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Insurance is a dynamic business highly affected by the environment it operates in. Alongside the practice of insurance, come principles on which the business of insurance is based. One of the principles, that is not short of controversy, is the doctrine of utmost good faith which requires full disclosure of material facts by the contracting parties. The author, in this chapter, explored the need for change in the regulation of this insurance principle and discussed the drivers behind these changes and the commensurate effect on the practice of insurance. The author delved into case studies, practices and literature and traced back to the origins of the long-standing principle of utmost good faith. This principle is one on which the acceptance (or otherwise) and premium of an insurance contract is based and through which certain factors and developments in the industry have led to a major reform in some jurisdiction.

The author discussed the development and drivers leading to reform and concluded that reform is ultimately the result of public outcry, through individual cases heard predominantly in court, a well-established reform committee, the socio-political environment of that country and the advent of technology. Moreover, although, different countries have their own jurisdictions, laws and regulations as well as market practices and international trade have made it imperative to have common technical practices between market players especially in insurance, which depends on the spread of risks between countries internationally. Smooth insurance business can only be established if this reform is harmonised between jurisdictions.

This chapter investigates how night-time light images acquired from the Defense Meteorological Satellite Program’s Operational Linescan System provide spatial and temporal insight into the economic impact of the disintegration of Yugoslavia. First, the chapter provides an overview of the economic development in Yugoslavia using conventional statistics, and second, it presents an analysis of the disintegration of the federation by comparing official statistics with night-time light data. Evaluating the impact of the disintegration of Yugoslavia as a federation and the conflicts arising in the wake of the break up is challenging since reliable data is missing. Therefore, satellite images, as one of the few sources of objective information, are potentially of great importance. We used yearly Operational Linescan System composites covering the period 1992–2013. The analysis is divided into small geographical units (districts) based on the republics in the former Yugoslavia.

This paper studies the pricing of collateralized debt obligation (CDO) using Monte Carlo and analytic methods. Both methods are developed within the framework of the reduced form model. One-factor Gaussian Copula is used for treating default correlations amongst the collateral portfolio. Based on the two methods, the portfolio loss, the expected loss in each CDO tranche, tranche spread, and the default delta sensitivity are analyzed with respect to different parameters such as maturity, default correlation, default intensity or hazard rate, and recovery rate. We provide a careful study of the effects of different parametric impact. Our results show that Monte Carlo method is slow and not robust in the calculation of default delta sensitivity. The analytic approach has comparative advantages for pricing CDO. We also employ empirical data to investigate the implied default correlation and base correlation of the CDO. The implication of extending the analytical approach to incorporating Levy processes is also discussed.

Along with the “reform and open door” policy launched in the late 1970s, China has experienced an annual average GDP growth rate of 9.8% between 1978 and 2002 (Hu, 2003, October 19). China's economy system has also gone through a fundamental transition from a central planning system to a socialist free market economy. To cope with the booming economy and radical social changes, the higher education system of China has been undergoing a process of expansion with marketization (World Bank, 1997).

This article assesses pronatalism in the non-industrialized Caribbean in light of contributions that children make to household production. The place that the economic utility of children has in determining pronatal attitudes and behavior has been increasingly neglected by social scientists. This trend is especially unwarranted in regard to the traditional Caribbean. As an example, it is shown that the primary reason farmers in Jean Rabel, Haiti, are in favor of high birth rates and reject contraceptives is because the farmers conceptualize children as necessary to their economic survival.

This article explores the role of history and historical memory in the formation of early Zionist/Israeli national security doctrine. To that end, it makes three moves. First, it explores a series of public addresses made by Zalman Rubashov (Shazar) in 1942–1943. A key public intellectual in the Jewish community of preindependent Palestine (the Yishuv), Rubashov means to help his listeners make sense of, and respond collectively to, the unfolding destruction of European Jewry. Second, it draws cautious parallels between those public intellectual pronouncements and the postwar work of Friedrich Meinecke, a prominent German historian and public intellectual and a sometime teacher of Rubashov. In both cases, I suggest, history does more than make sense of a moment of political transition: It seeks to reframe the self-understandings of citizens and their collective political relations. Third, drawing on a recent memoir by Noam Chayut, a prominent Israeli antioccupation activist, I explore how those self-understandings can be lost when the historical claims upon which they are predicated lose their sense of immediacy, naturalness, or coherence.

Over the last few years, Central and East European economies have become more integrated with the West European economy. In general, these economies have become more market-oriented and restrictions on foreign investment have been relaxed. An important step in this development was the admission of eight East European countries to the European Union (EU) in 2004. As the economic ties between Western, Central and Eastern Europe strengthen, one would naturally expect the financial markets to follow suit and become more integrated as well. A good example is the historical case of the Italian and German government bond markets: Before 1999 these two markets differed markedly in terms of credit quality and price volatility, but since the creation of the Euro zone in 1999 they have become highly similar.

With numerous and ambiguous sets of information and often conflicting requirements, construction management is a complex process involving much uncertainty. Decision makers may be challenged with satisfying multiple criteria using vague information. Fuzzy multi-criteria decision-making (FMCDM) provides an innovative approach for addressing complex problems featuring diverse decision makers’ interests, conflicting objectives and numerous but uncertain bits of information. FMCDM has therefore been widely applied in construction management. With the increase in information complexity, extensions of fuzzy set (FS) theory have been generated and adopted to improve its capacity to address this complexity. Examples include hesitant FSs (HFSs), intuitionistic FSs (IFSs) and type-2 FSs (T2FSs). This chapter introduces commonly used FMCDM methods, examines their applications in construction management and discusses trends in future research and application. The chapter first introduces the MCDM process as well as FS theory and its three main extensions, namely, HFSs, IFSs and T2FSs. The chapter then explores the linkage between FS theory and its extensions and MCDM approaches. In total, 17 FMCDM methods are reviewed and two FMCDM methods (i.e. T2FS-TOPSIS and T2FS-PROMETHEE) are further improved based on the literature. These 19 FMCDM methods with their corresponding applications in construction management are discussed in a systematic manner. This review and development of FS theory and its extensions should help both researchers and practitioners better understand and handle information uncertainty in complex decision problems.