Navigating a Risk-Filled Sea: Insights on How the Law and Insurance Chart a Course by Allocating Liabilities and Creating Incentives

Risk can be defined as the probability and extent of liability. Risk management involves identifying, evaluating, and minimizing liabilities, which is critical to the success of a wide range of enterprises. Managers often turn to insurance to reallocate risk, and to experts such as surveyors, engineers, attorneys, and accountants to identify and evaluate risks and to advise on how to reduce them. The law also ascertains, allocates, and liquidates liabilities, and affects how insurance reallocates them. Policymakers-both industrial and legal-must be aware of how industry practices, expert services, insurance provisions, and legal structures are intertwined to achieve diverse, and perhaps competing, goals. Changing a condition to support one outcome will likely impact others. Systemic analysis can identify these intertwined impacts, which is critical to feasibly furthering these goals by developing and successfully implementing changes to these practices and services, insurance, and the law. This Article focuses on safety management in the maritime context, but similar issues apply to rating and reducing risks of many types in varied fields: credit, trade, construction, securities, medicine, manufacturing, and political risks-to name a few. This Article first details how marine insurance coverage is placed on ships in the United States and in England, and considers the role of surveyors in placing insurance coverage. It outlines how liability is determined by American and English courts, including the duties of a shipowner and the impacts of a breach-which can void an insurance policy. Further, this Article discusses the duties of underwriters and of surveyors who support underwriters and shipowners-with particular emphasis on the potential liabilities of surveyors, and how American and English courts have agreed and diverged on imposing them. These duties stem from common law, statute, tort, and contract. Finally, this Article suggests changes to the current risk management system to reduce conflicts of interest and increase safety incentives. Policymakers include courts in the United States and England, as admiralty is among the few remaining areas of federal common law. As the British Parliament recently updated the United Kingdom\u27s century-old statute on marine insurance law, the Article outlines how those updates might influence risk management going forward

Long-time asymptotic of temporal-spatial coherence function for light propagation through time dependent disorder

Long-time asymptotic of field-field correlator for radiation propagated through a medium composed of random point-like scatterers is studied using Bete-Salpeter equation. It is shown that for plane source the fluctuation intensity (zero spatial moment of the correlator) obeys a power-logarithmic stretched exponential decay law, the exponent and preexponent being dependent on the scattering angle. Spatial center of gravity and dispersion of the correlator (normalized first and second spatial moments, respectively) prove to weakly diverge as time tends to infinity. A spin analogy of this problem is discussed.Comment: 12 pages, Latex, no figures, to be publication in Phys. Lett.

Compression of multispectral Landsat imagery using the Embedded Zerotree Wavelet (EZW) algorithm

The Embedded Zerotree Wavelet (EZW) algorithm has proven to be an extremely efficient and flexible compression algorithm for low bit rate image coding. The embedding algorithm attempts to order the bits in the bit stream in numerical importance and thus a given code contains all lower rate encodings of the same algorithm. Therefore, precise bit rate control is achievable and a target rate or distortion metric can be met exactly. Furthermore, the technique is fully image adaptive. An algorithm for multispectral image compression which combines the spectral redundancy removal properties of the image-dependent Karhunen-Loeve Transform (KLT) with the efficiency, controllability, and adaptivity of the embedded zerotree wavelet algorithm is presented. Results are shown which illustrate the advantage of jointly encoding spectral components using the KLT and EZW

Athletic Ticket Pricing in the Collegiate Environment: An Agenda for Research

s pressure mounts for intercollegiate athletic departments to be more selfsufficient, administrators must respond by increasing generated revenues. Despite the importance of ticket sales in this endeavor, however, little is known about the underlying ticket pricing structures and policies used by National Collegiate Athletic Association (NCAA) institutions. Of the limited existing scholarship focused on managerial pricing decisions in the field of sport management, only professional sports settings have been addressed. Given the unique operational differences between professional and intercollegiate sport, this paper is designed to establish a foundation from which to build future research concerning the pricing of college sport tickets. The frameworks of stakeholder theory and institutional theory are proposed to ground future study in an attempt to strengthen our understanding of the process and behavior of price setting in intercollegiate athletics

A Qualitative Exploration of Ticket-Pricing Decisions in Intercollegiate Athletics

Ticket sales represent a significant revenue stream for NCAA Football Bowl Subdivision athletic departments, yet little is known about how administrators determine prices for those tickets. Utilizing strategic planning as the primary framework and supplemented by stakeholder theory, this study examines ticket-pricing decisions from the viewpoint of athletic administrators with various departmental responsibilities to better understand the role of ticket pricing in intercollegiate sport. Twenty athletic administrators, representing two Power 5 and two Group of 5 institutions, were interviewed about their experiences with ticket pricing. In addition to common pricing objectives related to revenue, patronage, and operations, administrators also suggested attendance-oriented pricing objectives unique to college sport pricing theory. However, findings suggest no well-defined organizational objective for ticket pricing exists within the departments sampled. The factors athletic administrators consider when contemplating pricing decisions can be categorized into seven areas: (a) scheduling, (b) research, (c) team performance, (d) stakeholders, (e) discrimination, (f) fan experience, and (g) competitive comparisons

Athletic Ticket Pricing in the Collegiate Environment: An Agenda for Research

As pressure mounts for intercollegiate athletic departments to be more selfsufficient, administrators must respond by increasing generated revenues. Despite the importance of ticket sales in this endeavor, however, little is known about the underlying ticket pricing structures and policies used by National Collegiate Athletic Association (NCAA) institutions. Of the limited existing scholarship focused on managerial pricing decisions in the field of sport management, only professional sports settings have been addressed. Given the unique operational differences between professional and intercollegiate sport, this paper is designed to establish a foundation from which to build future research concerning the pricing of college sport tickets. The frameworks of stakeholder theory and institutional theory are proposed to ground future study in an attempt to strengthen our understanding of the process and behavior of price setting in intercollegiate athletics