84 research outputs found
Giovanni Gentile, L'attualismo (volume a cura di E. Severino, Bompiani, Milano 2014)
No full textLa recensione discute la interpretazione che di questi scritti filosofici di Gentile fornisce Emanuele Severino nella sua introduzione. La lettura diretta dei testi, in verità, mostra come la categoria fondamentale di Gentile sia l'uno- tutto che si traduce nella visione di uno Stato Etico totalizzante che esclude la possibilita' della coesistenza di una molteplicità di orientamenti culturali e politici
Economic capital management for insurance companies
No full textThe loss ratio (LR) for insurance companies is defined as the ratio of incurred claims and earned premiums for a specified class of insurance (CoI). The company may estimate then its capital requirement for that particular CoI by using value at risk (VaR) or conditional VaR (CVaR) of the LR distribution at a specified probability value. The overall objective of the company is to evaluate the aggregate capital requirement through a weighted sum of marginal capital requirements for all the classes of insurance. Nevertheless, this procedure may tend to over-estimate the aggregate capital requirement because it does not take into consideration the real dependence among the different classes of insurance. In other words, perfect dependence does not allow considering diversification effects
Economic capital management for insurance companies using conditional value at risk and a copula approach
No full textThe loss ratio (LR) for insurance companies is defined as the ratio of incurred claims and earned premiums for a specified class of insurance (CoI). The company may estimate then its capital requirement for that particular CoI by using Value at Risk (VaR) or conditional VaR (CVaR) of the loss ratio distribution at a specified probability value. The overall objective of the company is to evaluate the aggregate capital requirement through a weighted sum of marginal capital requirements for all the classes of insurance. Nevertheless, this procedure may tend to over-estimate the aggregate capital requirement because it does not take into consideration the real dependence amongst the different classes of insurance. In other words, perfect dependence does not allow considering diversification effects. In this paper, we present a model which permits to take into consideration real correlations of the several CoIs. Thanks to copula functions, we are able to generate (by Monte Carlo simulations) correlated loss ratios with known marginal distributions. This approach is described through a numerical example that used data collected from some of the most important Italian non life insurance companies. We show then the diversification benefit thus obtained. We conclude the paper building an efficient frontier on the plane LR - CVaR; the efficient frontier may be considered a useful tool to manage the global company risk
Advanced operational risk modelling for banks and insurance companies
No full textThe aim of this paper is to measure operational risk in financial institutions when historical data are available starting from a fixed threshold.
To quantify the operational risk we apply the Loss Distribution Approach (LDA), a frequency/severity approach widely used in the actuarial models. Risk measures like Value at Risk (VaR) and Expected Shortfall (ES) are used for determining the risk capital necessary to cover the operational risk.
The dependence among the events in the operational risk management has been taken into account using copula functions. We employed for this purpose the Student copula, which is widely used in financial modelling.
Extreme Value Theory (EVT) has been used to model the right tail of the severity of loss distributions.
The Expectation and Maximization (EM) algorithm has been applied to estimate the parameters of the frequency and severity of loss distributions when only their left truncated distributions are available.
