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1ICC ICC --Pavel AndrlePavel Andrle11ICC ICC --Pavel AndrlePavel Andrle22CarrierCarrier´´s s liabilityliability            ICC ICC --Pavel AndrlePavel Andrle33CarrierCarrier´´s s liabilityliability             2ICC ICC --Pavel AndrlePavel Andrle44CarrierCarrier´´s s liabilityliability                ICC ICC --Pavel AndrlePavel Andrle55RisksRisksandandinsuredinsuredinterestinterest                          ICC ICC --Pavel AndrlePavel Andrle66InsuranceInsuranceClausesClauses                    !!    "" 3ICC ICC --Pavel AndrlePavel Andrle77Institute Institute CargoCargoClausesClauses  #!$#!$      #$#$      #!$#$#!$#$#$#$%%        ICC ICC --Pavel AndrlePavel Andrle88Institute Institute WarWarClausesClauses((CargoCargo))& Insurance and Imperfect Information Insurance and Imperfect Information By: OpenStaxCollege Insurance is a method that households and firms use to prevent any single event from having a significant detrimental financial effect Generally, households or firms with insurance make regular payments, called premiums The insurance company prices these premiums based on the probability of certain events occurring among a pool of people Members of the group who then suffer a specified bad experience receive payments from this pool of money Many people have several kinds of insurance: health insurance that pays when they receive medical care; car insurance that pays if they are the driver in an automobile accident; house or renter’s insurance that pays if possessions are stolen or damaged by fire; and life insurance, which pays for the family if the principal dies [link] lists a set of insurance markets Some Insurance Markets Type of Insurance Who Pays for It? It Pays Out When Health insurance Employers and individuals Medical expenses are incurred Life insurance Employers and individuals Policyholder dies Automobile insurance Individuals Car is damaged, stolen, or causes damage to others Property and homeowner’s insurance Homeowners and renters Dwelling is damaged or burglarized Liability insurance Firms and individuals An injury occurs for which you are partly responsible 1/15 Insurance and Imperfect Information Type of Insurance Who Pays for It? It Pays Out When Malpractice insurance Doctors, lawyers, and other professionals A poor quality of service is provided that causes harm to others All insurance involves imperfect information in both an obvious way and in a deeper way At an obvious level, future events cannot be predicted with certainty For example, it cannot be known with certainty who will have a car accident, become ill, die, or have his home robbed in the next year Imperfect information also applies to estimating the risk that something will happen to any individual It is difficult for an insurance company to estimate the risk that, say, a particular 20-year-old male driver from New York City will have an accident, because even within that group, some drivers will drive more safely than others Thus, adverse events occur out of a combination of people’s characteristics and choices that make the risks higher or lower and then the good or bad luck of what actually happens How Insurance Works A simplified example of automobile insurance might work this way Suppose that a group of 100 drivers can be divided into three groups In a given year, 60 of those people have only a few door dings or chipped paint, which costs $100 each Another 30 of the drivers have medium-sized accidents that cost an average of $1,000 in damages, and 10 of the drivers have large accidents that cost $15,000 in damages For the moment, let’s imagine that at the beginning of any year, there is no way of identifying the drivers who are low-risk, medium-risk, or high-risk The total damage incurred by car accidents in this group of 100 drivers will be $186,000, that is: Total damage = (60 × $100) + (30 × $1,000) + (10 × $15,000) = $600 + $30,000 + $150,000 = $186,000 If each of the 100 drivers pays a premium of $1,860 each year, the insurance company will collect the $186,000 that is needed to cover the costs of the accidents that occur Since insurance companies have such a large number of clients, they are able to negotiate with providers of health care and other services for lower rates