010, premiums grew by 10 percent or more per year. This growth was also highly variable across states, and even more variable across insurance plans within states. The study suggests that evaluating trends in premiums requires looking across a broad array of states and plans, and that policymakers must examine how present and future changes in premium rates compare with the more than 10 percent per year premium increases in the years preceding health reform.

  10. Consumer Willingness to Pay a Premium for Halal Goat Meat: A Case from Atlanta, Georgia

    OpenAIRE

    Ibrahim, Mohammed

    2011-01-01

    The growth in goat meat demand is attributed to the influx of immigrants from goat-meat-eating countries into the U.S. This Paper examines the willingness to pay a premium for halal goat meat. The factors that significantly impact the willingness to pay a premium for halal goat meat in Atlanta include income, current consumption, household size, and marital status. Results suggest that the mean willingness to pay a premium for the halal attribute is 50 cents per pound of goat meat.

  11. MCBS Highlights: Ownership and Average Premiums for Medicare Supplementary Insurance Policies

    Science.gov (United States)

    Chulis, George S.; Eppig, Franklin J.; Poisal, John A.

    1995-01-01

    This article describes private supplementary health insurance holdings and average premiums paid by Medicare enrollees. Data were collected as part of the 1992 Medicare Current Beneficiary Survey (MCBS). Data show the number of persons with insurance and average premiums paid by type of insurance held—individually purchased policies, employer-sponsored policies, or both. Distributions are shown for a variety of demographic, socioeconomic, and health status variables. Primary findings include: Seventy-eight percent of Medicare beneficiaries have private supplementary insurance; 25 percent of those with private insurance hold more than one policy. The average premium paid for private insurance in 1992 was $914. PMID:10153473

  12. Optimal dynamic premium control in non-life insurance. Maximizing dividend pay-outs

    DEFF Research Database (Denmark)

    Højgaard, Bjarne

    2002-01-01

    In this paper we consider the problem of finding optimal dynamic premium policies in non-life insurance. The reserve of a company is modeled using the classical Cramér-Lundberg model with premium rates calculated via the expected value principle. The company controls dynamically the relative safety...... loading with the possibility of gaining or loosing customers. It distributes dividends according to a 'barrier strategy' and the objective of the company is to find an optimal premium policy and dividend barrier maximizing the expected total, discounted pay-out of dividends. In the case of exponential...

  13. Sensitivity and bias in decision-making under risk: evaluating the perception of reward, its probability and value.

    Directory of Open Access Journals (Sweden)

    Madeleine E Sharp

    Full Text Available BACKGROUND: There are few clinical tools that assess decision-making under risk. Tests that characterize sensitivity and bias in decisions between prospects varying in magnitude and probability of gain may provide insights in conditions with anomalous reward-related behaviour. OBJECTIVE: We designed a simple test of how subjects integrate information about the magnitude and the probability of reward, which can determine discriminative thresholds and choice bias in decisions under risk. DESIGN/METHODS: Twenty subjects were required to choose between two explicitly described prospects, one with higher probability but lower magnitude of reward than the other, with the difference in expected value between the two prospects varying from 3 to 23%. RESULTS: Subjects showed a mean threshold sensitivity of 43% difference in expected value. Regarding choice bias, there was a 'risk premium' of 38%, indicating a tendency to choose higher probability over higher reward. An analysis using prospect theory showed that this risk premium is the predicted outcome of hypothesized non-linearities in the subjective perception of reward value and probability. CONCLUSIONS: This simple test provides a robust measure of discriminative value thresholds and biases in decisions under risk. Prospect theory can also make predictions about decisions when subjective perception of reward or probability is anomalous, as may occur in populations with dopaminergic or striatal dysfunction, such as Parkinson's disease and schizophrenia.

  14. HVO, hydrotreated vegetable oil. A premium renewable biofuel for diesel engines

    Energy Technology Data Exchange (ETDEWEB)

    Mikkonen, Seppo [Neste Oil, Porvoo (Finland); Honkanen, Markku; Kuronen, Markku [Neste Oil, Espoo (Finland)

    2013-06-01

    HVO is renewable paraffinic diesel fuel produced from vegetable oils or animal fats by hydrotreating and isomerization. Composition is similar to GTL. HVO is not ''biodiesel'' which is a definition reserved for FAME. HVO can be used in diesel fuel without any ''blending wall'' as well as in addition to the FAME in EN 590. As a blending component HVO enhances fuel properties thanks to its high cetane, zero aromatics and reasonable distillation range. HVO can be used for upgrading gas oils to meet diesel fuel standard and for producing premium diesel fuels. HVO is comparable to fossil diesel regarding fuel logistics, stability, water separation and microbiological growth. The use of HVO as such or in blends reduces NO{sub x} and particulate emissions. Risks for fuel system deposits and engine oil deterioration are low. Combustion is practically ash-free meaning low risk for exhaust aftertreatment life-time. Winter grade fuels down to -40 C cloud point can be produced by HVO process from many kinds of feedstocks. HVO is fully accepted by directives and fuel standards. (orig.)

  15. Progressive or regressive? A second look at the tax exemption for employer-sponsored health insurance premiums.

    Science.gov (United States)

    Schoen, Cathy; Stremikis, Kristof; Collins, Sara; Davis, Karen

    2009-05-01

    The major argument for capping the exemption of health insurance benefits from income tax is that doing so will generate significant revenue that can be used to finance an expansion of health coverage. This analysis finds that given the state of insurance markets and current variations in premiums, limiting the current exemption could adversely affect individuals who are already at high risk of losing their health coverage. Evidence suggests that capping the exemption for employment-based health insurance could disproportionately affect workers in small firms, older workers, and wage-earners in industries with high expected claims costs. To avoid putting many families at increased health and financial risk, and to avoid undermining employer-sponsored group coverage, any consideration of a cap would have to be combined with coverage for all, changes in insurance market rules, and shared responsibility for financing.

  16. 75 FR 44028 - Submission of Information Collection for OMB Review; Comment Request; Payment of Premiums

    Science.gov (United States)

    2010-07-27

    ... closed to new entrants. These instructions parallel the benefit-accrual-freeze instructions. Make minor... its premium accounting system to handle the new data element. The collection of information under the...

  17. 75 FR 28304 - Proposed Submission of Information Collection for OMB Review; Comment Request; Payment of Premiums

    Science.gov (United States)

    2010-05-20

    ... recent date that the plan became closed to new entrants. These instructions parallel the benefit-accrual... change until 2012 to provide time to modify its premium accounting system to handle the new data element...

  18. Pricing of premiums for equity-linked life insurance based on joint mortality models

    Science.gov (United States)

    Riaman; Parmikanti, K.; Irianingsih, I.; Supian, S.

    2018-03-01

    Life insurance equity - linked is a financial product that not only offers protection, but also investment. The calculation of equity-linked life insurance premiums generally uses mortality tables. Because of advances in medical technology and reduced birth rates, it appears that the use of mortality tables is less relevant in the calculation of premiums. To overcome this problem, we use a combination mortality model which in this study is determined based on Indonesian Mortality table 2011 to determine the chances of death and survival. In this research, we use the Combined Mortality Model of the Weibull, Inverse-Weibull, and Gompertz Mortality Model. After determining the Combined Mortality Model, simulators calculate the value of the claim to be given and the premium price numerically. By calculating equity-linked life insurance premiums well, it is expected that no party will be disadvantaged due to the inaccuracy of the calculation result

  19. 5 CFR 892.205 - May I waive participation in premium conversion after the initial implementation?

    Science.gov (United States)

    2010-01-01

    ... PERSONNEL MANAGEMENT (CONTINUED) CIVIL SERVICE REGULATIONS (CONTINUED) FEDERAL FLEXIBLE BENEFITS PLAN: PRE-TAX PAYMENT OF HEALTH BENEFITS PREMIUMS Eligibility and Participation § 892.205 May I waive...

  20. The application of variable sampling method in the audit testing of insurance companies' premium income

    Directory of Open Access Journals (Sweden)

    Jovković Biljana

    2012-12-01

    Full Text Available The aim of this paper is to present the procedure of audit sampling using the variable sampling methods for conducting the tests of income from insurance premiums in insurance company 'Takovo'. Since the incomes from the insurance premiums from vehicle insurance and third-party vehicle insurance have the dominant share of the insurance company's income, the application of this method will be shown in the audit examination of these incomes - incomes from VI and TPVI premiums. For investigating the applicability of these methods in testing the income of other insurance companies, we shall implement the method of variable sampling in the audit testing of the premium income from the three leading insurance companies in Serbia, 'Dunav', 'DDOR' and 'Delta Generali' Insurance.

  1. Are Integrated Plan Providers Associated With Lower Premiums on the Health Insurance Marketplaces?

    Science.gov (United States)

    La Forgia, Ambar; Maeda, Jared Lane K; Banthin, Jessica S

    2018-04-01

    As the health insurance industry becomes more consolidated, hospitals and health systems have started to enter the insurance business. Insurers are also rapidly acquiring providers. Although these "vertically" integrated plan providers are small players in the insurance market, they are becoming more numerous. The health insurance marketplaces (HIMs) offer a unique setting to study integrated plan providers relative to other insurer types because the HIMs were designed to promote competition. In this descriptive study, the authors compared the premiums of the lowest priced silver plans of integrated plan providers with other insurer types on the 2015 and 2016 HIMs. Integrated plan providers were associated with modestly lower premiums relative to most other insurer types. This study provides early insights into premium competition on the HIMs. Examining integrated plan providers as a separate insurer type has important policy implications because they are a growing segment of the marketplaces and their pricing behavior may influence future premium trends.

  2. 29 CFR 778.204 - “Clock pattern” premium pay.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 3 2010-07-01 2010-07-01 false âClock patternâ premium pay. 778.204 Section 778.204 Labor... Excluded From the âRegular Rateâ Extra Compensation Paid for Overtime § 778.204 “Clock pattern” premium pay... pursuance of an applicable employment contract or collective bargaining agreement,” and the rates of pay and...

