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Risk Allocation (risk + allocation)
Selected AbstractsPredation risk allocation or direct vigilance response in the predator interaction between perch (Perca fluviatilis L.) and pike (Esox lucius L.)?ECOLOGY OF FRESHWATER FISH, Issue 3 2005A. Vainikka Abstract , Predation risk allocation hypothesis predicts that a prey's response to predator depends on prey's previous experience on predator. Here we tested whether the group of three perch respond differentially to pike, predator of perch, depending on the timing of high constant (HC) and high unpredictable (HU) risk periods within low constant risk periods in short-term (10 h) experiments, and whether the response is stronger during a HU risk period than during a HC risk period. Perch clearly erected the dorsal fin in response to predation risk treatments (pike odour only, odour and visible pike). Decrease in activity and increase in shoaling behaviour were observed mainly during high risk periods. However, the perch's responses to pike did not differ statistically between periods of various levels of predation risk or depending on the timing of high risk situations within constant low risk periods, and thus, suggesting that perch respond mainly to changes in the current predation risk. Resumen 1. La hipótesis de la asignación de riesgo a la predación predice que la respuesta a un predador depende de la experiencia previa de la presa al predador. En este trabajo analizamos si un grupo de tres individuos de Perca fluviatilis respondían de forma distinta a la presencia de Esox lucius, (un predador común de esta especie) y si éstas dependían del momento en el que se producen periodos de alto riesgo constante y de alto riesgo impredecible, en experimentos de corto plazo (10 horas) de riesgo bajo y constante y si la respuesta era mayor durante perí odos de riesgo impredecible y alto que durante períodos de riesgo constante alto. 2. Claramente P. fluviatilis respondió levantando la aleta dorsal en respuesta a los tratamientos de riesgo a la predación (solamente olor y olor + visibilidad de E. lucius). Una menor actividad y una mayor tendencia a la formación de bancos fueron observados durante períodos de alto riesgo. Sin embargo, las respuesta de P. fluviatilis a E. lucius no difirieron estadísticamente entre períodos de varios niveles de riesgo a la predación o entre aquellos que dependieron del momento en el que se produjeron situaciones de alto riesgo dentro de períodos de bajo riesgo constante. 3. Concluimos que P. fluviatilis puede utilizar señales olfatorias como determinantes de respuestas al riesgo a la predación y responder a aumentos de riesgo, sin excluir la posibilidad de que amenazas repetidas decrezcan la intensidad de la respuesta. Nuestros resultados, obtenidos en experimentos realizados a pequeña escala temporal, no niegan la posibilidad de la P. fluviatilis y otras especies puedan balancear la alimentación con actividades anti-predación, de acuerdo a cambios en el riesgo de predación a lo largo de escalas temporales de varios días. [source] The Proposed Privatisation of Queensland MotorwaysECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 1 2010Ross Guest L51; R42; R48 This article evaluates the proposed sale of the tolling rights on Queensland Motorways from an economic welfare perspective. Weighing against the sale are arguments about optimal risk allocation and network externalities. In contrast, there is a productive efficiency case in favour of the sale. Privatisation also raises questions about private monopoly power and the delivery of community service obligations, although these could be handled through contract specifications. The sale price is essentially a distributional issue. The back-of-the-envelope financial analysis here suggests that the mooted sale price of $3 billion would undervalue the asset and therefore transfer net worth from Queensland taxpayers to private investors. [source] Will Basel II Lead to a Specialization of Unsophisticated Banks on High-Risk Borrowers?,INTERNATIONAL FINANCE, Issue 1 2005Bertrand Rime The stability of the banking sector is an essential precondition for a well-functioning economy. Enhancing this stability was one of the main motivations for the elaboration of the new capital adequacy framework, Basel II. The present paper examines the impact of Basel II on risk allocation in the banking sector and its implications for bank capital adequacy. Basel II introduces a two-layer framework for the calculation of the capital requirement for credit risk: (i) a very risk-sensitive internal ratings-based (IRB) approach that will be used by large sophisticated banks and (ii) a standardized approach, much less risk sensitive, which will be used by smaller, less sophisticated banks. We show that because the two bank types compete in the loan market, Basel II may induce sophisticated banks to specialize on low-risk borrowers and unsophisticated banks to specialize on high-risk borrowers. As a consequence, we may face a trade-off between the capital adequacy of the two types of banks, with an ambiguous net effect on financial stability: the risk sensitivity of the IRB approach improves the capital adequacy of sophisticated banks, but it deteriorates the capital adequacy of unsophisticated banks, as their increased risk taking is not appropriately reflected by the standardized capital requirement. [source] Investment risk allocation in decentralised electricity markets.OPEC ENERGY REVIEW, Issue 2 2008The need of long-term contracts, vertical integration None of the far-reaching experiments in electricity industry liberalisation was able to ensure the timely and optimal capacity mix development. The theoretical market model features market failures due to the specific volatility of prices, and the difficulty of creating complete markets for hedging. In this paper, we focused on a specific failure, i.e. the impossibility of allocating the various risks borne by the producer onto suppliers and consumers in order to allow capacity development. Promotion of short-term competition by mandating vertical de-integration tends to distort investments in generation by impeding efficient risk allocation. Following Joskow's (2006) line, we developed an empirical analysis of how to secure investments in generation through vertical arrangements between decentralised generators and large purchasers, suppliers or consumers. Empirical observations as risk analysis shows that adopting such arrangements may prove necessary. Various types of long-term contracts between generators and suppliers (fixed-quantity and fixed-price contract, indexed price contract, tolling contract, financial option) appear to offer effective solutions for risk allocation. Vertical integration appears to be another effective way to allocate risk. But it remains an important complementary condition to efficient risk allocation, i.e. that retail competition is sticky or legally limited in order to have a large part of risks borne by consumers on the different market segments. [source] Wettbewerb in kapitalgedeckten Krankenversicherungssystemen: Ein risikogerechter Ansatz zur Übertragung von Alterungsrückstellungen in der Privaten KrankenversicherungPERSPEKTIVEN DER WIRTSCHAFTSPOLITIK, Issue 2 2008Martin Nell Therefore the transfer of ,individual ageing provisions, has been discussed for many years, but it is mostly regarded as impracticable due to information and incentive problems. In this article a transfer mechanism based consequently on the risk allocation in the PKV is derived. This mechanism can solve the information and incentive problems linked with the transfer of ageing provisions. The result is that the PKV can be extended to a very attractive model to organize health insurance markets. [source] | ||||||||||