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The progressive aging of the population is suggesting that public pension plans should be increasingly supplemented by private savings schemes. Accordingly, this supposes the appearance of a wide range of innovative savings products to meet the varying needs of savers and financial institutions. In practice, most contracted savings operations are nonrandom, that is to say, all amounts involved in the transaction are sure as well as their respective maturities. Consequently, the purpose of this paper is to propose a savings operation which includes the randomness derived from the contingencies which suppose the eventual but unpredictable death of the saver and a person designated by him to receive the final agreed amount.

The methodology used in this paper is financial mathematics where the risk has been introduced as an element which defines the main characteristics of this novel saving operation.

The proposed model extends the range of savings products by describing an actual innovation with new practical applications with respect to the traditional models of saving. In this paper, the authors have proposed a new type of saving based on the contingency derived from the life expectancy of the saver, by raising an operation in which the commencement and conclusion of the savings period are random. These savings operations represent, undoubtedly, a novelty from a financial point of view.

The main added value of this paper is that these contingencies affect the periodic deposits in each period from the first to the last maturities of installments. Moreover, the different parameters of such random transactions are defined.

This paper aims to examine the functioning and organizational structure of the historic Andalusian water courts, institutions of Islamic origin whose basic model should be considered in light of the regulation of modern Islamic banking and finance.

The methodology of this study has been focused on the contextualization of al-Andalus during the European Middle Ages, highlighting its enormous contributions and implications in the creation of Western knowledge. In the same way, the ordinances of the Castilian-Aragonese kings, aimed at the persistence of the Andalusian water courts in the Southeast of Spain after the Muslim period, have been used as the main sources of reference.

This research has detected that the main features of the Andalusian water courts, i.e. integrity, democracy, transparency, credibility, moral authority or simplicity (among many others), can be conveniently replicated in the scope of the current Islamic banking and finance.

Several implications can be derived from this study: first, it highlights the total resilience of a regulatory model that “it was already there,” given by the history of the Andalusian civilization. This model will be always welcomed by the Muslim community in Western countries as it is a matter of regulating themselves according to the way their ancestors did. The main limitation faced by this research is the relative scarcity of original sources, which is justifiable given that most of the royal ordinances come from the 13th century, having unfortunately lost a good number of sources over time.

This paper seeks a feasible alternative to the controversy arising from the resolution of possible disputes in Islamic banking and finance taking into account that Western judges do not know (nor do they have to) the principles on which this discipline is based. The application of the historical Andalusian model would allow the creation of an independent jurisdiction, while subordinated to the established juridic power, without contravening the principle of “jurisdictional unity.” The last element that gives an added value to this research is spreading the achievements of the Andalusian culture and civilization, unjustly omitted by a great part of the existing literature.

The main purpose of this paper is to determine the discount function which better fits the individuals' preferences through the empirical analysis of the different functions used in the field of intertemporal choice.

After an in-depth revision of the existing literature and unlike most studies which only focus on exponential and hyperbolic discounting, this manuscript compares the adjustment of data to six different discount functions. To do this, the analysis is based on the usual statistical methods, and the non-linear least squares regression, through the algorithm of Gauss-Newton, in order to estimate the models' parameters; finally, the AICc method is used to compare the significance of the six proposed models.

This paper shows that the so-called q-exponential function deformed by the amount is the model which better explains the individuals' preferences on both delayed gains and losses. To the extent of the authors' knowledge, this is the first time that a function different from the general hyperbola fits better to the individuals' preferences.

This paper contributes to the search of an alternative model able to explain the individual behavior in a more realistic way.

This chapter explores how the irruption of plastic materials in contemporary society, in the same way that it facilitated a wide range of human activities, eventually degenerated into a global danger through the contamination of rivers and seas, damaging the human food chain. In doing so, the historical background of this situation has been outlined. Moreover, the countries and areas at present that have polluting plastic substances and those that can be most easily recycled is highlighted. It should be noted that it is precisely in the area of recyclability where most hopes have been placed to counteract plastic contamination aimed at avoiding single-use plastic products. Subsequently, the different positions adopted by the members of society on this problem have been described and, by way of example, the state of the situation in a specific country, Spain, has been summarised.

This study aims to explore how the fact of belonging to clusters of dissimilar form or characteristics modify the application of human resource management (HRM) practices, as well as those knowledge-sharing processes that guide and encourage the intrapreneurial behavior of employees (IPB) in firms belonging to the cluster. The main thesis is that the application of HRM practices and some knowledge management processes are strongly conditioned by the form or characteristics of the cluster, all this in a knowledge-intensive context that requires a contingent application of such practices.

The research strategy chosen was a qualitative case study, given that the insight the authors were seeking could only be obtained through a fine-grained analysis inside the firm where it is very difficult to decouple the phenomenon to be observed from the context where it takes place. Two cases were selected to analyze the phenomenon in-depth and compare their results; they were big and technologically advanced firms but belonging to clusters of different forms and characteristics.

Results show that the influence of the cluster based on location is greater than the effects of the cluster formed by networks, where globalization and external ties play an important role. HRM practices and knowledge sharing processes that lead to intrapreneurial behavior are conditioned, only in part, by the characteristics of the cluster. Particularly, the geographical cluster encourages knowledge sharing with competitors and customers, mainly for technical training processes and because of belonging to a sectoral association. However, HRM practices, with the exception of training and compensation policies, are mainly conditioned by the company's culture and internal factors, rather than by belonging to a specific cluster.

Firms belonging to an organized cluster should encourage the development of practical training-oriented programs, not only on technical aspects but also on other skill and competence-based areas. In addition, training based on strategic issues both for top and middle managers could be an interesting initiative. Additionally, clustered firms should develop more knowledge-retention policies to limit the degree of rivalry in the sector, as it is very common for a firm to search for new and specialized talent in the rest of competing firms in the cluster.

Considering the economic impact of the geographical cluster, its effect on the employment and development of a region and taking into account the relevant and dynamic role of research institutions and associations, policymakers should support and facilitate the activity of those institutions, reinforcing the relevance of industrial districts or geographical clusters that are threatened by the pressures of globalization.

This study brings new insight into the effect of the form and characteristics of the cluster on HRM practices and knowledge sharing processes that lead to intrapreneurial behavior. The study may open the field for additional studies that, from a qualitative and quantitative perspective, analyze this topic in depth. The paper shows that IPB depends not only on the support of the institutions created in the cluster but also on the culture and competitive strategy of the company. Belonging to a geographical cluster can have an influence on firms’ behavior and can, through the trust generated among its members, facilitate knowledge-sharing processes and intrapreneurial behavior.