  3. Enhancing conservation, ecosystem services, and local livelihoods through a wildlife premium mechanism.

    Science.gov (United States)

    Dinerstein, Eric; Varma, Keshav; Wikramanayake, Eric; Powell, George; Lumpkin, Susan; Naidoo, Robin; Korchinsky, Mike; Del Valle, Christian; Lohani, Shubash; Seidensticker, John; Joldersma, Dirk; Lovejoy, Thomas; Kushlin, Andrey

    2013-02-01

    We propose the wildlife premium mechanism as an innovation to conserve endangered large vertebrates. The performance-based payment scheme would allow stakeholders in lower-income countries to generate revenue by recovering and maintaining threatened fauna that can also serve as umbrella species (i.e., species whose protection benefits other species with which they co-occur). There are 3 possible options for applying the premium: option 1, embed premiums in a carbon payment; option 2, link premiums to a related carbon payment, but as independent and legally separate transactions; option 3, link premiums to noncarbon payments for conserving ecosystem services (PES). Each option presents advantages, such as incentive payments to improve livelihoods of rural poor who reside in or near areas harboring umbrella species, and challenges, such as the establishment of a subnational carbon credit scheme. In Kenya, Peru, and Nepal pilot premium projects are now underway or being finalized that largely follow option 1. The Kasigau (Kenya) project is the first voluntary carbon credit project to win approval from the 2 leading groups sanctioning such protocols and has already sold carbon credits totaling over $1.2 million since June 2011. A portion of the earnings is divided among community landowners and projects that support community members and has added over 350 jobs to the local economy. All 3 projects involve extensive community management because they occur on lands where locals hold the title or have a long-term lease from the government. The monitoring, reporting, and verification required to make premium payments credible to investors include transparent methods for collecting data on key indices by trained community members and verification of their reporting by a biologist. A wildlife premium readiness fund would enable expansion of pilot programs needed to test options beyond those presented here. © 2012 Society for Conservation Biology.

  4. What drives insurer participation and premiums in the Federally-Facilitated Marketplace?

    Science.gov (United States)

    Abraham, Jean Marie; Drake, Coleman; McCullough, Jeffrey S; Simon, Kosali

    2017-12-01

    We investigate determinants of market entry and premiums within the context of the Affordable Care Act's Marketplaces for individual insurance. Using Bresnahan and Reiss (1991) as the conceptual framework, we study how competition and firm heterogeneity relate to premiums in 36 states using Federally Facilitated or Supported Marketplaces in 2016. Our primary data source is the Qualified Health Plan Landscape File, augmented with market characteristics from the American Community Survey and Area Health Resource File as well as insurer-level information from federal Medical Loss Ratio annual reports. We first estimate a model of insurer entry and then investigate the relationship between a market's predicted number of entrants and insurer-level premiums. Our entry model results suggest that competition is increasing with the number of insurers, most notably as the market size increases from 3 to 4 entrants. Results from the premium regression suggest that each additional entrant is associated with approximately 4% lower premiums, controlling for other factors. An alternative explanation for the relationship between entrants and premiums is that more efficient insurers (who can price lower) are the ones that enter markets with many entrants, and this is reflected in lower premiums. An exploratory analysis of insurers' non-claims costs (a proxy for insurer efficiency) reveals that average costs among entrants are rising slightly with the number of insurers in the market. This pattern does not support the hypothesis that premiums decrease with more entrants because those entrants are more efficient, suggesting instead that the results are being driven mostly by price competition.

  5. Time-varying BRDFs.

    Science.gov (United States)

    Sun, Bo; Sunkavalli, Kalyan; Ramamoorthi, Ravi; Belhumeur, Peter N; Nayar, Shree K

    2007-01-01

    The properties of virtually all real-world materials change with time, causing their bidirectional reflectance distribution functions (BRDFs) to be time varying. However, none of the existing BRDF models and databases take time variation into consideration; they represent the appearance of a material at a single time instance. In this paper, we address the acquisition, analysis, modeling, and rendering of a wide range of time-varying BRDFs (TVBRDFs). We have developed an acquisition system that is capable of sampling a material's BRDF at multiple time instances, with each time sample acquired within 36 sec. We have used this acquisition system to measure the BRDFs of a wide range of time-varying phenomena, which include the drying of various types of paints (watercolor, spray, and oil), the drying of wet rough surfaces (cement, plaster, and fabrics), the accumulation of dusts (household and joint compound) on surfaces, and the melting of materials (chocolate). Analytic BRDF functions are fit to these measurements and the model parameters' variations with time are analyzed. Each category exhibits interesting and sometimes nonintuitive parameter trends. These parameter trends are then used to develop analytic TVBRDF models. The analytic TVBRDF models enable us to apply effects such as paint drying and dust accumulation to arbitrary surfaces and novel materials.

  6. Differing Impacts Of Market Concentration On Affordable Care Act Marketplace Premiums.

    Science.gov (United States)

    Scheffler, Richard M; Arnold, Daniel R; Fulton, Brent D; Glied, Sherry A

    2016-05-01

    Recent increases in market concentration among health plans, hospitals, and medical groups raise questions about what impact such mergers are having on costs to consumers. We examined the impact of market concentration on the growth of health insurance premiums between 2014 and 2015 in two Affordable Care Act state-based Marketplaces: Covered California and NY State of Health. We measured health plan, hospital, and medical group market concentration using the well-known Herfindahl-Hirschman Index (HHI) and used a multivariate regression model to relate these measures to premium growth. Both states exhibited a positive association between hospital concentration and premium growth and a positive (but not statistically significant) association between medical group concentration and premium growth. Our results for health plan concentration differed between the two states: It was positively associated with premium growth in New York but negatively associated with premium growth in California. The health plan concentration finding in Covered California may be the result of its selectively contracting with health plans. Project HOPE—The People-to-People Health Foundation, Inc.

  7. Estimating organic, local, and other price premiums in the Hawaii fluid milk market.

    Science.gov (United States)

    Loke, Matthew K; Xu, Xun; Leung, PingSun

    2015-04-01

    With retail scanner data, we applied hedonic price modeling to explore price premiums for organic, local, and other product attributes of fluid milk in Hawaii. Within the context of revealed preference, this analysis of organic and local attributes, under a single unified framework, is significant, as research in this area is deficient in the existing literature. This paper finds both organic and local attributes delivered price premiums over imported, conventional, whole fluid milk. However, the estimated price premium for organic milk (24.6%) is significantly lower than findings in the existing literature. Likewise, the price premium for the local attribute is estimated at 17.4%, again substantially lower compared with an earlier, stated preference study in Hawaii. Beyond that, we estimated a robust price premium of 19.7% for nutritional benefits claimed. The magnitude of this estimated coefficient reinforces the notion that nutrition information on food is deemed beneficial and valuable. Finally, package size measures the influence of product weight. With each larger package size, the estimate led to a corresponding larger price discount. This result is consistent with the practice of weight discounting that retailers usually offer with fresh packaged food. Additionally, we estimated a fairly high Armington elasticity of substitution, which suggests a relatively high degree of substitution between local and imported fluid milk when their relative price changes. Overall, this study establishes price premiums for organic, local, and nutrition benefits claimed for fluid milk in Hawaii. Copyright © 2015 American Dairy Science Association. Published by Elsevier Inc. All rights reserved.

  8. Measuring Risk When Expected Losses Are Unbounded

    Directory of Open Access Journals (Sweden)

    Alejandro Balbás

    2014-09-01

    Full Text Available This paper proposes a new method to introduce coherent risk measures for risks with infinite expectation, such as those characterized by some Pareto distributions. Extensions of the conditional value at risk, the weighted conditional value at risk and other examples are given. Actuarial applications are analyzed, such as extensions of the expected value premium principle when expected losses are unbounded.

  9. Effects of health information technology on malpractice insurance premiums.

    Science.gov (United States)

    Kim, Hye Yeong; Lee, Jinhyung

    2015-04-01

    The widespread adoption of health information technology (IT) will help contain health care costs by decreasing inefficiencies in healthcare delivery. Theoretically, health IT could lower hospitals' malpractice insurance premiums (MIPs) and improve the quality of care by reducing the number and size of malpractice. This study examines the relationship between health IT investment and MIP using California hospital data from 2006 to 2007. To examine the effect of hospital IT on malpractice insurance expense, a generalized estimating equation (GEE) was employed. It was found that health IT investment was not negatively associated with MIP. Health IT was reported to reduce medical error and improve efficiency. Thus, it may reduce malpractice claims from patients, which will reduce malpractice insurance expenses for hospitals. However, health IT adoption could lead to increases in MIPs. For example, we expect increases in MIPs of about 1.2% and 1.5%, respectively, when health IT and labor increase by 10%. This study examined the effect of health IT investment on MIPs controlling other hospital and market, and volume characteristics. Against our expectation, we found that health IT investment was not negatively associated with MIP. There may be some possible reasons that the real effect of health IT on MIPs was not observed; barriers including communication problems among health ITs, shorter sample period, lower IT investment, and lack of a quality of care measure as a moderating variable.

  10. Exposure of Petrol Station Attendants and Auto Mechanics to Premium Motor Sprit Fumes in Calabar, Nigeria

    Directory of Open Access Journals (Sweden)

    N. E. Udonwa

    2009-01-01

    Full Text Available A population-based-cross-sectional survey was carried out to investigate the potential risk of exposure to premium motor spirit (PMS fumes in Calabar, Nigeria, among Automobile Mechanics (AM, Petrol Station Attendants (PSA and the general population. Structured questionnaire was administered on the randomly chosen subjects to elicit information on their exposure to PMS. Duration of exposure was taken as the length of work in their various occupations. Venous blood was taken for methaemoglobin (MetHb and packed cells volume (PCV. Mean MetHb value was higher in AM (7.3% and PSA (5.8% than in the subjects from the general population (2.7%. PCV was lower in PSA (30.8%, than AM (33.3% and the subjects from the general population (40.8%. MetHb level was directly proportional, and PCV inversely related, to the duration of exposure. The study suggested increased exposure to petrol fumes among AM, PSA, and MetHb as a useful biomarker in determining the level of exposure to benzene in petrol vapour.

