We propose a model for risk adjustment, in the context of IFRS 17, for surrender risk. Surrender rates are assumed to follow a stochastic process, underpinned by data. The distribution of the present value of future individual cash flows is calculated. Using well-known techniques from the theory...

There have been numerous studies concerning productivity, representing two general approaches toward measuring the concept. Parametric approaches specify the actual form of the production function based on theoretical assumptions, while non-parametric approaches use empirical best-practice cases...

The main focus of this paper is the impact of efficiency losses, related to public capital stock, on the prospects of economic growth in democratic and autocratic political environments. We introduce a distinction between two types of efficiency loss: along with the loss of public capital during...

Russian Abstract: Внедрение инноваций на фармацевтические предприятия является ключевым фактором их конкурентоспособности в современных условиях. Развитие компании...