Search results for "Economia"
showing 10 items of 2567 documents
Designing and pricing guarantee options in defined contribution pension plans
2015
Abstract The shift from defined benefit (DB) to defined contribution (DC) is pervasive among pension funds, due to demographic changes and macroeconomic pressures. In DB all risks are borne by the provider, while in plain vanilla DC all risks are borne by the beneficiary. However, for DC to provide income security some kind of guarantee is required. A minimum guarantee clause can be modeled as a put option written on some underlying reference portfolio and we develop a discrete model that selects the reference portfolio to minimize the cost of a guarantee. While the relation DB–DC is typically viewed as a binary one, the model shows how to price a wide range of guarantees creating a continu…
On the relationship between the reversed hazard rate and elasticity
2012
Despite hazard and reversed hazard rates sharing a number of similar aspects, reversed hazard functions are far less frequently used. Understanding their meaning is not a simple task. The aim of this paper is to expand the usefulness of the reversed hazard function by relating it to other well-known concepts broadly used in economics: (linear or cumulative) rates of increase and elasticity. This will make it possible (i) to improve our understanding of the consequences of using a particular distribution and, in certain cases, (ii) to introduce our hypotheses and knowledge about the random process in a more meaningful and intuitive way, thus providing a means to achieving distributions that …
A MULTISTAGE DECISION MODEL FOR THE OPTIMAL ISSUANCE OF SOVEREIGN DEBT UNDER ESA95
2014
The aim of this paper is to develop a stochastic programming model for the optimal composition of debt portfolios. Such a prob- lem has recently acquired a more and more major interest, being the indebtedness of many countries quite worrying. We propose a stochastic programming model where the decision maker desires to minimize a certain cost function while bounding the interest rate risk. Our analysis focus mainly on the cost function ESA95, which is a methodology developed by the European System of Accounts to gauge the cost of servicing the debt. The model is implemented under two financing strategies, one as- sumes the government cannot resort to budget surplus to pay interest expenses,…
Tracking cruise passengers' consumption: An analysis of the relationships between onshore mobility and expenditure
2022
This paper analyzes the relationships between the spatial behaviour and destination expenditures of cruise tourists by integrating customer surveys and GPS tracking technology. Based on data collated in 2018 and 2019 in Copenhagen, cruise passenger expenditure was modelled via logistic regression, using socio-demographic characteristics and mobility-related variables. In order to map the spatial behaviour and the key characteristics of the itinerary followed, tracking data were synthesized into meaningful mobility variables. An analysis of stops was performed to identify locations with the potential highest expenditure density. The results indicated that spatial movement and, in particular,…
Storia del Banco di Sicilia: l'istituto di credito di diritto pubblico, 1926-1991
2017
La monografia ricostruisce la storia del Banco di Sicilia, Istituto di credito di diritto pubblico dal 1926 al 1991. Utilizzando fonti in larga parte inedite il volume esamina strategie, attività operativa e vicende istituzionali di una banca che trasformò radicalmente il proprio modello di attività nel 1926, impiantando quasi da zero i servizi di credito commerciale, ampliando la sua presenza in Italia e all'estero, estendendo la sua operatività nel credito speciale a lungo termine.
Storia del Banco di Sicilia
2017
La monografia ricostruisce la storia del Banco di Sicilia, Istituto di credito di diritto pubblico dal 1926 al 1991. Utilizzando fonti in larga parte inedite il volume esamina strategie, attività operativa e vicende istituzionali di una banca che trasformò radicalmente il proprio modello di attività nel 1926, impiantando quasi da zero i servizi di credito commerciale, ampliando la sua presenza in Italia e all'estero, estendendo la sua operatività nel credito speciale a lungo termine.
Sull'affinità e la differenza di storiografia e politica
2015
Discorso tenuto da Ranke in occasione dell'ordinariato. Testo di grande rilievo teorico sui rapporti tra politica, storia, arte ed economia. Inaugural speech delivered by Ranke in 1836. Important theoretical essay about the relationship between politics, history, art and economy.
Storiografie "glocaliste" e "intertemporali" - Intorno alla Ragioneria a Palermo -
2010
L’articolo pone in premessa (par. 1) alcuni fondamenti delle ricerche storiografiche denominabili “glocaliste” ed “intertemporali” perché rispettivamente curano gli aspetti “globali” e “locali” e quelli “passati” e “presenti” (ed eventualmente “futuribili”) delle varie storie investigate. In quest’ottica esso tratta in seguito (par. 2) della storia della Ragioneria a Palermo, per come è stata affrontata in un convegno tenutosi nell’ambito delle celebrazioni del bicentenario della locale Università. Di tale convegno l’articolo tratta maggiormente (par. 3) la parte sugli autori del XVII-XX secolo, progressivamente caratterizzati – lungo una Scuola in due “tronconi”: uno nell’Età Moderna ed un…
NETWORKS, KNOWLEDGE AND COMPLEXITY : an Inquiry into the Architectural Dynamics of Strategic Networks
2018
The purpose of the book is to provide an interpretative framework helping to understand the emergence and development of strategic networks and their multilevel architectures. Drawing on three complementary theoretical approaches (strategic network theory, the knowledge-based theory of the firms, and complexity theory), the book considers strategic networks as complex dynamic networks of knowledge, resources, and capabilities. This view is able to shed new light on the multilevel architecture epitomizing strategic networks and the specific processes of knowledge, resource, and capability transfer, sharing, and creation that occur within and between network levels. Accordingly, the volume cl…
Strategic Asset Building and Competitive Strategies for SMEs which Compete with Industry Giants
2014
This chapter studies companies which are arguably business super-heroes – the small firms which despite the apparent handicap of very limited resources are able to compete against much larger, multinational firms – the micro-giants Davids that take on Goliaths. Through a process of detailed case studies of actual firms, analysis of asset structure, and experiments with a simulation model, the relationships between key assets, critical success factors, and micro-giant competiveness are explored. The model produces six scenarios reflecting different strategies for developing tangible and intangible assets and, critically, the balance between them. A level of aggression is needed in asset buil…