I n this paper we show how mathematics can illuminate the study of cake-cutting in ways that have practical implications. Specifically, we analyze cake-cutting algorithms that use a minimal number of cuts (n − 1 if there are n people), where a cake is a metaphor for a heterogeneous, divisible good, whose parts may be valued differently by different people. These algorithms not only establish th...

This paper examines the choice of asset valuation rules from a managerial control perspective. A manager creates value for a rm through his e ort choices. To support its operating activities, the rm also engages in nancing activities such as credit sales to its customers. Since such nancing activities merely change the pattern of cash ows across periods, an optimal compensation scheme must shie...

Meta-analysis has increasingly been used to synthesise the environmental valuation literature, but only a few test the use of these analyses for benefit transfer. These are typically based on national studies only. However, meta-analyses of valuation studies across countries are a potentially powerful tool for benefit transfer, especially for environmental goods where the domestic literature is...

We study the effect of secondary markets on equity-linked life insurance contracts with surrender guarantees. The policyholders are assumed to be boundedly rational in giving up their contracts, and a proportion of policyholders will access the secondary markets instead of surrendering the contracts to the insurance company. We formulate the valuation problems from both the insurance company’s ...

Quality-adjusted life years (QALYs) are used to determine how to allocate resources to health programmes or to treatments within those programmes in order to gain maximum utility from those limited, shared healthcare resources. However, if we use those same population- based QALYs when faced with individual treatment decisions we may act unjustly in relation to that individual or in relation to...

In this paper, we develop a statistical approach to explore empirically the dependence between risks in the extremes. We apply it to study the dependence between mortality and market risks. With data for 6 developed countries, extending over 80 years, we pick the worst 10 years of mortality and compare their averages to the whole sample averages. We observe a reduction of the performance of som...

In this paper, we develop a noncooperative game to model a non-life insurance market. Our first goal will be to analyze the effects of competition between insurers through different indicators: the solvency level, the market share, the underwriting results. Secondly, we will seek to further understand the genesis of insurance market cycles. Insurance market cycles have troubled actuaries and ac...

Development of downstream operations in the Iran's petroleum industry has always been considered as a necessity in to create more value-added. One of ways to accomplish the misson, especially in the current situation, is exploiting the capacity of petroleum startups. Considering that these companies need to be valued for financing, and since the traditional valuation methods do not provide effi...

A Fair Queueing Algorithm is proposed for data services in an integrated voice/data CDMA system. We introduce short-term and long-term fairness concepts to allocate data users fairly. Using these concepts, we propose Weighted Fair Queueing with Status Control(WFQS) in the consideration of a Generalized Processor Sharing(GPS) ¤uid-¤ow model. This proposed scheme allocates resources using channel...