than the individual would be able to get, thus increasing the benefit to consumers of becoming insured and saving the insurance company itself money when it pays out claims Insurance companies receive income, as shown in [link], from insurance premiums and investment income Investment income is derived from investing the funds that insurance companies received in the past but did not pay out as insurance claims in prior 2/15 Insurance and Imperfect Information years The insurance company receives a rate of return from investing these funds or reserves The investments are typically made in fairly safe, liquid (easy to convert into cash) investments, as the insurance companies needs to be able to readily access these funds when a major disaster strikes An Insurance Company: What Comes In, What Goes Out Money flows into an insurance company through premiums and investments and out through the payment of claims and operating expenses Government and Social Insurance Federal and state governments run a number of insurance programs Some of the programs look much like private insurance, in the sense that the members of a group makes steady payments into a fund, and those in the group who suffer an adverse experience receive payments Other programs protect against risk, but without an explicit fund being set up Following are some examples • Unemployment insurance: Employers in every state pay a small amount for unemployment insurance, which goes into a fund ...NỘI DUNG DANH MỤC HÌNH Chương 11: Knowledge Management and Specialized Information Systems1. Nguyên lý và mục tiêu học tập Quản lý tri thức là cho phép các tổ chức chia sẽ kiến thức và kinh nghiệm giữa những người quản lý và các nhân viên của họ.o Thảo luận những khác biệt giữa dữ liệu, thông tin và tri thứco Mô tả vai trò của CKO (chief knowledge officer)o Liệt kê các công cụ và kỹ thuật được dùng trong hệ quản lý tri thức Hệ trí tuệ nhân tạo hình thành một tập hợp đa dạng và rộng khắp của các hệ thống có thể tái tạo những quyết định của con người với những loại vấn để được định nghĩa tốt và chắc chắno Định nghĩa khái niệm trí tuệ nhân tạo và nói rỏ mục tiêu phát triển của hệ trí tuệ nhân tạoo Liệt kê các đặc điểm của hành vi thông minh và so sánh hiệu năng của hệ thống trí tuệ tự nhiên và hệ thống trí tuệ nhân tạo cho mỗi đặc điểm đó.o Xác định các thành phần chuyên môn của lĩnh vực trí tuệ nhân tạo và cung cấp các ví dụ cho mỗi loại hệ thống. Hệ chuyên gia có thể cho phép một người chưa có kinh nghiệm có thể thể hiện như một chuyên gia nhưng cũng được phát triển và bảo trì rất cẩn thậno Liệt kê các đặc điểm và các thành phần cơ bản của hệ chuyên giao Xác định ba yếu tố để xem xét trong sự đánh giá sự hình thành của một hệ chuyên giao Phát họa và giải thích ngắn gọn các bước để phát triển một hệ chuyên giao Xác định các lợi ích liên quan đến các sử dụng hệ chuyên gia Hệ thực tại ảo có thể tái định hướng giao tiếp giữa con người và công nghệ thông tin bẳng cách đề nghị các cách thức mới để giao tiếp với thông tin, ảo hóa các tiến trình và bày tỏ các ý tưởng một cách sáng tạoo Định nghĩa khái niệm thực tải ảo và đưa ra ba ví dụ về các ứng dụng thực tại ảo. Hệ thống đặc biệt có thể hỗ trợ các tổ chức và cá nhân đặt được các mục đích của họo Thảo luận các ví dụ về các hệ đặc biệt cho các tổ chức và cá nhân sử dụng.2. Hệ quản lý tri thức (KMS)a. Khái niệm chungo Dữ liệu (Data) bao gổm các sự việc (raw) thôo Thông tin (Information) là tập hợp các sự việc được tổ chức sao cho chúng có những giá trị thêm vào bên cạnh giá trị thật của chúng. o Kiến thức là nhận thức và hiểu biết về một tập hợp thông tin và cách mà thông tin có thể được làm cho hữu dụng để hỗ trợ một công việc cụ thể hoặc đi đến một quyết địnhb. Định nghĩa KMS (Knowledge Management Systems)o Là một tập hợp có tổ chức bao gồm con người, thủ tục, phần mềm, cơ sở dữ liệu và các thiết bịo Được dùng để tạo mới, lưu trữ, chia sẽ và sử dụng kiến thức thức và kinh nghiệm của tổ chứcHình - Sự khác biệt giữa dữ liệu, thông tin và tri thứcc. Tổng quan o Tri thức thường minh (Explicit knowledge) Khách quan Có thể đo lường và đưa ra tài liệu thành các báo cáo, văn bản và quy luậto Tri thức ngầm (Tacit knowledge) Khó đo lường và đưa ra tài liệu Thường không khách quan hoặc hình thức hóad. Người quản lý tri thức và quản lý