  11. —Does Demand Fall When Customers Perceive That Prices Are Unfair? The Case of Premium Pricing for Large Sizes

    OpenAIRE

    Eric T. Anderson; Duncan I. Simester

    2008-01-01

    We analyze a large-scale field test conducted with a mail-order catalog firm to investigate how customers react to premium prices for larger sizes of women's apparel. We find that customers who demand large sizes react unfavorably to paying a higher price than customers for small sizes. Further investigation suggests that these consumers perceive that the price premium is unfair. Overall, premium pricing led to a 6% to 8% decrease in gross profits.

  12. 24 CFR 207.252c - Premiums-mortgages insured pursuant to section 238(c) of the Act.

    Science.gov (United States)

    2010-04-01

    .... All of the provisions of §§ 207.252 and 207.252a governing mortgage insurance premiums shall apply to... insurance premiums due on such mortgages in accordance with §§ 207.252 and 207.252a shall be calculated on... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Premiums-mortgages insured pursuant...

  13. In Second Year Of Marketplaces, New Entrants, ACA 'Co-Ops,' And Medicaid Plans Restrain Average Premium Growth Rates.

    Science.gov (United States)

    Gabel, Jon R; Whitmore, Heidi; Green, Matthew; Stromberg, Sam T; Weinstein, Daniel S; Oran, Rebecca

    2015-12-01

    Premiums for health insurance plans offered through the federally facilitated and state-based Marketplaces remained steady or increased only modestly from 2014 to 2015. We used data from the Marketplaces, state insurance departments, and insurer websites to examine patterns of premium pricing and the factors behind these patterns. Our data came from 2,964 unique plans offered in 2014 and 4,153 unique plans offered in 2015 in forty-nine states and the District of Columbia. Using descriptive and multivariate analysis, we found that the addition of a carrier in a rating area lowered average premiums for the two lowest-cost silver plans and the lowest-cost bronze plan by 2.2 percent. When all plans in a rating area were included, an additional carrier was associated with an average decline in premiums of 1.4 percent. Plans in the Consumer Operated and Oriented Plan Program and Medicaid managed care plans had lower premiums and average premium increases than national commercial and Blue Cross and Blue Shield plans. On average, premiums fell by an appreciably larger amount for catastrophic and bronze plans than for gold plans, and premiums for platinum plans increased. This trend of low premium increases overall is unlikely to continue, however, as insurers are faced with mounting medical claims. Project HOPE—The People-to-People Health Foundation, Inc.

  14. Risk Premia in the Czech Money Market

    Directory of Open Access Journals (Sweden)

    Martin Pohl

    2013-01-01

    Full Text Available We estimate risk premia in the Czech money market and we pay special attention to the 2008-2009 crisis period. Our results imply a rising forward premium and we argue that the error correction model is the most appropriate method, but median may be used as a first guess estimator. We estimated the term premium between the policy rate and various money market interest rates. In this context, ARCH models proved to be useful in reflection of non-stationarity observed in the data. The financial crisis caused a structural break in our data sample, but the impact on the forward premium was only brief and forward premia normalized quickly. The widening of the term premium proved to be much more persistent, although it declined significantly since the peak of the crisis.

  15. Farmers' willingness to pay for less health risks by pesticide use: A case study from the cotton belt of Punjab, Pakistan.

    Science.gov (United States)

    Khan, Muhammad; Damalas, Christos A

    2015-10-15

    The amount of pesticides used in crop production in Pakistan has increased rapidly in the last decades, whereas farmers in many areas of the country show little knowledge of safe and efficient use of pesticides. The level of willingness to pay (WTP) for avoiding health risks by pesticides was studied among 318 randomly selected cotton farmers from two districts of the area of Punjab (i.e., Vehari and Lodhran) in Pakistan, using the contingent valuation method. Most farmers felt that pesticide use is a prerequisite for successful cotton production, whereas at the same time they were well aware of pesticide health risks, which they considered minor. The majority of the farmers (77%) showed varying levels of WTP some fee up to 20% of the current pesticide expenditures for avoiding pesticide health risks, but few were willing to pay a fee over 20%. The mean WTP per farmer was low, reaching 5.8 $US on an annual basis. By contrast, a considerable proportion of the farmers (23%) were not willing to pay any fee for avoiding pesticide health risks. These individuals were mostly poor small-scale farmers with limited or no education. High levels of risk perception about pesticides, past experience of pesticide intoxication, high levels of education, and high income were associated with high farmers' WTP for less health risks by pesticides. Farmers who perceived major health risks by pesticides appeared to be highly willing to pay a premium for safe pesticides. Elderly farmers appeared more likely to pay some premium for safe pesticides as a result of higher farming experience and higher income than young farmers. Well-educated farmers were more likely to pay a high premium for safe pesticides. Large farm size was a significant predictor of positive WTP, which was interpreted as an indicator of farmers' wealth. Copyright © 2015 Elsevier B.V. All rights reserved.

  16. Are Country and Size Risks Priced in the Brazilian Stock Market?

    Directory of Open Access Journals (Sweden)

    Antonio Zoratto Sanvicente

    2017-03-01

    Full Text Available When estimating a firm’s cost of equity for valuation and other purposes in emerging markets without (or with only partial capital market integration, many practitioners include a premium for country risk. In principle, the inclusion of such a risk factor would be justified if the particular country of interest was not sufficiently integrated into the global capital market. Initially, the paper measures and tests the degree of integration for the Brazilian market and does not reject the hypothesis of integration. The paper then tests directly the relevance of country risk premium in individual stocks’ expected returns in the Brazilian market. Monthly data for the stocks of 57 of the most actively traded, non-financial firms, over the 2004 to 2014 period are used, using EMBI (Emerging Markets Bond Index as a proxy for country risk, and this is found not to be significant. Finally, a premium for the size factor, also commonly used by practitioners, is also tested. Although it is found to be significant, the premium is negative, in contrast with current practice, which entails the addition of a positive premium to the required returns on small stocks. The inclusion of both a country risk and a size premium, in addition to the market portfolio risk premium, corresponds to the use of the Goldman Sachs model, as proposed by Mariscal and Lee (1993.

  17. Do the risk factors for type 2 diabetes mellitus vary by location? A spatial analysis of health insurance claims in Northeastern Germany using kernel density estimation and geographically weighted regression

    Directory of Open Access Journals (Sweden)

    Boris Kauhl

    2016-11-01

    Full Text Available Abstract Background The provision of general practitioners (GPs in Germany still relies mainly on the ratio of inhabitants to GPs at relatively large scales and barely accounts for an increased prevalence of chronic diseases among the elderly and socially underprivileged populations. Type 2 Diabetes Mellitus (T2DM is one of the major cost-intensive diseases with high rates of potentially preventable complications. Provision of healthcare and access to preventive measures is necessary to reduce the burden of T2DM. However, current studies on the spatial variation of T2DM in Germany are mostly based on survey data, which do not only underestimate the true prevalence of T2DM, but are also only available on large spatial scales. The aim of this study is therefore to analyse the spatial distribution of T2DM at fine geographic scales and to assess location-specific risk factors based on data of the AOK health insurance. Methods To display the spatial heterogeneity of T2DM, a bivariate, adaptive kernel density estimation (KDE was applied. The spatial scan statistic (SaTScan was used to detect areas of high risk. Global and local spatial regression models were then constructed to analyze socio-demographic risk factors of T2DM. Results T2DM is especially concentrated in rural areas surrounding Berlin. The risk factors for T2DM consist of proportions of 65–79 year olds, 80 + year olds, unemployment rate among the 55–65 year olds, proportion of employees covered by mandatory social security insurance, mean income tax, and proportion of non-married couples. However, the strength of the association between T2DM and the examined socio-demographic variables displayed strong regional variations. Conclusion The prevalence of T2DM varies at the very local level. Analyzing point data on T2DM of northeastern Germany’s largest health insurance provider thus allows very detailed, location-specific knowledge about increased medical needs. Risk factors

  18. Determinants of Medicare plan choices: are beneficiaries more influenced by premiums or benefits?

    Science.gov (United States)

    Jacobs, Paul D; Buntin, Melinda B

    2015-07-01

    To evaluate the sensitivity of Medicare beneficiaries to premiums and benefits when selecting healthcare plans after the introduction of Part D. We matched respondents in the 2008 Medicare Current Beneficiary Survey to the Medicare Advantage (MA) plans available to them using the Bid Pricing Tool and previously unavailable data on beneficiaries' plan choices. We estimated a 2-stage nested logit model of Medicare plan choice decision making, including the decision to choose traditional fee-for-service (FFS) Medicare or an MA plan, and for those choosing MA, which specific plan they chose. Beneficiaries living in areas with higher average monthly rebates available from MA plans were more likely to choose MA rather than FFS. When choosing MA plans, beneficiaries are roughly 2 to 3 times more responsive to dollars spent to reduce cost sharing than reductions in their premium. We calculated an elasticity of plan choice with respect to the monthly MA premium of -0.20. Beneficiaries with lower incomes are more sensitive to plan premiums and cost sharing than higher-income beneficiaries. MA plans appear to have a limited incentive to aggressively price their products, and seem to compete primarily over reduced beneficiary cost sharing. Given the limitations of the current plan choice environment, policies designed to encourage the selection of lower-cost plans may require increasing premium differences between plans and providing the tools to enable beneficiaries to easily assess those differences.

