Optimal asset allocation for participating contracts with mortality risk under minimum guarantee

Abstract

We investigate an optimal investment problem of participating insurance contracts with mortality risk under minimum guarantee. The insurer aims to maximize the expected utility of the terminal payoff. Due to its piecewise payoff structure, this optimization problem is a non-concave utility maximization problem. We adopt a concavification technique and a Lagrange dual method to solve the problem and derive the representations of the optimal wealth process and trading strategies. We also carry out some numerical analysis to show how the portfolio insurance constraint impacts the optimal terminal wealth.     

藏、汉学生数学学习元认知差异的研究

识别藏、汉学生数学学习元认知差异对于改进藏族学生数学学习有良好的促进作用。通过对藏、汉高中生的调查与研究表明,藏、汉高中生在元认知知识、元认知监控和元认知体验有显著差异,汉族高中生数学元认知监控、元认知知识高于藏族学生,藏族高中生数学元认知体验高于汉族学生;藏、汉高中生数学元认知水平与数学学习成绩成正相关。     

基于RV模型的我国存款保险费率模拟测算

虽然目前我国尚未建立存款保险制度,但从长远来看,存款保险制度的建立势在必行。合理的存款保险定价是存款保险的核心内容,如果定价不当就易引发道德风险、逆向选择等问题。文章以中央汇金公司对我国国有银行和股份制商业银行的注资额为基础求得更符合我国实际的监管宽容系数,并运用Ronn-Verma方法对我国的存款保险费率进行了模拟测算。测算结果表明我国国有银行的保险费率普遍低于股份制银行和城市商业银行,但并不能绝对化,存款保险费率的确定要综合考虑银行的风险和经营能力。     

安徽省物流业与金融业协同发展实证研究

随着中部崛起战略的推进,安徽省成为承接沿海发达地区产业转移的前沿地带,物流金融业务发展空间广阔。通过分析安徽省物流金融业发展现状,并运用数据模型对物流金融支持与区域经济发展之间的关系进行实证分析,可知二者之间是相互影响、相互促进的。为此,安徽省应进一步降低物流企业经营成本,提高物流企业管理水平;提高物流金融服务效率,构筑物流信息平台;创新物流金融产品,优化风险控制机制;提高物流金融外部环境成熟度,完善法规人才等支持,以促进安徽省国民经济更好更快地发展。     

盲人摸象与成竹在胸:分科治学下学术的细碎化与整体性

近代以来,分科治学,已成体制,纵横两面,相互隔膜。所做学问,或许符合后出外来的学科轨则,却不理解前人的习惯做派。诩为占领制高点的专家之学,渐成割据分封,画地为牢,而占山为王与落草为寇实无二致。至于所谓跨学科,则往往是坐井观天,或踉跄跳跃,以局部求通论,以归纳代贯通,势必以偏概全,看朱成碧。分科治学之下,学人的眼界日趋狭隘,没有成竹在胸,难免盲人摸象,无法庖丁解牛;刻舟求剑、缘木求鱼之事,日益习以为常,甚至天经地义。博而后约,以专致精,由精求通,整体之下探究局部,仍为治学取法乎上的不二法门。如此,才能接续前贤的未竟之业,以免日暮时分盲人骑瞎马行险道,将天边的浮云误认作树林,或以找漏洞、寻破绽、钻空子、对着干为治学的正道坦途。     

有效调节收入差距 建设社会主义和谐社会

随着改革的深入发展和人民生活水平的普遍提高,居民收入差距也明显扩大,这将对社会稳定、可持续发展及社会和谐发展都会产生一定的影响。因此,以科学理论为指导,坚持和落实科学发展观,正确处理改革和发展过程中出现的突出的社会问题,有效调节收入差距,才能建设社会主义和谐社会。     

Social investment effects of public education,health care,and welfare service expenditures on economic growth

The purpose of this study is to theoretically and empirically examine whether public spending in education, health care, and welfare service operates as a fruitful investment in welfare states, which has been implied in the literature of social investment arguments. Based on comprehensive review of existing literature, this study suggested a tripartite mechanism of social investment effect of such spending, that is “enhancement of human capital,” “support for labor force participation,” and “job creation.” To find the empirical evidence, a pooled time‐series cross‐section analysis was conducted with the data of 15 advanced welfare states from 1980 to 2015 using estimation technique of fixed‐effect model. The results confirmed that public spending in education, health care, and welfare service had a positive medium‐term as well as long‐term effect on economic performance, while cash‐type welfare spending had an obscure or no visible effect on economy. Government consumption that is a proxy and control variable of size of the welfare state showed a positive effect on real GDP in the medium term but a negative effect in the long run. In conclusion, this study suggests that reinforcing social services should be recognized and dealt with as essence of social investment strategy.     

从和谐社会视角重新解读邓小平的社会主义本质论

社会主义本质与特征是社会主义内在属性与外在形式的关系。从邓小平的社会主义本质论看,社会主义本质实质上反映的是社会主义和谐社会的目标,它侧重于回答什么是社会主义和谐社会;社会主义特征实质上体现的是社会主义的手段,它侧重于回答怎样建设社会主义和谐社会。以和谐社会为视角重新解读邓小平的社会主义本质论,旨在科学界定社会主义和谐社会的本质和特征。