dữ liệu (Data & Knowledge Management Workers), và COP (Communities of Practice)o Người quản lý dữ liệu (Data workers) thư ký, trợ lý quản trị, người giữ sách, o Người quản lý tri thức Có thể tạo, dùng và phổ biến tri thức Có tính chuyên nghiệp trong khoa học, công nghệ hoặc nghiệp vụ như các tác giả, các nhà nghiên cứu, những người làm giáo dục, các nhà thiết kế , .o CKO (Chief Knowledge Officer) Là người điều hành ở mức cao mà có thể giúp các tổ chức sữ dụng KMS để tạo, lưu trữ và sữ dụng tri thức để đạt được mục đích của tổ chứco COP (Communities of Parctice) Nhóm người huấn luyện chung và thực hành Có thể tạo mới, lưu trữ và chia sẽ kiến thứco Việc lấy, lưu trữ, chia sẽ và sữ dụng kiến thức Công nhân tri thức (Knowledge Workers)• Thường làm việc theo nhóm • Có thể sữ dụng các phần mềm làm làm việc cộng tác hoặc các hệ thống hỗ trợ làm việc nhóm để chia sẽ kiến thức Kho chứa kiến thức (Knowledge repository)• Bao gồm tài liệu, báo cáo, tập tin và cơ sở dữ liệue. Công nghệ hỗ trợ hệ tri thức (Technology to Support Knowledge Management)o Effective KMS dựa trên việc Go to View/Master/Slide Master to type in header 1 Propelling Business Growth With A Secure And Continuous Information Infrastructure Jon Murray Go to View/Master/Slide Master to type in header 2 Information: Change in Multiple Dimensions information growth information types information uses information regulations more regulations: SEC 17a-4, NASD 3010,Sarbanes-Oxley, Basel II, UK Metadata, eSign Act, 21 CFR Part 11 (more coming!) more growth: information stored on disk arrays growing ~60% in 2006 more uses: ERP, CRM, RFID, collaboration, data mining, discovery … more types: transactions, documents, forms, web, images, voice, messages, reports . Go to View/Master/Slide Master to type in header 3 Customers’ Information Storage and Management Challenges CIO’s Dilemma: How to manage all the information growth with limited resources? Information stored on disk arrays ~ 70% IT budget growth ~ 4 - 5% IT environment getting more complex SLA’s continue to expand and tighten Protection and security increasingly important Go to View/Master/Slide Master to type in header 4 2006 Technology Spending Priorities–CIO Survey Source: Morgan Stanley November CIO Survey, Jan. 3, 2006 1. Security (Software) 2. Security (HW & Services) 3. Storage Area Networks 4. Wireless LAN (access points & routers) 5. Storage Software 6. Portal Software 7. VOIP Infrastructure 8. IT Education and Training 9. Storage Hardware 10. Business Intelligence Software 11.Wireless LAN (clients) 12.New Custom Development 13.Routing 14.Systems Management Software 15.Application Integration Software 16.Notebook PCs 17.Document Management Software 18.Automated Testing Tool 19.Microsoft Office Upgrade 20.Application Software Server 45.Mainframe hardware 46.Printers Go to View/Master/Slide Master to type in header 5 Security Today An Amalgamation of Point Products Across IT Antivirus Anitvirus VPN Encryption Authentication Web Filtering Authentication Threat Detection Change/Patch Management LAN Clients Servers SAN Disk Storage Tape Spyware Firewall Digital Rights Management Encryption Vault Recovery Management Authentication Go to View/Master/Slide Master to type in header 6 Today’s Approach: Secure the Perimeter Go to View/Master/Slide Master to type in header 7 Security Tomorrow: Protect the Information Go to View/Master/Slide Master to type in header 8 Security Must Become Information-Centric  Information-centric Security – An inside-out view of how to secure information  Begins with securing the data itself  Moves out through layers of increasingly intelligent infrastructure  Relies on our ability to leverage the interaction between data and infrastructure Important Technology • Data-level access control • Open policy decision points • Enforcement at point of use Go to View/Master/Slide Master to type in header 9 Information Security (Confidentiality) Information Security Information Security Information Availability Information Availability Information Confidentiality Information Confidentiality Information Integrity Information Integrity EMC’s Heritage P r o t e c t i o n and A Natural and Requested Evolution of EMC’s Data Protection Capabilities Go to View/Master/Slide Master to type in header 10 EMC’s