  19. How do health insurer market concentration and bargaining power with hospitals affect health insurance premiums?

    Science.gov (United States)

    Trish, Erin E; Herring, Bradley J

    2015-07-01

    The US health insurance industry is highly concentrated, and health insurance premiums are high and rising rapidly. Policymakers have focused on the possible link between the two, leading to ACA provisions to increase insurer competition. However, while market power may enable insurers to include higher profit margins in their premiums, it may also result in stronger bargaining leverage with hospitals to negotiate lower payment rates to partially offset these higher premiums. We empirically examine the relationship between employer-sponsored fully-insured health insurance premiums and the level of concentration in local insurer and hospital markets using the nationally-representative 2006-2011 KFF/HRET Employer Health Benefits Survey. We exploit a unique feature of employer-sponsored insurance, in which self-insured employers purchase only administrative services from managed care organizations, to disentangle these different effects on insurer concentration by constructing one concentration measure representing fully-insured plans' transactions with employers and the other concentration measure representing insurers' bargaining with hospitals. As expected, we find that premiums are indeed higher for plans sold in markets with higher levels of concentration relevant to insurer transactions with employers, lower for plans in markets with higher levels of insurer concentration relevant to insurer bargaining with hospitals, and higher for plans in markets with higher levels of hospital market concentration. Copyright © 2015 Elsevier B.V. All rights reserved.

  20. varying elastic parameters distributions

    KAUST Repository

    Moussawi, Ali

    2014-12-01

    The experimental identication of mechanical properties is crucial in mechanics for understanding material behavior and for the development of numerical models. Classical identi cation procedures employ standard shaped specimens, assume that the mechanical elds in the object are homogeneous, and recover global properties. Thus, multiple tests are required for full characterization of a heterogeneous object, leading to a time consuming and costly process. The development of non-contact, full- eld measurement techniques from which complex kinematic elds can be recorded has opened the door to a new way of thinking. From the identi cation point of view, suitable methods can be used to process these complex kinematic elds in order to recover multiple spatially varying parameters through one test or a few tests. The requirement is the development of identi cation techniques that can process these complex experimental data. This thesis introduces a novel identi cation technique called the constitutive compatibility method. The key idea is to de ne stresses as compatible with the observed kinematic eld through the chosen class of constitutive equation, making possible the uncoupling of the identi cation of stress from the identi cation of the material parameters. This uncoupling leads to parametrized solutions in cases where 5 the solution is non-unique (due to unknown traction boundary conditions) as demonstrated on 2D numerical examples. First the theory is outlined and the method is demonstrated in 2D applications. Second, the method is implemented within a domain decomposition framework in order to reduce the cost for processing very large problems. Finally, it is extended to 3D numerical examples. Promising results are shown for 2D and 3D problems.

  1. Oil Volatility Risk and Expected Stock Returns

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    return between the quintile of stocks with low exposure and high exposure to oil volatility is significant at 0.66% per month, and oil volatility risk carries a significant risk premium of -0.60% per month. In the post-financialization period, oil volatility risk is strongly related with various measures...

  2. Variáveis reprodutivas e risco para doenças benignas de mama: estudo caso-controle Reproductive variables and risk of benign breast diseases: a case-control study

    Directory of Open Access Journals (Sweden)

    Ellen E. Hardy

    1990-10-01

    Full Text Available Foram estudadas 257 mulheres com diagnóstico de doença benigna de mama (DBM, atestado por anatomopatológico ou citologia, e um controle para cada uma delas. Foram apresentados resultados das possíveis relações entre variáveis reprodutivas e o risco para DBM. Os casos e controles foram comparados levando em conta a idade na menarca e na menopausa, o número de gravidezes, de meses em que amamentaram e de ciclos menstruais ovulatórios, e os antecedentes familiares de câncer de mama. Mostraram influência significativa, em relação às DBM, a nuliparidade, aumentando o risco enquanto a idade de 30 ou mais anos no primeiro parto o reduziu; o número de ciclos ovulatórios, que foi significativamente maior para os casos, e a média de meses de uso de pílula, menor entre as mulheres com DBM. O uso de contraceptivos orais apresentou um efeito protetor apenas quando a duração total do uso foi maior que dois anos. Os resultados não se revelaram novos ou diferentes se comparados com outros estudos, mas confirmam a relativa concordância entre os fatores de risco para DBM e para câncer de mama, ainda que as relações entre esses fatores e as DBM não sejam tão claras como o são para o câncer, e existam também algumas discrepâncias.The purpose of the study was the identification of risk factors for benign breast diseases (BBD; 257 women with BBD diagnosed through pathological anatomy or citology and a matched control for each were studied. Subjects were selected at The State University of Campinas Hospital and at a private clinic. To enter the study cases had to have a first diagnosis of BBD between October 1979 and August 1984. The following BBD were considered: dysplasia, fibroadenoma, cystic disease, papilloma and ductal ectasia. Reproductive variables were studied as risk factors, including menstrual ovulatory cycles. The date on which the BBD was diagnosed was defined as the index date. For controls, data were considered up to when

  3. Premium inflation in the Irish private health insurance market: drivers and consequences.

    Science.gov (United States)

    Turner, B

    2013-12-01

    Nearly half of the Irish population is covered by private health insurance. In recent years, premium inflation has been significantly ahead of overall inflation and has been accelerating. This has contributing to a drop in the numbers insured since the peak in 2008. The fall in the numbers with private health insurance also has implications for the public health system. Factors behind this premium inflation include rising charges for beds in public hospitals, increasing volume of treatments and increasing quality of service and cover. While some progress has been made by insurers on reducing fees paid to consultants and private hospitals, unless the quantity or quality of care are addressed then premium inflation is unlikely to abate.

  4. Brief report: Quantifying the impact of autism coverage on private insurance premiums.

    Science.gov (United States)

    Bouder, James N; Spielman, Stuart; Mandell, David S

    2009-06-01

    Many states are considering legislation requiring private insurance companies to pay for autism-related services. Arguments against mandates include that they will result in higher premiums. Using Pennsylvania legislation as an example, which proposed covering services up to $36,000 per year for individuals less than 21 years of age, this paper estimates potential premium increases. The estimate relies on autism treated prevalence, the number of individuals insured by affected plans, mean annual autism expenditures, administrative costs, medical loss ratio, and total insurer revenue. Current treated prevalence and expenditures suggests that premium increases would approximate 1%, with a lower bound of 0.19% and an upper bound of 2.31%. Policy makers can use these results to assess the cost-effectiveness of similar legislation.

  5. The individual insurance market before reform: low premiums and low benefits.

    Science.gov (United States)

    Whitmore, Heidi; Gabel, Jon R; Pickreign, Jeremy; McDevitt, Roland

    2011-10-01

    Based on analyses of individual market health plans sold through ehealthinsurance and enrollment information collected from individual market carriers, this article profiles the individual health insurance market in 2007, before health reform. The article examines premiums, plan enrollment, cost sharing, and covered benefits and compares individual and group markets. Premiums for the young are lower than in the group market but higher for older people. Cost sharing is substantial in the individual insurance market. Seventy-eight percent of people were enrolled in plans with deductibles for single coverage, which averaged $2,117. Annual out-of-pocket maximums averaged $5,271. Many plans do not cover important benefits. Twelve percent of individually insured persons had no coverage for office visits and only 43% have maternity benefits in their basic coverage. With the advent of health exchanges and new market rules in 2014, covered benefits may become richer, cost sharing will decline, but premiums for the young will rise.

  6. Create a Consortium and Develop Premium Carbon Products from Coal

    Energy Technology Data Exchange (ETDEWEB)

    Frank Rusinko; John Andresen; Jennifer E. Hill; Harold H. Schobert; Bruce G. Miller

    2006-01-01

    The objective of these projects was to investigate alternative technologies for non-fuel uses of coal. Special emphasis was placed on developing premium carbon products from coal-derived feedstocks. A total of 14 projects, which are the 2003 Research Projects, are reported herein. These projects were categorized into three overall objectives. They are: (1) To explore new applications for the use of anthracite in order to improve its marketability; (2) To effectively minimize environmental damage caused by mercury emissions, CO{sub 2} emissions, and coal impounds; and (3) To continue to increase our understanding of coal properties and establish coal usage in non-fuel industries. Research was completed in laboratories throughout the United States. Most research was performed on a bench-scale level with the intent of scaling up if preliminary tests proved successful. These projects resulted in many potential applications for coal-derived feedstocks. These include: (1) Use of anthracite as a sorbent to capture CO{sub 2} emissions; (2) Use of anthracite-based carbon as a catalyst; (3) Use of processed anthracite in carbon electrodes and carbon black; (4) Use of raw coal refuse for producing activated carbon; (5) Reusable PACs to recycle captured mercury; (6) Use of combustion and gasification chars to capture mercury from coal-fired power plants; (7) Development of a synthetic coal tar enamel; (8) Use of alternative binder pitches in aluminum anodes; (9) Use of Solvent Extracted Carbon Ore (SECO) to fuel a carbon fuel cell; (10) Production of a low cost coal-derived turbostratic carbon powder for structural applications; (11) Production of high-value carbon fibers and foams via the co-processing of a low-cost coal extract pitch with well-dispersed carbon nanotubes; (12) Use of carbon from fly ash as metallurgical carbon; (13) Production of bulk carbon fiber for concrete reinforcement; and (14) Characterizing coal solvent extraction processes. Although some of the

  7. Covering bariatric surgery has minimal effect on insurance premium costs within the Affordable Care Act.

    Science.gov (United States)

    English, Wayne; Williams, Brandon; Scott, John; Morton, John

    2016-06-01

    Currently, of the 51 state health exchanges operating under the Affordable Care Act, only 23 include benchmark plans that cover bariatric surgery coverage. Bariatric surgery coverage is not considered an essential health benefit in 28 state exchanges, and this lack of coverage has a discriminatory and detrimental impact on millions of Americans participating in state exchanges that do not provide bariatric surgery coverage. We examined 3 state exchanges in which a portion of their plans provided coverage for bariatric surgery to determine if bariatric surgery coverage is correlated with premium costs. State health exchanges; United States. Data from the 2015 state exchange plans were analyzed using information from the Centers for Medicare & Medicaid Services' Individual Market Landscape file and Benefits and Cost Sharing public use files. Only 3 states (Oklahoma, Oregon, and Virginia) in the analysis have 1 or more rating regions in which a portion of the plans cover bariatric surgery. In Oklahoma and Oregon, the average monthly premiums for all bronze, silver, and gold coverage levels are higher for plans covering bariatric surgery. Only 1 of these states included platinum plans that cover bariatric surgery. The average difference in premiums was between $1 to $45 higher in Oklahoma, and $18 to $32 higher in Oregon. Conversely, in Virginia, the average monthly premiums are between $2 and $21 lower for each level for plans covering bariatric surgery. Monthly premiums for plans covering versus not covering bariatric surgery ranged from 6% lower to 15% higher in the same geographic rating region. Across all 3 states in the sample, the average monthly premiums do not differ consistently on the basis of whether the state exchange plans cover bariatric surgery. Copyright © 2016 American Society for Bariatric Surgery. Published by Elsevier Inc. All rights reserved.

