Valuing Guaranteed Minimum Death Benefit Options in Variable Annuities Under a Benchmark Approach

Variable annuities (VAs) represent a marked change from earlier life products in the guarantees that they offer and it is no longer possible to manage the risks of these liabilities using traditional actuarial methods. Thinking about guarantees as options suggests applying risk neutral pricing in order to value the embedded guarantees, such as guaranteed minimum death benefits (GMDBs). However, due to the long maturities of contracts, stochastic volatility and many other reasons, VA markets are incomplete. In this paper we propose a methodology for pricing GMDBs under a benchmark approach which does not require the existence of a risk neutral probability measure. We assume that the insurance company invests in the growth optimal portfolio of its investment universe and apply real world pricing rather than risk neutral pricing. In particular, we consider the minimal market model and conclude that in this setup the fair price of a roll-up GMDB is lower than the price obtained by applying standard risk neutral pricing. Moreover, we take into account rational as well as irrational lapsation of the policyholder.Benchmark approach; fair pricing; GMDB; growth optimal portfolio; lapsation; local volatility function; minimal market model; variable annuities

Health insurance in Zaire

This study of health insurance systems in Zaire was carried out as part of a larger program of initiatives designed to improve the sustainability of health care systems and increase the health status of the Zairian population. This paper presents the objectives of the study and a discussion of the economic aspects of health insurance, background information about the health sector and health financing systems in Zaire and highlights of previous related work. The major motivations for this study were: (a) to provide information for the ongoing social sector adjustment dialogue in Zaire; and (b) to serve as a case study in the World Bank's Region Study of Health Finance. Specifically, the study sought to document different types of insurance systems in Zaire, and to conduct in-depth case studies of several schemes. The in-depth case studies presented in this report evaluate the design, management operational efficiency of four health insurance programs from both rural and urban areas. The case studies also attempt to analyze the effects of insurance on equity of access, utilization of health care services, and mobilization of financial resources for the health sector. From these analyses, the report draws conclusions about the advantages and disadvantages of health insurance programs as a means of financing health care services in Zaire, and suggests avenues for future research, policy, and programming initiatives.Health Monitoring&Evaluation,Insurance Law,Health Economics&Finance,Insurance&Risk Mitigation,Health Systems Development&Reform

Memory-assisted Statistically-ranked RF Beam Training Algorithm for Sparse MIMO

This paper presents a novel radio frequency (RF) beam training algorithm for sparse multiple input multiple output (MIMO) channels using unitary RF beamforming codebooks at transmitter (Tx) and receiver (Rx). The algorithm leverages statistical knowledge from past beam data for expedited beam search with statistically-minimal training overheads. Beams are tested in the order of their ranks based on their probabilities for providing a communication link. For low beam entropy scenarios, statistically-ranked beam search performs excellent in reducing the average number of beam tests per Tx-Rx beam pair identification for a communication link. For high beam entropy cases, a hybrid algorithm involving both memory-assisted statistically-ranked (MarS) beam search and multi-level (ML) beam search is also proposed. Savings in training overheads increase with decrease in beam entropy and increase in MIMO channel dimensions.Comment: Under peer-review for IEEE Globecom 201

The VISTA Science Archive

We describe the VISTA Science Archive (VSA) and its first public release of data from five of the six VISTA Public Surveys. The VSA exists to support the VISTA Surveys through their lifecycle: the VISTA Public Survey consortia can use it during their quality control assessment of survey data products before submission to the ESO Science Archive Facility (ESO SAF); it supports their exploitation of survey data prior to its publication through the ESO SAF; and, subsequently, it provides the wider community with survey science exploitation tools that complement the data product repository functionality of the ESO SAF. This paper has been written in conjunction with the first public release of public survey data through the VSA and is designed to help its users understand the data products available and how the functionality of the VSA supports their varied science goals. We describe the design of the database and outline the database-driven curation processes that take data from nightly pipeline-processed and calibrated FITS files to create science-ready survey datasets. Much of this design, and the codebase implementing it, derives from our earlier WFCAM Science Archive (WSA), so this paper concentrates on the VISTA-specific aspects and on improvements made to the system in the light of experience gained in operating the WSA.Comment: 22 pages, 16 figures. Minor edits to fonts and typos after sub-editting. Published in A&

Crossbred Sows Fed a Western Diet during Pre-Gestation, Gestation, Lactation, and Post-Lactation Periods Develop Signs of Lean Metabolic Syndrome That Are Partially Attenuated by Spirulina Supplementation