Security Efforts to Date • CEO-level Mandate • Information Security Leadership Team • Company-wide Goals and Objectives • Security-related Workshops, Assessments • EMC Vulnerability Alert Service • Documentum Trusted Content Services • EMC Secure Remote Support • Data Erasure Service • DRM for ECM • Software-native File and User Information Utilities Objectives Upon completion of this module, you should be able to: • Describe some advantages of using file systems • List the inode number of a file • Link files using hard and symbolic links • Employ the find command to locate files by specific criteria • Search for text within a document using the grep command • Identify which users are logged on to your system • Switch to a new user ID and identify the user ID you are currently using • Identify your effective and real UID when switching users • Use the sort command to sort ASCII files in alphabetical and numerical order • Use the sort command to perform multilevel sorts on ASCII data Discussion – What utilities do you need for daily computer use? Do you need to search for items, such as files? What other searches do you need to do? File Systems When the UNIX operating system was first developed, hard disks could store what is now considered a very small amount of data. When disks larger than 300 Mbytes arrived on the market the operating system could not address such a large amount of space. This necessitated the development of logical partitions of the hard drive to allow the kernel to access smaller, addressable parts of the drive. Today, with hard drives being sold with up to a Tbyte or more of space on them, the kernel can access all available space. Despite this, the convention of partitioning a hard drive into logical partitions has persisted for various reasons. Partitioning allows an administrator to functionally organize data so that user files are on a different logical partition than executables or applications. One of the main advantages to this is that daily backups can be done only to those partitions on which the data changes frequently, without having to back up all information on the disk. Logical partitioning also cuts down on seek time: if the disk is partitioned, when a user specifies a file to search for or a directory to change to, the name of the directory gives the kernel information about where the information is stored. This prevents the system from having to seek the information over the entire disk. These logical partitions are referred to as file systems. They are transparent to a user and therefore appear to be just part of the directory hierarchy. The most common file systems on a UNIX system are /usr, where binary and executables are stored, /opt, where third party applications are usually located, and root (/), where the files that pertain to the operation of the system are kept. Inode Numbers Inode numbers are identifiers of a file on a file system. Similar to the way in which a passport number is unique for each person in a country, an inode number is unique for each file in a file system. Each file and directory has an inode number assigned to it by the system. These numbers can be seen by using the following ls command: $ ls -i ~ 12110 dante 68349 dir3 12118 file3 12115 dante_1 68451 dir4 12119 file4 67773 dir1 12169 file1 68552 practice The numbers to the left of the file name are the inode numbers. These are sometimes referred to as index numbers, as the kernel keeps an index of the files and directories by the inode number and can therefore refer to them faster. Note – Inode numbers are unique on each file system, even when file names are identical. Linking Files and Directories Links Links are used to create alternate names or aliases for files and directories on a system. In this way, different users can refer to the same file or directory by names they are more comfortable with or names that are shorter. Many system sadministrators set up links to commands, giving them names more familiar to users of IMPERFECT INFORMATION AND QUALITY SIGNALING WU FULAN NATIONAL UNIVERSITY OF SINGAPORE 2009 IMPERFECT INFORMATION AND QUALITY SIGNALING WU FULAN (B.A. 2000, M.A.2004, Economics) A THESIS SUBMITTED FOR THE DEGREE OF DOCTOR OF PHILOSOPY DEPARTMENT OF ECONOMICS NATIONAL UNIVERSITY OF