An Asset-Liability Management model with a novel strategy for controlling risk of underfunding is presented in this paper. The basic model involves multiperiod decisions (portfolio rebalancing) and deals with the usual uncertainty of investment returns and future liabilities. Therefore it is well-suited to a stochastic programming approach. A stochastic dominance concept is applied to measure (...

We describe an optimization-based tax-aware portfolio construction method that adds tax liability to standard Markowitz-based construction. Our produces a trade list specifies the number of shares buy each asset and sell from lot held. To avoid wash sales (in which some realized capital losses are disallowed), we assume monthly cannot simultaneously same asset. The problem is not convex, but it...

Erythropoietin (Epo) leads to the proliferation and differentiation of erythroid precursors, but is also involved in diverse nonhematopoietic biological functions. In this issue of the JCI, Chen, Smith, and colleagues demonstrate that the temporal expression of Epo is critical for determining whether physiological or pathological repair occurs following neurovascular retinal injury in the oxyge...

We study the problem of asset and liability management of participating insurance policies with guarantees. We develop a scenario optimization model for integrative asset and liability management, analyze the tradeoffs in structuring such policies, and study alternative choices in funding them. The nonlinearly constrained optimization model can be linearized through closed form solutions of the...

This chapter discusses integrated asset-liability management, a new management perspective that is evolving at the more innovative financial intermediaries in response to problems caused by the older functional management perspective. The older perspective calls for an organization to be structured into functional units (e.g., marketing, asset management, etc.), the decisions of which are coord...

This paper summarises the presentation given at the British Computer Society Primary Health Care Specialist Group annual conference 2004. It outlines the four years of experience gained in implementing a knowledge management-based intranet across a local health community. Consideration is given to definitions of knowledge management and evidence-based medicine. The paper outlines the potential ...

This article contrasts the application of preventive and predictive technologies in industry to those in healthcare. For years, risk managers have been discussing the rationing of care. This article presents the perspective of an engineering professional from the manufacturing industry who now consults with healthcare risk managers. The human being is often referred to as an "asset" in our soci...

We study the problem of asset and liability management of participating insurance policies with guarantees. We develop a scenario optimization model for integrative asset and liability management, analyze the tradeoffs in structuring such policies, and study alternative choices in funding them. The nonlinearly constrained optimization model can be linearized through closed form solutions of the...