Divisible Money in an Economy with Villages

This paper provides a tractable search model with divisible money that encompasses the two frameworks currently used in the literature. In the model, individuals belong to many villages. Inside a village, individuals are not altruistic as in a representative household, but they share information so financial contracts are feasible. Money is essential in the model to facilitate trade with individuals outside the village. The framework proposed by Lagos and Wright (2002) arises as a special case if some goods trade in competitive markets while others trade in search markets, and preferences are quasi-linear. The framework proposed by Shi (1997) arises as a special case if individuals can insure trading risks inside the village. In general, if preferences are not quasi-linear and trading risks cannot be insured, the distribution of money holdings is non-degenerate and monetary transfers have distributional effects. However, neither quasi-linear preferences nor insurance of trading risks are necessary for tractability. Indeed, this paper advances a tractable benchmark with an endogenous frequency of shopping in which all buyers choose to carry the same amount of money even if preferences are not quasi-linear and trading risks cannot be insuredmonetary search, divisible money

POSSIBILITIES OF INITIAL ESTIMATION AND FURTHER VALIDATION OF INSIDE CONTROL RISK

The approach option of the theme of this essay had in mind the distinguished importance of the objective of inside control regarding the segmentation with maximum exigency of the risks which can disadvantageously influence the fulfillment of the entity objectives. We considered essential the use of adequate procedures regarding the estimation and documentary validation of inside control risk. Regarding the initial estimation we analyzed the phases that are justified to be followed (four) and the proper steps which are followed (ten), starting with the assessment of audit objectives on types of operations and ending with reporting to the competent institutions. Regarding initial risk validation we examined the subsequent circumstances of this operation which are influencing the forecasted risk level, like: adjourning of control mechanisms applications, the apparition of new legal procedures, the alterations of the entity’s politics, etc.critical; inside control, initial risk estimation, subsequent risk validation, risk estimation procedure.

Audit for Information Systems Security

The information and communication technologies advances made available enormous and vast amounts of information. This availability generates also significant risks to computer systems, information and to the critical operations and infrastructures they support. In spite of significant advances in the information security area many information systems are still vulnerable to inside or outside attacks. The existence of an internal audit for information system security increases the probability of adopting adequate security measures and preventing these attacks or lowering the negative consequences. The paper presents an exploratory study on informatics audit for information systems security.Information System Risks, Audit, Security

A new algorithm for the loss distribution function with applications to Operational Risk Management

Operational risks inside banks and insurance companies is currently an important task. The computation of a risk measure associated to these risks lies on the knowledge of the so-called Loss Distribution Function. Traditionally this distribution function is computed via the Panjer algorithm which is an iterative algorithm. In this paper, we propose an adaptation of this last algorithm in order to improve the computation of convolutions between Panjer class distributions and continuous distributions. This new approach permits to reduce drastically the variance of the estimated VAR associated to the operational risks.Operational risk, Panjer algorithm, Kernel, numerical integration, convolution.

Oneiric stress and safety and security at work: the discovery of a new universal symbol

Cox and Griffiths define as psychosocial risks at work “those aspects of the planning, organization and management of work, which, along with their environmental and social contexts, may affect mental and physical health of the employees, directly or indirectly producing stress”. Therefore, a more effective approach to occupational safety and security should include integrated risk management through the identification of any work stress related problem. The purpose of this paper is to analyze the possible correlation of risk at work with the modification of sleep, and inside it, the specific function of dream activity