We conclude then with a numerical application of the proposed model which aims at evaluating the risk capital for a single financial institution. To this scope we have used, as empirical observations, the OpData® dataset supplied by OpVantage®. In order to estimate the risk capital, we calculate the Value at Risk of the simulated operational loss distribution
Pricing structure opimization in mixed restricted/unrestricted fare environments
No full textIn recent years, many traditional practitioners of revenue management such as airlines or hotels were confronted with aggressive low-cost competition. In order to stay competitive, these firms responded by cutting down fare restrictions that were originally meant to fence off customer segments, that is to prevent highyield customers from buying down. For the corresponding markets, unrestricted fares were introduced whose essentially only distinctive feature is its price. Some markets, however, were unaffected and here restrictions could be maintained as it was the case for long-haul flights, for example. We develop choice-based network revenue management approaches for such a mixed fare environment that can handle both the traditional opening or closing of restricted fare classes as well as handling pricing of the unrestricted fares simultaneously. For any such unrestricted fare, we assume a fixed number of price points to choose from. It is natural to ask then how these price points shall be chosen. To that end, we formulate the problem as a dynamic program and approximate it with an efficient mixed integer linear program (MIP) that selects the best n, say, price points out of a potentially large set of price candidates for each unrestricted fare. We show both theoretically and practically that it is advantageous to recompute price points later in the booking horizon using our approach. Furthermore, additional insight is gained from the fact that the dual values associated with MIP provide an upper bound on the value of having an additional price point. Numerical experiments illustrate the quality of the obtained price structure and that computational effort is relatively low given that we need to tackle the large-scale MIP with column generation techniques where each column pricing problem itself is NP-hard
Role of cardiovascular imaging in cardiac resynchronization therapy: A literature review
No full textCardiac resynchronization therapy (CRT) is an established treatment in patients with symptomatic drug-refractory heart failure and broad QRS complex on the surface ECG. Despite the presence of either mechanical dyssynchrony or viable myocardium at the site where delivering left ventricular pacing being necessary conditions for a successfulCRT, their direct assessment by techniques of cardiovascular imaging, though feasible, is not recommended in clinical practice by the current guidelines. Indeed, even though there is growing body of data providing evidence of the additional value of an image-based approach as compared with routine approach in improving response to CRT, these results should be confirmed in prospective and large multicentre trials before their impact on CRT guidelines is considered
The unmet needs of sudden cardiac death. The role of the wearable cardioverter defibrillator when the risk is transient or uncertain
No full textSudden cardiac death is defined as a natural death due to termination of cardiac activity associated with loss of consciousness, spontaneous breathing and circulation. Nowadays, the prevention of sudden cardiac death represents a major issue and many areas of uncertainty are not met by current evidences. Among those, reliable tools for risk stratification are still lacking, as well as solution for patients in which the risk of sudden cardiac death is due to a transient or correctable condition.The concept of the wearable cardioverter defibrillator is based on a potential solution for such grey areas. It merges long-term monitoring capabilities, shockable rhythm discrimination and shock delivery without the need for bystander assistance or invasive procedures. The present review aims to summarize current problems in dealing with this insidious condition, and to discuss potential options for patients in whom sudden cardiac death could be prevented more safely and cost-effectively.Sudden cardiac death is defined as a natural death due to termination of cardiac activity associated with loss of consciousness, spontaneous breathing and circulation. Nowadays, the prevention of sudden cardiac death represents a major issue and many areas of uncertainty are not met by current evidences. Among those, reliable tools for risk stratification are still lacking, as well as solution for patients in which the risk of sudden cardiac death is due to a transient or correctable condition. The concept of the wearable cardioverter defibrillator is based on a potential solution for such grey areas. It merges long-term monitoring capabilities, shockable rhythm discrimination and shock delivery without the need for bystander assistance or invasive procedures. The present review aims to summarize current problems in dealing with this insidious condition, and to discuss potential options for patients in whom sudden cardiac death could be prevented more safely and cost-effectively
Position paper of the Italian Association of Arrhythmology and Cardiac Pacing (AIAC): Recommendations on driving by patients with cardiac implantable electronic devices
No full textIn patients with cardiac implantable electronic devices (CIEDs) (implantable cardioverter-defibrillators [ICDs] and pacemakers [PMs]), the potential risk of suddenly being unable to drive, and hence of causing road accidents, is higher than in the general population. In ICD patients, this risk stems from the possibility that an arrhythmic event leading to loss of consciousness may occur while driving. In PM patients, it may be the result of a device malfunction in a PM-dependent patient. To determine a CIED patient's ability to drive, two variables must be taken into account: (i) the risk of events, which depends on the type of underlying heart disease (ICD patients have a higher risk than PM patients); (ii) the time spent driving and the type of vehicle driven (professional drivers are at higher risk than private drivers). This position paper reports the recommendations of the Italian Association of Arrhythmology and Cardiac Pacing (AIAC) regarding driving by patients with CIEDs, on the basis of the available literature and the European reference recommendations
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