Excessive dietary intake of fats and sugars ("Western diet", WD) is one of the leading causes of obesity. The consumption of the microalga Arthrospira platensis (spirulina, Sp) is increasing due to its presumed health benefits. Both WD and Sp are also consumed by pregnant and breastfeeding women. This study investigated if gestating and lactating domestic pigs are an appropriate model for WD-induced metabolic disturbances similar to those observed in humans and if Sp supplementation may attenuate any of these adverse effects. Pigs were fed a WD high in fat, sugars, and cholesterol or a control diet. Half of the animals per diet group were supplemented with 20 g Sp per day. The WD did not increase body weight or adipose tissue accumulation but led to metabolic impairments such as higher cholesterol concentration in plasma, lower IGF1 plasma levels, and signs of hepatic damage compared to the control group. Spirulina supplementation could not reduce all the metabolic impairments observed in WD-fed animals. These findings indicate limited suitability of gestating and lactating domestic pigs as a model for WD but a certain potential of low-dose Sp supplementation to partially attenuate negative WD effects

Numerical study of scars in a chaotic billiard

We study numerically the scaling properties of scars in stadium billiard. Using the semiclassical criterion, we have searched systematically the scars of the same type through a very wide range, from ground state to as high as the 1 millionth state. We have analyzed the integrated probability density along the periodic orbit. The numerical results confirm that the average intensity of certain types of scars is independent of $\hbar$ rather than scales with $\sqrt{\hbar}$. Our findings confirm the theoretical predictions of Robnik (1989).Comment: 7 pages in Revtex 3.1, 5 PS figures available upon request. To appear in Phys. Rev. E, Vol. 55, No. 5, 199

The helicase Ded1p controls use of near-cognate translation initiation codons in 5' UTRs.

The conserved and essential DEAD-box RNA helicase Ded1p from yeast and its mammalian orthologue DDX3 are critical for the initiation of translation1. Mutations in DDX3 are linked to tumorigenesis2-4 and intellectual disability5, and the enzyme is targeted by a range of viruses6. How Ded1p and its orthologues engage RNAs during the initiation of translation is unknown. Here we show, by integrating transcriptome-wide analyses of translation, RNA structure and Ded1p-RNA binding, that the effects of Ded1p on the initiation of translation are connected to near-cognate initiation codons in 5' untranslated regions. Ded1p associates with the translation pre-initiation complex at the mRNA entry channel and repressing the activity of Ded1p leads to the accumulation of RNA structure in 5' untranslated regions, the initiation of translation from near-cognate start codons immediately upstream of these structures and decreased protein synthesis from the corresponding main open reading frames. The data reveal a program for the regulation of translation that links Ded1p, the activation of near-cognate start codons and mRNA structure. This program has a role in meiosis, in which a marked decrease in the levels of Ded1p is accompanied by the activation of the alternative translation initiation sites that are seen when the activity of Ded1p is repressed. Our observations indicate that Ded1p affects translation initiation by controlling the use of near-cognate initiation codons that are proximal to mRNA structure in 5' untranslated regions

Adhesive bonding of copper prepared by laser-interference near the interference structuring limits

Adhesive bonding requires adequate surface preparation for ensuring an appropriate joint quality. The interest in adhesive joining has recently expanded to thermal systems having a large number of joints employed for manufacturing and assembly. This study presents surface topology of copper 110 produced by a laser-interference setup that would theoretically yield a periodicity of 1.7 mm, which is near the 1.6-2 mm structuring limit that was estimated based on thermal diffusion length scale for an 8 ns laser pulse. The results show that although the expected periodic interference structuring was not attained, the melt-induced texturing was affected by the laser-interference profile. Single-lap shear tests are performed with specimen surfaces prepared by traditional abrasion and laser interference structuring methods. Several laser processing parameters, such as the laser spot size, density, number of pulses, and raster speed were studied. Scanning electron microscope and profilometry measurements were used to characterize the processed surface microstructures. Web-like structures, which indicate widespread melting, were shown to be formed at different processing conditions. Based on the surface topologies investigated, two laser raster speeds were selected to make single-lap-joint specimens. Baseline joints were prepared by abrading joining specimens. The shear-lap strength and displacement at maximum load were shown to be higher by 16.8% and 43.8% for the laser-structured specimens than those of the baseline specimens, respectively. Moreover, the load-displacement curves indicate that the laser-structured joints are more ductile than those without laser-structuring. The increase ductility for the laser-structured joints was found to yield an increase in the energy absorbed during shear-lap testing of approximately of 80-90% over those measured for baseline joints. It is another indicator that laser-interference structuring enhanced the bonding performance of single-lap shear joints

Carbapenemase VCC-1-Producing Vibrio cholerae in Coastal Waters of Germany

During antimicrobial drug resistance testing for Vibrio spp. from coastal waters of Germany, we identified 4 nontoxigenic, carbapenem-resistant V. cholerae isolates. We used whole-genome sequencing to identify the carbapenemase gene blaVCC-1. In addition, a molecular survey showed that more blaVCC-1–harboring isolates are present in coastal waters of Germany