Daugavet's equation and orthomorphisms

The main result of this paper asserts that each Dunford-Pettis operator on an AL-space having no discrete elements satisfies Daugavet' s equation || I + T |

Asymptotic optimality of Bayes and credibility premiums

For a risk whose annual claim amounts are conditionally i.i.d. with respect to a risk parameter, it is known that the Bayes and the credibility premiums are asymptotically optimal in terms of losses. In the present note it is shown that the Bayes and the credibility premiums actually converge to the individual premium

The Cantor set in probability theory

The present paper discusses some aspects of the role of the Cantor set in probability theory. It contains a simple construction of the Cantor set which is used to construct a singular-continuous distribution and a singular martingale

Common extensions of order bounded vector measures

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Memoryless distributions revisited

The present paper discusses the memoryless property of distributions on the real line. The main result asserts that every distribution Q which is memoryless on a set containing 0 must be concentrated on {0} or (0,∞). It is then shown that this condition is necessary and sufficient for Q to be either the Dirac distribution in 0 or an exponential distribution. Corresponding results for the geometric distribution are given as well

Alternative monetary schemes: a positive evaluation for the chilean peso

The choice between maintaining or giving up the national currency is determined by putting on balance the benefits of macroeconomic flexibility derived from a floating exchange rate and an independent monetary policy, and the microeconomic benefits derived from joining a currency union or adopting unilaterally a foreign currency. This paper assesses this choice for Chile. The country's financial development and macroeconomic stability imply low microeconomic and efficiency costs in sticking to the peso. Optimal currency-area criteria show that Chile is not a natural candidate for joining a monetary union with prospective partners in Latin America, NAFTA, or the European Union. Unilateral dollarization is even less beneficial. Among Southern Hemisphere countries with various exchange rate regimes, Chile would gain the least from giving up its national currency. For a country like Chile, subject to large idiosyncratic shocks and significant temporary price and wage rigidity, a flexible exchange rate and an independent monetary policy anchored to an inflation target comprise the dominant regime choice