SINGAPORE ACKNOWLEDGEMENTS I have benefited greatly from the guidance and support of many people over the past four years. First of all, I would like to express my profound appreciation to my supervisor, Prof Julian Wright for his invaluable advice, guidance and encouragement throughout my study and research. The meetings and discussions with him have greatly contributed to the successful completion of this task. Very special thanks go to Prof Xing Xiaoling for his support and help. He gave me a lot of guidance and help when I worked on my research proposal. I would also like to sincerely thank Prof Lu Jingfeng and Prof Aggey P. Semenov for their thoughtful suggestions and comments. Along with these professors, I also wish to thank my friends at NUS for their kind help, support, and warm friendship. I also received helpful comments from seminar participants at NUS and conference participants at FESAMES 2009. Finally, I am very grateful to my husband, Xie Jin, for his love, patience and support during my PhD period. i TABLE OF CONTENTS Acknowledgements………………………………………………………………… i Table of Contents…………………………………………………………………….ii Abstract………………………………………………………………………………iv List of Tables……………………………………………………………………… .vii List of Figures……………………………………………………………………….viii Chapter 1: Introduction……………………………………………………………….1 Chapter 2: Entry and quality signaling when only some consumers are informed of the entrant’s quality………………………………………………………………………12 2.1 Introduction…………………………………………………………………… 12 2.2 Literature review…………………………………………………………………17 2.3 Basic assumptions……………………………………………………………… 21 2.3.1 Full information benchmark……………………………………………… 25 2.3.2 Incomplete information…………………………………………………….26 2.3.3 Comparison of these two settings………………………………………… 42 2.4 Conclusions………………………………………………………………………43 Appendix A: Appendix for chapter 2……………………………………………… .46 Chapter 3: Entry and quality signaling when only some consumers are informed of the entrant’s quality: The case with product differentiation…………………………… 62 3.1 Introduction…………………………………………………………………… 62 3.2 The model……………………………………………………………………… .68 ii 3.2.1 Full information benchmark……………………………………………… 70 3.2.2 Incomplete information…………………………………………………… .72 3.2.3 Comparison of these two settings……………………………………………82 3.3 A numerical example…………………………………………………………… 83 3.4 Comparisons: markets without horizontal differentiation versus markets with horizontal differentiation…………………………………………………………… 86 3.5 Conclusions………………………………………………………………………92 Appendix B: Appendix for chapter 3……………………………………………… .95 Chapter 4: Signaling unobservable quality choice through price and advertising: The case with competing firms………………………………………………………… 112 4.1 Introduction…………………………………………………………………… 112 4.2 The model……………………………………………………………………….116 4.2.1 Monopoly and its welfare properties……………………………………….116 4.2.2 The duopoly and its welfare properties…………………………………….122 4.3 A numerical example……………………………………………………………127 4.4 Conclusions…………………………………………………………………… 136 Appendix C: Appendix for chapter 4……………………………………………….137 Chapter 5: Conclusions…………………………………………………………….144 References………………………………………………………………………….146 iii ABSTRACT This thesis consists of five chapters. The three main chapters, chapter 2, and are three essays on how a firm can use price and/or advertising to signal its unobservable quality. Chapter gives a brief introduction of literature on quality signaling and my thesis. In chapter 2, we focus on competition between an incumbent and an entrant when only the entrant's quality is unknown to (some) consumers. The incumbent may or may not know the entrant’s quality. The model reveals an additional separating equilibrium ... coverage and lowered costs as was its intent 12/15 Insurance and Imperfect Information Key Concepts and Summary Insurance is a way of sharing risk A group of people pay premiums for insurance. .. company through premiums and investments and out through the payment of claims and operating expenses Government and Social Insurance Federal and state governments run a number of insurance programs... health care and behavioral economics 6/15 Insurance and Imperfect Information The Adverse Selection Problem Adverse selection refers to the problem in which the buyers of insurance have more information