Evidence from low-income Asian countries shows that performance-based financing (as a specific form of contracting) can improve health service delivery more successfully than traditional input financing mechanisms. We report a field experience from Rwanda demonstrating that performance-based financing is a feasible strategy in sub-Saharan Africa too. Performance-based financing requires at leas...

In many countries, the decline in interest rates has reduced traditional participating life insurance contracts with investment guarantees and led to a shift unit-linked policies without guarantees. We design novel mixed contract splitting premium payments between fund. An additional guarantee fee is applied on return order increase of utility-based framework, using power utility prospect theor...

Social security is a crucial part in human life, which consisted pre-arrangements against risky life. Takaful an essential approach provides confidence and ethical guidlines protecting assets. Takaful, considering Shari’ah principles, also applies the same principles of insurance for its operation even though consists some prohibited elements Islam. The objectives this study are to analyse gove...

• This work is sponsored by the Department of Defense under Air Force Contract F19628-00-C-0002. Opinions, interpretations, conclusions and recommendations are those of the authors and are not necessarily endorsed by the United States Government. ♦ J.R. Deller was supported in part by the National Science Foundation under Cooperative Agreement No. IIS-9817485. Any opinions, findings, and conclu...

In this paper the principal-agent models between the investor and the manager of the open-ended fund are made from the new view about the liquidity risk management, and the optimal contracts and optimal policies are obtained in closed form by solving these modes. By the analysis of the optimal contract, we find that the fixed compensation of manager is the positive relationship with redemption ...

Solutions of learning problems by Empirical Risk Minimization (ERM) – and almost-ERM when the minimizer does not exist – need to be consistent, so that they may be predictive. They also need to be well-posed in the sense of being stable, so that they might be used robustly. We propose a statistical form of stability, defined in terms of the property of cross-validation leaveone-out (CVloo) stab...

Di erent theoretical models have tried to investigate the feasibility of recurrent neural mechanisms for achieving direction selectivity in the visual cortex. The mathematical analysis of such models has been restricted so far to the case of purely linear networks. We present an exact analytical solution of the nonlinear dynamics of a class of direction selective recurrent neural models with th...

Solutions of learning problems by Empirical Risk Minimization (ERM) – and almost-ERM when the minimizer does not exist – need to be consistent, so that they may be predictive. They also need to be well-posed in the sense of being stable, so that they might be used robustly. We propose a statistical form of leave-one-out stability, called CVEEEloo stability. Our main new results are two. We prov...

Stochastic modeling of investment returns is an important topic for actuaries who deal with variable annuity and segregated fund investment guarantees. The traditional lognormal stock return model is simple, but it is generally less appealing for longer-term problems. In recent years, the use of regime-switching lognormal (RSLN) processes for modeling maturity guarantees has been gaining popula...