Maximum Market Price of Longevity Risk under Solvency Regimes: The Case of Solvency II.

Longevity risk constitutes an important risk factor for life insurance companies, and it can be managed through longevity-linked securities. The market of longevity-linked securities is at present far from being complete and does not allow finding a unique pricing measure. We propose a method to estimate the maximum market price of longevity risk depending on the risk margin implicit within the calculation of the technical provisions as defined by Solvency II. The maximum price of longevity risk is determined for a survivor forward (S-forward), an agreement between two counterparties to exchange at maturity a fixed survival-dependent payment for a payment depending on the realized survival of a given cohort of individuals. The maximum prices determined for the S-forwards can be used to price other longevity-linked securities, such as q-forwards. The Cairns–Blake–Dowd model is used to represent the evolution of mortality over time that combined with the information on the risk margin, enables us to calculate upper limits for the risk-adjusted survival probabilities, the market price of longevity risk and the S-forward prices. Numerical results can be extended for the pricing of other longevity-linked securities

Longevity risk and economic growth in sub-populations: evidence from Italy

Forecasting mortality is still a big challenge for Governments that are interested in reliable projections for defining their economic policy at local and national level. The accuracy of mortality forecasting is considered an important issue for longevity risk management. In the literature, many authors have analyzed the long-run relationship between mortality evolution and socioeconomic variables, such as economic growth, unemployment rate or educational level. This paper investigates the existence of a link between mortality and real gross domestic product per capita (GDPPC) over time in the Italian regions. Empirical evidence shows the presence of a relationship between mortality and the level of real GDPPC (and not its trend). Therefore, we propose a multi-population model including the level of real GDPPC and we compare it with the Boonen–Li model (Boonen and Li in Demography 54:1921–1946, 2017). The validity of the model is tested in the out-of-sample forecasting experiment

Total Cost of Ownership of Digital vs. Analog Radio-Over-Fiber Architectures for 5G Fronthauling

The article analyzes the total cost of ownership (TCO) of 5G fronthauling solutions based on analog and digital radio-over-fiber (RoF) architectures in cloud radio access networks (C-RANs). The capital and operational expenditures (CAPEX, OPEX) are assessed, for a 10-year period, considering three different RoF techniques: intermediate frequency analog RoF (IF-A-RoF), digital signal processing (DSP) assisted analog RoF (DSP-A-RoF), and digital RoF (D-RoF) based on the common public radio interface (CPRI) specifications. The greenfield deployment scenario under exam includes both fiber trenching (FT) and fiber leasing (FL) options. The TCO is assessed while varying (i) the number of aggregated subcarriers, (ii) the number of three-sector antennas located at the base station, and (iii) the mean fiber-hop length. The comparison highlights the significance that subcarrier aggregation has on the cost efficiency of the analog RoF solutions. In addition, the analysis details the contribution of each cost category to the overall CAPEX and OPEX values. The obtained results indicate that subcarrier aggregation via DSP results in high cost efficiency for a mobile fronthaul network, while a CPRI-based architecture together with FL brings the highest OPEX value

Hygienization performances of innovative sludge treatment solutions to assure safe land spreading

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Predictive Value of MR-proADM in the Risk Stratification and in the Adequate Care Setting of COVID-19 Patients Assessed at the Triage of the Emergency Department

In the past two pandemic years, Emergency Departments (ED) have been overrun with COVID-19-suspicious patients. Some data on the role played by laboratory biomarkers in the early risk stratification of COVID-19 patients have been recently published. The aim of this study is to assess the potential role of the new biomarker mid-regional proadrenomedullin (MR-proADM) in stratifying the in-hospital mortality risk of COVID-19 patients at the triage. A further goal of the present study is to evaluate whether MR-proADM together with other biochemical markers could play a key role in assessing the correct care level of these patients. Data from 321 consecutive patients admitted to the triage of the ED with a COVID-19 infection were analyzed. Epidemiological; demographic; clinical; laboratory; and outcome data were assessed. All the biomarkers analyzed showed an important role in predicting mortality. In particular, an increase of MR-proADM level at ED admission was independently associated with a threefold higher risk of IMV. MR-proADM showed greater ROC curves and AUC when compared to other laboratory biomarkers for the primary endpoint such as in-hospital mortality, except for CRP. This study shows that MR-proADM seems to be particularly effective for early predicting mortality and the need of ventilation in COVID-19 patients admitted to the ED

Quantitative image analysis for the characterization of microbial aggregates in biological wastewater treatment : a review

Quantitative image analysis techniques have gained an undeniable role in several fields of research during the last decade. In the field of biological wastewater treatment (WWT) processes, several computer applications have been developed for monitoring microbial entities, either as individual cells or in different types of aggregates. New descriptors have been defined that are more reliable, objective, and useful than the subjective and time-consuming parameters classically used to monitor biological WWT processes. Examples of this application include the objective prediction of filamentous bulking, known to be one of the most problematic phenomena occurring in activated sludge technology. It also demonstrated its usefulness in classifying protozoa and metazoa populations. In high-rate anaerobic processes, based on granular sludge, aggregation times and fragmentation phenomena could be detected during critical events, e.g., toxic and organic overloads. Currently, the major efforts and needs are in the development of quantitative image analysis techniques focusing on its application coupled with stained samples, either by classical or fluorescent-based techniques. The use of quantitative morphological parameters in process control and online applications is also being investigated. This work reviews the major advances of quantitative image analysis applied to biological WWT processes.The authors acknowledge the financial support to the project PTDC/EBB-EBI/103147/2008 and the grant SFRH/BPD/48962/2008 provided by Fundacao para a Ciencia e Tecnologia (Portugal)

Nutraceutical therapies for atherosclerosis

Atherosclerosis is a chronic inflammatory disease affecting large and medium arteries and is considered to be a major underlying cause of cardiovascular disease (CVD). Although the development of pharmacotherapies to treat CVD has contributed to a decline in cardiac mortality in the past few decades, CVD is estimated to be the cause of one-third of deaths globally. Nutraceuticals are natural nutritional compounds that are beneficial for the prevention or treatment of disease and, therefore, are a possible therapeutic avenue for the treatment of atherosclerosis. The purpose of this Review is to highlight potential nutraceuticals for use as antiatherogenic therapies with evidence from in vitro and in vivo studies. Furthermore, the current evidence from observational and randomized clinical studies into the role of nutraceuticals in preventing atherosclerosis in humans will also be discussed

Longevity and disability risk analysis in enhanced life annuities

(http://actuaries.org/LIFE/Events/Stockholm/papers.cfm