  8. Association between rising professional liability insurance premiums and primary cesarean delivery rates.

    Science.gov (United States)

    Murthy, Karna; Grobman, William A; Lee, Todd A; Holl, Jane L

    2007-12-01

    To estimate the association between changes in Illinois professional liability premiums for obstetrician-gynecologists and singleton primary cesarean delivery rates. Data from the National Center for Health Statistics were used to identify all singleton births between 37 weeks and 44 weeks of gestation occurring in Illinois from 1998 through 2003. Primary cesarean delivery rates for women delivered between 37 weeks and 44 weeks of gestation per 1,000 gravid women eligible to have a primary cesarean delivery were calculated for each Illinois county. The annual medical professional liability premium for each county in Illinois was represented by the reported professional liability insurance rate charges (adjusted to 2004 dollars) from the ISMIE Mutual Insurance Company. Separate analyses were conducted for nulliparous and multiparous women. The independent association between county-level primary cesarean delivery rates and the previous year's insurance premiums was evaluated using linear regression models. During the study period, 817,521 women were eligible for inclusion in the analysis. The county-level mean primary cesarean delivery rate increased from 126 to 163 per 1,000 (Pinsurance premiums also rose significantly (from $60,766 in 1997 to $83,167 in 2002, Pinsurance premium increase, the primary cesarean delivery rate increased by 15.7 per 1,000 for nulliparous women. This association also was evident for multiparous women, who had an increase in cesarean deliveries of 4.7 per 1,000 for every $10,000 increase. Higher rates of primary cesarean delivery are associated with increased medical professional liability premiums for obstetrician-gynecologists in Illinois. II.

  9. Assessing Alternative Modifications to the Affordable Care Act: Impact on Individual Market Premiums and Insurance Coverage.

    Science.gov (United States)

    Eibner, Christine; Saltzman, Evan

    2015-03-20

    The goals of the Affordable Care Act (ACA) are to enable all legal U.S. residents to have access to affordable health insurance and to prevent sicker individuals (such as those with preexisting conditions) from being priced out of the market. The ACA also instituted several policies to stabilize premiums and to encourage enrollment among healthy individuals of all ages. The law's tax credits and cost-sharing subsidies offer a "carrot" that may encourage enrollment among some young and healthy individuals who would otherwise remain uninsured, while the individual mandate acts as a "stick" by imposing penalties on individuals who choose not to enroll. In this article, the authors use the COMPARE microsimulation model, an analytic tool that uses economic theory and data to predict the effects of health policy reforms, to estimate how eliminating the ACA's individual mandate, eliminating the law's tax credits, and combined scenarios that change these and other provisions of the act might affect 2015 individual market premiums and overall insurance coverage. Underlying these estimates is a COMPARE-based analysis of how premiums and insurance coverage outcomes depend on young adults' propensity to enroll in insurance coverage. The authors find that eliminating the ACA's tax credits and eliminating the individual mandate both increase premiums and reduce enrollment on the individual market. They also find that these key features of the ACA help to protect against adverse selection and stabilize the market by encouraging healthy people to enroll and, in the case of the tax credit, shielding subsidized enrollees from premium increases. Further, they find that individual market premiums are only modestly sensitive to young adults' propensity to enroll in insurance coverage, and ensuring market stability does not require that young adults make up a particular share of enrollees.

  10. A diagnosis of eosinophilic esophagitis is associated with increased life insurance premiums.

    Science.gov (United States)

    Leiman, D A; Kochar, B; Posner, S; Fan, C; Patel, A; Shaheen, O; Keller, C Y; Koutlas, N T; Eluri, S; Dellon, E S

    2018-05-24

    Eosinophilic esophagitis (EoE) is a chronic disease that can be diagnosed at any age, but is not associated with malignancy and does not shorten lifespan. It remains unknown whether an EoE diagnosis affects insurability or insurance premium costs. We therefore aimed to determine whether a diagnosis of EoE affects the costs of life insurance. Our investigation was a secret shopper audit study whereby we contacted national insurance companies in the United States to evaluate the effect of a diagnosis of EoE on life insurance premiums. We constructed standardized case scenarios for males and females, including a 25-year-old and a 48-year-old without other comorbid conditions, who either had or did not have a diagnosis of EoE. Companies were asked for their best estimate for a $100,000 whole life insurance policy. Comparisons between median premiums were made using the Mann-Whitney U test. There were 20 national life insurance companies contacted and a total of 73 quotes were obtained. The median premium rate was similar for EoE and non-EoE cases at the younger age ($828 [IQR $576-1,020] vs. $756 [IQR $504-$804]; P = 0.10). However, the premium for the older case without EoE was 19% less expensive compared to a case with EoE ($1990 [IQR $1,248-2,350] vs. $2,375 [IQR $2,100-2568; P = 0.02]. This finding was not explained by sex or state of residence. Based on these findings, we conclude that life insurance premiums are significantly more expensive in the older patient case with EoE when compared to the same case without EoE. Patients with EoE and their providers should be aware of the additional cost associated with this diagnosis.

  11. A functional model for monitoring equity and effectiveness in purchasing health insurance premiums for the poor: evidence from Cambodia and the Lao PDR.

    Science.gov (United States)

    Annear, Peter Leslie; Bigdeli, Maryam; Jacobs, Bart

    2011-10-01

    To assess the impact on equity and effectiveness of introducing targeted subsidies for the poor into existing voluntary health insurance schemes in Low Income Countries with special reference to cross-subsidisation. A functional model was constructed using routine collected financial data to analyse changes in financial flows and resulting shifts in cross-subsidization between poor and non-poor. Data were collected from two sites, in Cambodia at Kampot operational health district and in the Lao People's Democratic Republic at Nambak district. Six key variables were identified as determining the financial flows between the subsidy and the insurance schemes and with health providers: population coverage, premium rate, facility contact rate, capitation rate, cost of treatment and changes in administration costs. Negative cross-subsidization was revealed where capitation was used as the payment mechanism and where utilisation rates of the poor were significantly below the non-poor. The same level of access for the poor could have been achieved with a lower Health Equity Fund subsidy if used as a direct reimbursement of user charges by the Health Equity Fund to the provider rather than through the Community Based Health Insurance scheme. Purchasing premiums for the poor under these conditions is more costly than direct reimbursement to the provider for the same level of service delivery. Negative cross-subsidization is a serious risk that must be managed appropriately and the benefits of a larger risk pool (cross-subsidization of the poor) are not evident. Benefits from combined coverage may accrue in the longer term with an expanded base of voluntary payers or when those with subsidized premiums are lifted out of poverty. Copyright © 2011 Elsevier Ireland Ltd. All rights reserved.

  12. Análise descritiva de variáveis teoricamente associadas ao risco de quedas em mulheres idosas Análisis descritivo de variábles teoricamente asociadas al riesgo de caidas en mujeres añosas Descriptive analysis of variables theoretically associated to the risk of falls in elder women

    Directory of Open Access Journals (Sweden)

    Joanna Miguez Nery Guimarães

    2005-10-01

    los últimos 12 meses y después de los 65 años de edad. Las variábles de exposición fueron testadas en este subgrupo y los resultados comparados con la frecuencia de caídas por medio de estadística descriptiva (valores absolutos y relativos, con uso de tablas de contingencia confeccionadas para cada variable. Los resultados indicaron que el deterioro de la visión, uso simultáneo de medicamentos (especialmente diuréticos y psicoactivos y flexibilidad reducida (cadera y tobillo parecen asociarse con la frecuencia de caidas en los períodos observados. Estos factores deberían ser considerados en programas para la prevención de las caídas en añosos.Falls are a public health problem among elderly persons having in mind the mortality and morbidity rates, and the social and economical costs they cause. The purpose of this study was to analyze the relationship of the historic of falls reported in a group of individuals with more than 65 years old participating in a physical activity program, with variables defined by the literature as being associated to the risk of these kind of event: lack of sight, use of drugs, related diseases, poor strength and balance. After an interview with an initial group composed by 72 individuals, it was selected a sample of 30 persons whose reports indicated major frequency of falls in the previous twelve months, with ages after 65 years old. The exposition variables were tested in this subgroup, and the results were compared with the frequency of falls by means of a descriptive statistics (absolute and relative values using contingency charts for each variable. Results indicated that the deterioration of sight, the simultaneous use of drugs (especially diuretics and psycho-actives and reduced flexibility (hips and ankles seem to be associated with the frequency of falls in the period observed. Such factors should be considered in programs designed to prevent falls in the elderly.

