RISK THEORY - LECTURE NOTES 1. INTRODUCTION The primary subject of Risk Theory is the development and study of mathematical and statistical models to describe and predict the behaviour of insurance portfolios‚ which are simply financial instruments composed of a (possibly quite large) number of individual policies. For the purposes of this course‚ we will define a policy as a random (or stochastic) process generating a deterministic income in the form of periodic premiums‚ and incurring financial
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1.0 Introduction In ecology‚ a species-area curve is a relationship between the area of a habitat‚ or of part of a habitat‚ and the number of species found within that area. Larger areas tend to contain larger numbers of species‚ and empirically‚ the relative numbers seem to follow systematic mathematical relationships. The species-area relationship is usually constructed for a single type of organism‚ such as all vascular plants or all species of a specific trophic level within a particular
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An Econometric Analysis of the Short Run Philips Curve: Is it still relevant in today’s context? Enrico Tanuwidjaja∗ National University of Singapore‚ Department of Economics E-mail: g0305812@nus.edu.sg May 2004 Abstract The Phillips curve is generally been estimated in a linear framework‚ which implies a constant relationship between inflation and unemployment. Lately‚ there have been several studies‚ which claim that the slope of Phillips curve is function of macroeconomics conditions and that
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Expectancy theory proposes that a person will decide to behave or act in a certain way because they are motivated to select a specific behavior over other behaviors due to what they expect the result of that selected behavior will be.[1] In essence‚ the motivation of the behavior selection is determined by the desirability of the outcome. However‚ at the core of the theory is the cognitive process of how an individual processes the different motivational elements. This is done before making the ultimate
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Modern Theory- “Management is an art of getting things done through people.” The modern organizational theory is regarded as recent development in management theory. They represent integrative approach to management. There is no one best way of doing things under all conditions. Methods and techniques which are highly effective in one situation may not work in other situations. Situation plays an important role in application of management function. Functions are universal but their application
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other hand‚ Customers give money and trust and get a drink but with unwanted toxins and health costs over their lifetime. In the body of the essay we review five theories of ethics and their implications in the two articles. UTILITARIANISM Though there are many varieties of the view discussed‚ Utilitarianism is an ethical theory holding that the proper course of action is the one that maximizes the overall "happiness". It is thus a form of consequentialism‚ meaning that the moral worth of an action is
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BEHAVIORIST THEORY ON LANGUAGE LEARNING AND ACQUISITION Introduction There are some basic theories advanced to describe how language is acquired‚ learnt and taught. The behaviorist theory‚ Mentalist theory (Innatism)‚ Rationalist theory (otherwise called Cognitive theory)‚ and Interactionism are some of these theories. Of these‚ behaviorist theory and mentalist theory are mainly applicable to the acquisition of languages while the rest can account
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Organization theory is about ideas and principles that flow within an association on how work can be done by investigating through different perspective. It is important to study organization as improvements can be carried out to make sure organizations are performing efficiently through developing the organizations structure and mission statement. (Developing an enabling organisational culture‚ changing organisational culture.). (See Apendix A for some applications of organizational Theory). There are
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CHAPTER THREE APPLICATION OF ECONOMIC THEORY 3.1 CURRENT SENARIO Commodities industry is one of the main contributors to the national economy. Oil palm‚ rubber and timber industry has been generating employment‚ source of income for smallholders and contributes 14.9% of total export earnings. The government recognised the importance of palm oil and rubber industries in 2013 as one of the National Key Economic Area (NKEA) which is under Economic Transformation Programme (ETP). Government Transformation
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cognitive engagement‚ which he defines as “voluntary uses of high-level self-regulated learning strategies‚ such as paying attention‚ connection‚ planning‚ and monitoring”. 2.0 MOTIVATION THEORIES 2.1 Maslow Theory In 1954‚ Maslow published Motivation and Personality‚ which introduced this theory about how people satisfy various personal needs in the context of their work. He postulated‚ based on his
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