Computing compound distributions faster

The use of Panjer's algorithm has meanwhile become a widespread standard technique for actuaries (Kuon et al., 1955). Panjer's recursion formula is used for the evaluation of compound distributions and can be applied to life and general insurance problems. The discrete version of Panjer's recursion formula is often applied to continuous distributions by discretizing th

Contributions of the Medial Prefrontal Cortex to Social Influence in Economic Decision-Making

Economic decisions are guided by highly subjective reward valuations (SVs). Often these SVs are overridden when individuals conform to social norms. Yet, the neural mechanisms that underpin the distinct processing of such normative reward valuations (NV) are poorly understood. The dorsomedial and ventromedial portions of the prefrontal cortex (dmPFC/vmPFC) are putatively key regions for processing social and economic information respectively. However, the contribution of these regions to economic decisions guided by social norms is unclear. Using fMRI and computational modelling we examine the neural mechanisms underlying the processing of SVs and NVs. Subjects (n = 15) indicated either their own economic preferences or made similar choices based on a social norm - learnt during a training session. We found that that the vmPFC and dmPFC make dissociable contributions to the processing of SV and NV. Regions of the dmPFC processed only the value of rewards when making normative choices. In contrast, we identify a novel mechanism in the vmPFC for the coding of value. This region signalled both subjective and normative valuations, but activity was scaled positively for SV and negatively for NV. These results highlight some of the key mechanisms that underpin conformity and social influence in economic decision-making

Genetic loci influencing kidney function and chronic kidney disease

Using genome-wide association, we identify common variants at 2p12-p13, 6q26, 17q23 and 19q13 associated with serum creatinine, a marker of kidney function (P = 10 10 to 10 15). Of these, rs10206899 (near NAT8, 2p12-p13) and rs4805834 (near SLC7A9, 19q13) were also associated with chronic kidney disease (P = 5.0 × 10 5 and P = 3.6 × 10 4, respectively). Our findings provide insight into metabolic, solute and drug-transport pathways underlying susceptibility to chronic kidney disease

Preventive maintenance in a 1-out-of-n system: the uptime, downtime and costs

textabstractIn repairable systems with redundancy, failed units can be replaced by spare units in order to reduce the system downtime. The failed units are sent to a repair shop or manufacturer for corrective maintenance and subsequently are returned for re-use. In this paper we consider a 1 out of n system with cold standby and we assume that repaired units are "as good as new"

On the (S-1,S) model for renewal demand processes: Poisson's poison

In the standard (S - 1,S) stock model, demand follows a Poisson process. It has appeared to many stock analysts that this model causes an abundance of stock in reality. In case demand is caused by failure or is derived from another process, demand typically does not follow a Poisson process. In this paper, we discuss the (S - 1,S) stock model where demand follows a renewal process and the lead time is deterministic. Morover, we will extend this to compound renewal demand and multi-echelon inventory systems. Our goal is to show the severe influence of taking the Poisson process for granted