  13. PERHITUNGAN DANA PENSIUN DENGAN METODE PROJECTED UNIT CREDIT DAN INDIVIDUAL LEVEL PREMIUM

    Directory of Open Access Journals (Sweden)

    I GUSTI AYU KOMANG KUSUMA WARDHANI

    2014-08-01

    Full Text Available The company which provides the pension program needs the actuarial valuation to estimate the fund amount required by the company to pay for pension funding. Actuarial method that used in this research are projected unit credit and invidual level premium method. Through this research be obtained the result of valuation pension benefits with career average salary assumption is lower than the other salary assumptions. On the other hand, the result of normal cost final value valuation using individual level premium method is smaller than projected unit credit method that suits for the participants of the pension funding program.

  14. PERHITUNGAN DANA PENSIUN DENGAN METODE PROJECTED UNIT CREDIT DAN INDIVIDUAL LEVEL PREMIUM

    Directory of Open Access Journals (Sweden)

    I GUSTI AYU KOMANG KUSUMA WARDHANI

    2014-05-01

    Full Text Available The company which provides the pension program needs the actuarial valuation to estimate the fund amount required by the company to pay for pension funding. Actuarial method that used in this research are projected unit credit and invidual level premium method. Through this research be obtained the result of valuation pension benefits with career average salary assumption is lower than the other salary assumptions. On the other hand, the result of normal cost final value valuation using individual level premium method is smaller than projected unit credit method that suits for the participants of the pension funding program.

  15. Determinants of premiums in aerospace mergers and acquisitions: A preliminary analysis

    Science.gov (United States)

    Bryant, John K.

    There is a large body of literature on different aspects of premiums as they relate to mergers and acquisitions. However, there is very little literature that specifically discusses the determinants of premiums in aerospace. Few industries have experienced the prolonged consolidation that the aerospace industry has seen. Today, the industry is dominated by a few large firms, but there is still merger activity continuing especially with second-tier firms attempting to secure their future through growth. This paper examines several determinants as applied to 18 aerospace mergers of publicly held companies and divisions from 1991 through April of 2002.

  16. The Consumption of Premium Coffee-The Influence of Hedonic Needs vs. Utilitarian Needs

    OpenAIRE

    Hew, Keat Loong

    2013-01-01

    The paper looks at the influence that hedonic and utilitarian needs exude on consumer’s preference for premium coffee and ultimately their willingness to pay a premium for the coffee. Utilitarian needs are related to a desire to achieve some functional or practical benefit and often linked with the notion of product performance and usefulness (e.g. drinking coffee to accomplish a specific task such as a need to stay alert due to work requirement). It has tangible and actual attributes where c...

  17. 77 FR 69859 - Medicare Program; Part A Premiums for CY 2013 for the Uninsured Aged and for Certain Disabled...

    Science.gov (United States)

    2012-11-21

    ...)(A) of the Act specifies that the premium that these individuals will pay for CY 2013 will be equal... program or the Railroad Retirement Act and certain others do not have to pay premiums for Medicare Part A.... SUPPLEMENTARY INFORMATION: I. Background Section 1818 of the Social Security Act (the Act) provides for...

  18. 76 FR 67570 - Medicare Program; Part A Premiums for CY 2012 for the Uninsured Aged and for Certain Disabled...

    Science.gov (United States)

    2011-11-01

    ... program or the Railroad Retirement Act and certain others do not have to pay premiums for Medicare Part A... will pay for CY 2012 will be equal to the premium for uninsured aged enrollees reduced by 45 percent.... SUPPLEMENTARY INFORMATION: I. Background Section 1818 of the Social Security Act (the Act) provides for...

  19. 78 FR 64951 - Medicare Program; Part A Premiums for CY 2014 for the Uninsured Aged and for Certain Disabled...

    Science.gov (United States)

    2013-10-30

    ...)(A) of the Act specifies that the premium that these individuals will pay for CY 2014 will be equal... OASDI program or the Railroad Retirement Act and certain others do not have to pay premiums for Medicare...-6390. SUPPLEMENTARY INFORMATION: I. Background Section 1818 of the Social Security Act (the Act...

  20. Study of the Insurance Premium Charged to Borrowers under the Guaranteed Student Loan Program. Report No. 3.

    Science.gov (United States)

    Touche Ross and Co., Washington, DC.

    Insurance premiums being charged to borrowers under the Guaranteed Student Loan (GSL) program were studied to determine if the rate exceeded the rate necessary to protect the reserves of the insurer. Attention was directed to whether historical changes in the GSL program have affected insurance premiums. Guaranty agency's sources and uses of funds…

  1. The place of Political Risk Insurance in the political risk management strategy of multinational corporations

    Directory of Open Access Journals (Sweden)

    Violeta Iftinchi

    2016-06-01

    Full Text Available Confronted with a variety of political risks that affect their international activities, multinational corporations (MNCs can use Political Risk Insurance (PRI as a method to mitigate some of those risks. The aim of this article is to present the main characteristics of the PRI policies and participants, to highlight its benefits and to put forward three limitations that prevent MNCs in using PRI in their political risk management strategy (fluctuating capacity on the market, high premium rates and small compensation value. The recent trend in incorporating corporate social responsibility requirements as a pre-condition for providing PRI can contribute to lowering PRI premium rates.

  2. Exercise effects on lipids in persons with varying dietary patterns-does diet matter if they exercise? Responses in Studies of a Targeted Risk Reduction Intervention through Defined Exercise I.

    Science.gov (United States)

    Huffman, Kim M; Hawk, Victoria H; Henes, Sarah T; Ocampo, Christine I; Orenduff, Melissa C; Slentz, Cris A; Johnson, Johanna L; Houmard, Joseph A; Samsa, Gregory P; Kraus, William E; Bales, Connie W

    2012-07-01

    The standard clinical approach for reducing cardiovascular disease risk due to dyslipidemia is to prescribe changes in diet and physical activity. The purpose of the current study was to determine if, across a range of dietary patterns, there were variable lipoprotein responses to an aerobic exercise training intervention. Subjects were participants in the STRRIDE I, a supervised exercise program in sedentary, overweight subjects randomized to 6 months of inactivity or 1 of 3 aerobic exercise programs. To characterize diet patterns observed during the study, we calculated a modified z-score that included intakes of total fat, saturated fat, trans fatty acids, cholesterol, omega-3 fatty acids, and fiber as compared with the 2006 American Heart Association diet recommendations. Linear models were used to evaluate relationships between diet patterns and exercise effects on lipoproteins/lipids. Independent of diet, exercise had beneficial effects on low-density lipoprotein cholesterol particle number, low-density lipoprotein cholesterol size, high-density lipoprotein cholesterol, high-density lipoprotein cholesterol size, and triglycerides (P diet pattern that closely adhered to American Heart Association recommendations was not related to changes in these or any other serum lipids or lipoproteins in any of the exercise groups. We found that even in sedentary individuals whose habitual diets vary in the extent of adherence to AHA dietary recommendations, a rigorous, supervised exercise intervention can achieve significant beneficial lipid effects. Copyright © 2012 Mosby, Inc. All rights reserved.

  3. Asignación de primas en el seguro del automóvil utilizando el Análisis en ComponentesPrincipales Funcionales = Premium allocation in the car insurance by using Functional Principal Component Analysis.

    Directory of Open Access Journals (Sweden)

    Herranz Peinado, C. Patricia

    2007-01-01

    Full Text Available El estudio de las primas de riesgo en el seguro del automóvil es de suma importancia, debido a la gran competitividad existente en el mercado asegurador. En este artículo se pretende proponer un sistema de bonificación-penalización de las primas de riesgo utilizando el Análisis Funcional en Componentes Principales. En concreto, se realiza un estudio empírico con los datos reales de una compañía aseguradora con cobertura nacional. Aplicando el sistema propuesto de bonificación-penalización a los perfiles de comportamiento de los asegurados, se obtienen las primas de riesgo para cada uno de los perfiles considerados y tramos de edad. = The study of the premium risk in the car insurance is really important because the insurance market is very competitive. In this article we show a bonus-malus method of risk premiums. To do this, we use the Functional Principal Component Analysis. More precisely, we explain an empirical study with the real data of an insurance company. By applying the bonus-malus method that we have given, we are able to obtain the premium risk for different profiles and age ranges.

  4. 38 CFR 8.14 - Provision for extended term insurance-other than 5-year level premium term or limited convertible...

    Science.gov (United States)

    2010-07-01

    ... under 38 U.S.C. 1925, will purchase when applied as a net single premium at the attained age of the... indebtedness for such time from the due date of the premium in default as the reserve of the policy less any indebtedness will purchase when applied as a net single premium at the attained age of the insured. For this...

  5. 24 CFR 257.203 - Calculation of up-front and annual mortgage insurance premiums for H4H program mortgages.

    Science.gov (United States)

    2010-04-01

    ... mortgage insurance premiums for H4H program mortgages. 257.203 Section 257.203 Housing and Urban... mortgage insurance premiums for H4H program mortgages. (a) Applicable premiums. Any mortgage presented for... LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES HOPE FOR HOMEOWNERS PROGRAM...

  6. Examining unpriced risk heterogeneity in the Dutch health insurance market

    NARCIS (Netherlands)

    Withagen-Koster, A.A. (A. A.); R.C. van Kleef (Richard); F. Eijkenaar (Frank)

    2018-01-01

    textabstractA major challenge in regulated health insurance markets is to mitigate risk selection potential. Risk selection can occur in the presence of unpriced risk heterogeneity, which refers to predictable variation in health care spending not reflected in either premiums by insurers or risk

  7. Oil risk in oil stocks

    NARCIS (Netherlands)

    Scholtens, Bert; Wang, L

    2008-01-01

    We assess the oil price sensitivities and oil risk premiums of NYSE listed oil & gas firms' returns by using a two-step regression analysis under two different arbitrage pricing models. Thus, we apply the Fama and French (1992) factor returns in a study of oil stocks. In all, we find that the return

  8. 75 FR 21329 - Medicaid Program; State Allotments for Payment of Medicare Part B Premiums for Qualifying...

