Optimal Reciprocal Reinsurance under VaR or TVaR Constraint

Most existing researches on optimal reinsurance contract are based on an insurer’s viewpoint. However, the optimal reinsurance contract for an insurer is not necessarily to be optimal for a reinsurer. Hence, this study aims to develop the optimal reciprocal reinsurance which satisfies the benefits of both the insurer and reinsurer. Additionally, due to legislative restriction or risk management requirement, the wealth of insurer and reinsurer are frequently imposed upon a VaR (Value-at-Risk) or TVaR (Tail Value-at-Risk) constraint. Therefore, this study develops an optimal reciprocal reinsurance contract which maximizes the common benefits (evaluated by weighted addition of expected utilities) of the insurer and reinsurer subject to their VaR or TVaR constraints. Furthermore, for avoiding moral hazard problem, the developed contract is additionally restricted to a regular form or incentive compatibility (both indemnity schedule and retained loss schedule are continuously nondecreasing).

The Nitrogen Budget of Coastal Eastern Guangdong in the Last 15 Years

Nitrogen pollution has caused severe ecological and environmental crisis, especially in densely populated coastal regions. Using a mathematical model based on statistical data series from industry, agriculture, environmental protection, and population in 2000, 2005, 2010, and 2015, this paper aims to estimate the nitrogen income and expenditure of coastal Eastern Guangdong, to reveal the temporal variation of the nitrogen budget in the coastal region with high agriculture intensity, and to suggest a management strategy for the local nitrogen control. The results show that: coastal Eastern Guangdong is a nitrogen surplus region, with nitrogen load and nitrogen flux varying in the range 276.01–299.60 kg N ha−1 yr−1 and 221.26–239.06 kg N ha−1 yr−1, respectively, during the period 2000–2015; from 2000 to 2015, the overall nitrogen surplus and the nitrogen surplus unit area showed an obvious upward trend, indicating that nitrogen pollution in the area was deteriorating; agricultural used fertilizer serves as the main contributor to nitrogen input, while water nitrogen accounts for the highest portion of nitrogen output; despite the fluctuation of nitrogen input and output, water nitrogen output steadily increased, suggesting a stronger water environment management requirement. This research provides reference for researchers and decision-makers in the ecological and environmental domains.

Minimum Viable Products for Internet of Things Applications: Common Pitfalls and Practices

Internet of Things applications are not only the new opportunity for digital businesses but also a major driving force for the modification and creation of software systems in all industries and businesses. Compared to other types of software-intensive products, the development of Internet of Things applications lacks a systematic approach and guidelines. This paper aims at understanding the common practices and challenges among start-up companies who are developing Internet of Things products. A qualitative research is conducted with data from twelve semi-structured interviews. A thematic analysis reveals common types of Minimum Viable Products, prototyping techniques and production concerns among early stage hardware start-ups. We found that hardware start-ups go through an incremental prototyping process toward production. The progress associates with the transition from speed-focus to quality-focus. Hardware start-ups heavily rely on third-party vendors in term of development speed and final product quality. We identified 24 challenges related to management, requirement, design, implementation and testing. Internet of Things entrepreneurs should be aware of relevant pitfalls and managing both internal and external risks.

Approaches of TRIZ Application in Malaysian Academic and Industry

This paper explores the approaches between academic and industry in adopting TRIZ into their respective organization. The study used PRICE2 project management perspective as a baseline to analyze how TRIZ is adopted as project throughout starting-up phase, initiation phase, managing phase and closing phase. A survey is deployed to 153 practitioners from various organization and 45 valid responses were received through email. The results showed that the majority agree that formal planning, tangible measures, expert support, organization formal support, knowledge sharing is among of important elements in adopting TRIZ as project management requirement. The findings showed that common approach is important to synergies innovation improvement for academic and industry in adopting TRIZ method. The limitation of the study is the type of analysis used that leads to a recommendation to adopt new approach or complex data analysis. This may add more value in exploring the adoption of TRIZ in academic and industry, or additional scope of different type organization.

Finding fault in organisations – reconceptualising the role of senior managers in corporate manslaughter

The Corporate Manslaughter and Corporate Homicide Act 2007 purports to move away from the identification doctrine, towards a genuinely organisational model of corporate liability. There is a risk, however, that insistence upon the involvement of senior management in corporate manslaughter will reduce the Act to doing no more than aggregating individual misconduct. Such an approach would fail both to encompass the culpability of the organisation as more than just a collection of individuals, and to offer an effective tool for the prosecution of large organisations. I argue that the senior management requirement should not be interpreted as focusing on individuals, but on the authoritative systems of work that organisations impose upon their employees. Inherent in large organisations is a corporate structure, determining the meaning and value of what employees perceive and the boundaries and direction of their work. These structures emerge from the involvement of senior managers, whose rank and role within organisations enables them to contribute to the development of corporate structure. Through insistence on the involvement of these corporate architects and surveyors, the 2007 Act may be seen to emphasise the role of the organisation in corporate manslaughter, identifying truly corporate culpability.

Design and Implementation of a Remote Monitor System on Potted Flowers

To meet the management requirement of potted flowers, a maneuverable and low-cost wireless monitoring system on the potted flower is designed in this paper. The system includes measuring module, data read and control module, remote wireless communication module and cloud storage module. The Arduino UNO platform is the core control module for this system, and the WiShield module is used as the wireless communication module. And, YL-69, GY-30 and SHT1x sensors constitute the data acquisition module. This system realized the acquisition of the air temperature and humidity, soil humidity and illumination, which were transmitted to the Yeelink platform to be saved or be used for online monitoring by the wireless communication module. This system is easy to be deployed, and has the features of low costs and good scalability.