    Science.gov (United States)

    2010-04-23

    ... includes payment for premiums for Medicare Part B. Section 4732 of the Balanced Budget Act of 1997 (BBA... formula for determining State allotments. However, since certain States projected a deficit in their... minimize the impact on States with FY QI allotments that might be greater than their QI expenditures for...

  9. 26 CFR 1.163-13 - Treatment of bond issuance premium.

    Science.gov (United States)

    2010-04-01

    ... its regular method of accounting. (2) Qualified stated interest allocable to an accrual period. See... accounting, and X decides to use annual accrual periods ending on February 1 of each year. X's calculations... interest allocable to an accrual period with the bond issuance premium allocable to that period. Bond...

  10. Pricing Rate of Return Guarantees in Regular Premium Unit Linked Insurance

    NARCIS (Netherlands)

    Schrager, D.F.; Pelsser, A.

    2004-01-01

    We derive general pricing formulas for Rate of Return Guarantees in Regular Premium Unit Linked Insurance under stochastic interest rates. Our main contribution focusses on the effect of stochastic interest rates. First, we show the effect of stochastic interest rates can be interpreted as, what is

  11. Factors influencing buyers' willingness to offer price premiums for carbon credits sourced from urban forests

    Science.gov (United States)

    N.C. Poudyal; J.M. Bowker; J.P. Siry

    2015-01-01

    Marketing carbon offset credits generated by urban forest projects could help cities and local governments achieve their financial self-sufficiency and environmental sustainability goals. Understanding the value of carbon credits sourced from urban forests, and the factors that determine buyers’ willingness to pay a premium for such credits could benefit cities in...

  12. Estimating consumer willingness to pay a price premium for Alaska secondary wood products.

    Science.gov (United States)

    Geoffrey H. Donovan; David L. Nicholls

    2003-01-01

    Dichotomous choice contingent valuation survey techniques were used to estimate mean willingness to pay (WTP) a price premium for made-in-Alaska secondary wood products. Respondents were asked to compare two superficially identical end tables, one made in China and one made in Alaska. The surveys were administered at home shows in Anchorage, Fairbanks, and Sitka in...

  13. Spending the Primary Physical Education and Sport Premium: A West Midlands Case Study

    Science.gov (United States)

    Griggs, Gerald

    2016-01-01

    In March 2013 the government announced that it was to provide funding to improve provision of Physical Education and sport in primary schools in England. Entitled The Primary Physical Education and Sport Premium, this ring-fenced annual funding has been allocated to schools that are free to choose how the money is spent but are accountable for its…

  14. 24 CFR 206.107 - Mortgagee election of assignment or shared premium option.

    Science.gov (United States)

    2010-04-01

    ... § 206.123(a)(2)-(5). (v) The mortgage is a first lien of record and title to the property securing the... under any of the circumstances described in § 206.123(a)(2)-(5). (b) No election for shared appreciation. Shared appreciation mortgages shall be insured by the Secretary only under the shared premium option. [54...

  15. How Pensions Contribute to the Premium Paid to Experienced Public School Teachers

    Science.gov (United States)

    McGee, Joshua B.; Winters, Marcus A.

    2017-01-01

    Many argue that public school systems should stop linking teachers' salaries so closely to their years of experience. However, the effect of deferred retirement compensation on the premium paid to experienced teachers has, to date, been underappreciated. To shed more light on this issue, we calculate the total compensation earned by teachers in…

  16. 76 FR 38281 - Federal Employees Health Benefits Program: New Premium Rating Method for Most Community Rated...

    Science.gov (United States)

    2011-06-29

    ... CFR Parts 1602, 1615, et al. Federal Employees Health Benefits Program: New Premium Rating Method for... Part 890; 48 CFR Parts 1602, 1615, 1632, and 1652 RIN 3206-AM39 Federal Employees Health Benefits..., 2011 (76 FR 36857). The document amends the Federal Employees Health Benefits (FEHB) regulations at 5...

  17. Financial analysis of potential retrospective premium assessments under the Price-Anderson system

    International Nuclear Information System (INIS)

    Wood, R.S.

    1985-04-01

    Ten representative nuclear utilities have been analyzed over the period 1981 to 1983 to evaluate the effects of three levels of retrospective premiums on various financial indicators. This analysis continues and expands on earlier analyses prepared as background for deliberations by the US Congress for possible extension or modification of the Price-Anderson Act

  18. The value premium within and across GICS industry sectors in a pre-financial collapse sample

    Directory of Open Access Journals (Sweden)

    Kenneth E. Scislaw

    2015-12-01

    Full Text Available A portfolio manager employing a top-down/bottom-up method who seeks to capture the value premium long promised in academic literature would want to first determine whether the premium exists across industries and not just observed in firm-specific book-to-market (BE/ME relationships. Next, the investor would want to know if BE/ME characteristics are stable across these defined homogeneous groups or whether there is considerable variation. Results show that certain industries appear to have a natural or structural tendency to reflect either a high or low BE/ME characteristic. Results also shows that growth-oriented industry BE/ME characteristics appear to be more stable than value-oriented industries over time. Moreover, stocks from growth-oriented industries tend to cluster at high rates in the lowest BE/ME quintile, while stocks from value-oriented industries appear more evenly distributed across middle BE/ME quintiles over time. Value stocks found in growth sectors outperform value stocks in value sectors, contrary to prior published results. The January premium exists both within and across Global Industry Classification Standard industry sectors, but the value premium is not subsumed by the January effect in either analysis.

  19. 76 FR 75781 - Treasury Inflation-Protected Securities Issued at a Premium

    Science.gov (United States)

    2011-12-05

    ... Inflation-Protected Securities Issued at a Premium AGENCY: Internal Revenue Service (IRS), Treasury. ACTION... tax treatment of Treasury Inflation-Protected Securities issued with more than a de minimis amount of... a toll-free number). SUPPLEMENTARY INFORMATION: Background Treasury Inflation-Protected Securities...

  20. 76 FR 75829 - Treasury Inflation-Protected Securities Issued at a Premium

    Science.gov (United States)

    2011-12-05

    ... Treasury Inflation-Protected Securities Issued at a Premium AGENCY: Internal Revenue Service (IRS... IRS is issuing temporary regulations that provide guidance on the tax treatment of Treasury Inflation....1275-7(d) applies to Treasury Inflation-Protected Securities (TIPS) issued with more than a de minimis...

  1. 77 FR 15319 - Treasury Inflation-Protected Securities Issued at a Premium; Hearing Cancellation

    Science.gov (United States)

    2012-03-15

    ... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG-130777-11] RIN 1545-BK45 Treasury Inflation-Protected Securities Issued at a Premium; Hearing Cancellation AGENCY: Internal Revenue...), providing guidance on the tax treatment of Treasury Inflation-Protected Securities issued with more than a...

  2. Credit frictions, collateral and the cyclical behavior of the finance premium

    NARCIS (Netherlands)

    Agénor, P.-R.; Bratsiotis, G.; Pfajfar, D.

    This paper examines the behavior of the finance premium after technology and monetary shocks in a dynamic stochastic general equilibrium (DSGE) model where borrowers use a fraction of their production (output) as collateral. We show that this simple framework is capable of producing a

  3. 29 CFR 778.206 - Premiums for work outside basic workday or workweek-examples.

    Science.gov (United States)

    2010-07-01

    ...-examples. 778.206 Section 778.206 Labor Regulations Relating to Labor (Continued) WAGE AND HOUR DIVISION... Overtime § 778.206 Premiums for work outside basic workday or workweek—examples. The effect of section 7(e... workday and workweek. Under one such agreement, for example, such workday and workweek are established as...

  4. 7 CFR 91.39 - Premium hourly fee rates for overtime and legal holiday service.

    Science.gov (United States)

    2010-01-01

    ... legal holidays or what constitutes overtime service at a particular Science and Technology laboratory is... Premium hourly fee rates for overtime and legal holiday service. (a) When analytical testing in a Science... overtime work. When analytical testing in a Science and Technology facility requires the services of...

  5. 26 CFR 1.381(c)(9)-1 - Amortization of bond discount or premium.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Amortization of bond discount or premium. 1.381(c)(9)-1 Section 1.381(c)(9)-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Insolvency Reorganizations § 1.381(c)(9)-1 Amortization of...

  6. 26 CFR 1.803-6 - Amortization of premium and accrual of discount.

    Science.gov (United States)

    2010-04-01

    ... amortization of premium and accrual of discount on bonds, notes, debentures, or other evidences of indebtedness... earliest call date specified therein as a day certain, the earliest interest payment date if it is callable or payable at such date, the earliest date at which it is callable at par, or such other call or...

  7. Consumer Acceptance of Genetically Modified Foods in Taiwan: Is Positive Discount the Same as Negative Premium?

    OpenAIRE

    Kaneko, Naoya; Chern, Wen S.

    2005-01-01

    This paper finds Taiwanese consumers' willingness to pay a premium on the non-GM food differs from their willingness to accept a discount on the GM food. It further finds that the non-GM choosers are more committed to the non-GM food than the GM choosers to the GM food.

  8. The U.S. health insurance marketplace: are premiums truly affordable?

    Science.gov (United States)

    Graetz, Ilana; Kaplan, Cameron M; Kaplan, Erin K; Bailey, James E; Waters, Teresa M

    2014-10-21

    The Patient Protection and Affordable Care Act requires that individuals have health insurance or pay a penalty. Individuals are exempt from paying this penalty if the after-subsidy cost of the least-expensive plan available to them is greater than 8% of their income. For this study, premium data for all health plans offered on the state and federal health insurance marketplaces were collected; the after-subsidy cost of premiums for the least-expensive bronze plan for every county in the United States was calculated; and variations in premium affordability by age, income, and geographic area were assessed. Results indicated that-although marketplace subsidies ensure affordable health insurance for most persons in the United States-many individuals with incomes just above the subsidy threshold will lack affordable coverage and will be exempt from the mandate. Furthermore, young individuals with low incomes often pay as much as or more than older individuals for bronze plans. If substantial numbers of younger, healthier adults choose to remain uninsured because of cost, health insurance premiums across all ages may increase over time.

  9. Fed Up with Rising Premiums, Colleges Go into the Insurance Business

    Science.gov (United States)

    June, Audrey William

    2006-01-01

    American universities are turning to captive companies, a highly specialized form of self-insurance, in an effort to cope with ever-increasing premiums. Indiana University formed the Old Crescent Insurance Company in 2005 to provide coverage for the institution's eight campuses, a move that gives it more control over costs while allowing the…

  10. Relative Affordability of Health Insurance Premiums under CHIP Expansion Programs and the ACA.

    Science.gov (United States)

    Gresenz, Carole Roan; Laugesen, Miriam J; Yesus, Ambeshie; Escarce, José J

    2011-10-01

    Affordability is integral to the success of health care reforms aimed at ensuring universal access to health insurance coverage, and affordability determinations have major policy and practical consequences. This article describes factors that influenced the determination of affordability benchmarks and premium-contribution requirements for Children's Health Insurance Program (CHIP) expansions in three states that sought to universalize access to coverage for youth. It also compares subsidy levels developed in these states to the premium subsidy schedule under the Affordable Care Act (ACA) for health insurance plans purchased through an exchange. We find sizeable variability in premium-contribution requirements for children's coverage as a percentage of family income across the three states and in the progressivity and regressivity of the premium-contribution schedules developed. These findings underscore the ambiguity and subjectivity of affordability standards. Further, our analyses suggest that while the ACA increases the affordability of family coverage for families with incomes below 400 percent of the federal poverty level, the evolution of CHIP over the next five to ten years will continue to have significant implications for low-income families.

  11. Patient-centered and visual quality outcomes of premium cataract surgery: a systematic review.

    Science.gov (United States)

    Wang, Sophia Y; Stem, Maxwell S; Oren, Gale; Shtein, Roni; Lichter, Paul R

    2017-06-26

    Over 8 million cataract surgeries are performed in the United States and the European Union annually, with many patients choosing to pay out of pocket for premium options including premium intraocular lens implants (IOLs) or laser-assisted cataract surgery (LACS). This report provides a systematic review evaluating patient-centered and visual quality outcomes comparing standard monofocal IOLs to premium cataract surgery options. PubMed and EMBASE were searched for publications published between January 1, 1980, and September 18, 2016, on multifocal, accommodative, and toric IOLs, monovision, and LACS, which reported on 1) dysphotopsias, 2) contrast sensitivity, 3) spectacle independence, 4) vision-related quality of life or patient satisfaction, and 5) IOL exchange. Multifocal lenses achieved higher rates of spectacle independence compared to monofocal lenses but also had higher reported frequency of dysphotopsia and worse contrast sensitivity, especially with low light or glare. Accommodative lenses were not associated with reduced contrast sensitivity or more dysphotopsia but had only modest improvements in spectacle independence compared to monofocal lenses. Studies of monovision did not target a sufficiently myopic outcome in the near-vision eye to achieve the full potential for spectacle independence. Patients reported high levels of overall satisfaction regardless of implanted IOL. No studies correlated patient-reported outcomes with patient expectations. Studies are needed to thoroughly compare patient-reported outcomes with concomitant patient expectations. In light of the substantial patient costs for premium options, patients and their surgeons will benefit from a better understanding of which surgical options best meet patients' expectations and how those expectations can be impacted by premium versus monofocal-including monovision-options.

  12. Effect of Frozen Storage Temperature on the Quality of Premium Ice Cream.

    Science.gov (United States)

    Park, Sung Hee; Jo, Yeon-Ji; Chun, Ji-Yeon; Hong, Geun-Pyo; Davaatseren, Munkhtugs; Choi, Mi-Jung

    2015-01-01

    The market sales of premium ice cream have paralleled the growth in consumer desire for rich flavor and taste. Storage temperature is a major consideration in preserving the quality attributes of premium ice cream products for both the manufacturer and retailers during prolonged storage. We investigated the effect of storage temperature (-18℃, -30℃, -50℃, and -70℃) and storage times, up to 52 wk, on the quality attributes of premium ice cream. Quality attributes tested included ice crystal size, air cell size, melting resistance, and color. Ice crystal size increased from 40.3 μm to 100.1 μm after 52 wk of storage at -18℃. When ice cream samples were stored at -50℃ or -70℃, ice crystal size slightly increased from 40.3 μm to 57-58 μm. Initial air cell size increased from 37.1 μm to 87.7 μm after storage at -18℃ for 52 wk. However, for storage temperatures of -50℃ and -70℃, air cell size increased only slightly from 37.1 μm to 46-47 μm. Low storage temperature (-50℃ and -70℃) resulted in better melt resistance and minimized color changes in comparison to high temperature storage (-18℃ and -30℃). In our study, quality changes in premium ice cream were gradually minimized according to decrease in storage temperature up to-50℃. No significant beneficial effect of -70℃ storage was found in quality attributes. In the scope of our experiment, we recommend a storage temperature of -50℃ to preserve the quality attributes of premium ice cream.

  13. Small dependencies and large actuarial risks

    NARCIS (Netherlands)

    Albers, Willem/Wim; Kallenberg, W.C.M.; Lukocius, V.

    2006-01-01

    Methods for computing risk measures such as stop-loss premiums tacitly assume independence of the underlying individual risks. From earlier studies it is already known that this assumption can lead to huge errors even when only small dependencies occur. In the present paper a general model is

  14. Modern actuarial risk theory: using R

    NARCIS (Netherlands)

    Kaas, R.; Goovaerts, M.; Dhaene, J.; Denuit, M.

    2008-01-01

    Modern Actuarial Risk Theory -- Using R contains what every actuary needs to know about non-life insurance mathematics. It starts with the standard material like utility theory, individual and collective model and basic ruin theory. Other topics are risk measures and premium principles, bonus-malus

  15. Some new classes of consistent risk measures

    NARCIS (Netherlands)

    Goovaerts, M.J.; Kaas, R.; Dhaene, J.L.M.; Tang, Q.

    2004-01-01

    Many types of insurance premium principles and/or risk measures can be characterized by means of a set of axioms, which in many cases are rather arbitrarily chosen and not always in accordance with economic reality. In the present paper we generalize Yaari¿s risk measure by relaxing his axioms. In

  16. Blanket guarantee, deposit insurance, and risk-shifting incentive: evidence from Indonesia

    OpenAIRE

    Kariastanto, Bayu

    2011-01-01

    Indonesia established a deposit insurance system to maintain stability in its banking sector after the abolishment of blanket guarantees in 2005. Since the insurance premiums are fixed and flat, deposit insurance may create an incentive for banks to take more risks and transfer the risks to the deposit insurer. Using an option pricing based model of deposit insurance, we compute the fair deposit insurance premiums for all banks listed on the Indonesian stock exchange. We find evidence that ba...

  17. Identifying the poor for premium exemption: a critical step towards universal health coverage in Sub-Saharan Africa.

    Science.gov (United States)

    Umeh, Chukwuemeka A

    2017-01-01

    Premium exemption for the poor is a critical step towards achieving universal health coverage in sub-Saharan Africa due to the large proportion of the population living in extreme poverty who cannot pay premium. However, identifying the poor for premium exemption has been a big challenge for SSA countries. This paper is a succinct review of four methods available for identifying the poor, outlining the ideal conditions under which each of the methods should be used and the drawbacks associated with using each of the methods.

  18. Insurance loss coverage under restricted risk classification

    OpenAIRE

    Hao, Mingjie; Radfall Charitable Trust

    2017-01-01

    Insurers hope to make profit through pooling policies from a large number of individuals. Unless the risk in question is similar for all potential customers, an insurer is exposed to the possibility of adverse selection by attracting only high-risk individuals. To counter this, insurers have traditionally employed underwriting principles, identifying suitable risk factors to subdivide their potential customers into homogeneous risk groups, based on which risk-related premiums can be charged. ...

  19. Multivariate time-varying volatility modeling using probabilistic fuzzy systems

    NARCIS (Netherlands)

    Basturk, N.; Almeida, R.J.; Golan, R.; Kaymak, U.

    2016-01-01

    Methods to accurately analyze financial risk have drawn considerable attention in financial institutions. One difficulty in financial risk analysis is the fact that banks and other financial institutions invest in several assets which show time-varying volatilities and hence time-varying financial

  20. Patients' annual income adequacy, insurance premiums and out-of-pocket expenses related to heart failure care.

    Science.gov (United States)

    Piamjariyakul, Ubolrat; Yadrich, Donna Macan; Russell, Christy; Myer, Jane; Prinyarux, Chanawee; Vacek, James L; Ellerbeck, Edward F; Smith, Carol E

    2014-01-01

    To (1) identify the amount patients spend for insurance premiums, co-payments, deductibles, and other out-of-pocket costs related to HF and chronic health care services and estimate their annual non-reimbursed and out-of-pocket costs; and (2) identify patients' concerns about nonreimbursed and out-of-pocket expenses. HF is one of the most expensive illnesses for our society with multiple health services and financial burdens for families. Mixed methods with quantitative questionnaires and qualitative interviews. Patients (N = 149) reported annual averages for non-reimbursed health services co-payments and out-of-pocket costs ranging from $3913 to $5829 depending on insurance coverage. Thirty one patients (21%) reported inadequate health coverage related to their non-reimbursed costs. Non-reimbursed costs related to HF care are substantial and vary depending on their insurance, health services use, and out-of-pocket costs. Patient referral to social services to assist with expenses could provide some relief from the burden of high HF-related costs. Copyright © 2014 Elsevier Inc. All rights reserved.