bluuebunny/crossref_metadata_2025_split huggingface dataset:
Monetary policy
Authors: Haycocks H. W. 
Published: August 2016

The proper functioning of a present-day economic system is dependent upon money and prices. This is particularly the case when a large part of the economy is based on private enterprise.For many years economic text-books have stated the three functions of money to be (1) a means of payment, (2) a store of value and (3) a unit of account. The third function will not be considered in this paper, although a study of the controversy that has occurred recently about the correct principles of accountancy at times when prices change substantially will convince the reader that this function is important.Whilst all three functions of money have been recognized for many years, the emphasis given to each has changed radically from time to time. Prior to 1930 almost all the emphasis was given to money as a means of payment. This led to an approach to the subject which has been called the transactions-velocity approach.
Life reassurance
Authors: Steeds A. J. 
Published: August 2016

The reassurance of life assurance policies is readily accepted by us all as an essential, though a minor, part of Life Assurance. Each office tends to have its own traditional approach to this problem, coloured very often by its attitude to the general problem of underwriting. I think that a discussion on reassurance falls naturally into two parts. First, what amount should be retained for an office's own account? Secondly, having determined the retention, how should the reassurance be effected?The scientific transaction of Life Assurance began in 1762 with the ‘Equitable’, but, until other Life Offices began to issue permanent policies, there was no scope for reassurance; nor, probably, was there much demand for very large policies. It must be remembered, of course, that in those days £100 was a considerable sum of money. As Life Offices grew and multiplied, reassurance became more common as will be learned by the references to it in the early numbers of J.I.A. Reference should be made to G. T. Foster's paper in J.I.A. 72, 337, where it is pointed out that, one hundred years ago, reassurances were looked at with considerable suspicion; this attitude still exists to some extent.
Long- and Short-Term Rates of Interest.
Authors: Rose H. B. 
Published: August 2016

The object of this paper is to discuss the main principles underlying the pattern of interest rates on government securities in this country. It does not attempt to examine the place in the yield structure of those stocks which may possess special characteristics of term or provision for repayment, etc.; and because of its concentration on general principles the complex effects of taxation have been relegated to the background. The subject is approached by the following stages:
(1) The pattern in the hypothetical case of complete certainty.
(2) The idea of a ‘normal’ pattern, i.e. in conditions of complete uncertainty.
(3) The changing pattern in conditions of varied and fluid expectations.
Friendly Society Amalgamations
Authors: Cornwall C. J. 
Published: August 2016

The Friendly Societies Act 1896 provides for two methods of combining the membership, the assets and the liabilities of separate registered friendly societies. Following the procedure of §70 (1) of the Act the societies may amalgamate as one society. For this, the written assent of five-sixths, in value, of the members of each society must be obtained; the value of the members is defined by giving one vote to every member, with an additional vote for each 5 years of membership up to 20 years.Alternatively, under §70 (2) of the Act, one society may transfer its assets, engagements and liabilities to another. If this procedure is followed, the written assent of five-sixths, in value, of the members of the society transferring its engagements is necessary, but the society receiving those engagements can do so on the resolution of the Managing Committee alone, provided that the Committee has the requisite powers under the rules of the society. For this reason, if one of the societies is large or if it is difficult to contact the members, a transfer of the engagements of the smaller society to the larger is more practicable than an amalgamation.
The Scope for Computer Systems in U.K. Life Offices
Authors: Leapman D. J. 
Published: August 2016

During the past decade ‘electronic brain’ and ‘automation’ have become part of the vocabulary of most inhabitants of this country and of many others. Some users of these expressions, however, have at the most only the vaguest impression of the equipment and techniques involved, of their capabilities, and, which is perhaps most important, of their limitations.The Institute has been fortunate. The paper by R. L. Michaelson which was presented in April 1953 explained, in considerable detail, the logical operation of an electronic digital computer, while A. C. Baker's paper two years later demonstrated how an installation based on this type of equipment might be used for life office work. Moreover, the Institute has set up several study groups concerned with different aspects of the subject, while from the Society of Actuaries in America emanates a steady flow of reports, for the most part based on practical experience within the insurance companies of the U.S.A.
XVth International Congress of Actuaries
Authors: Freeman H. N. 
Published: August 2016

The President of the Institute of Actuaries was in the Chair. The opener prefaced his formal remarks as follows:I would first of all like to say how pleased and honoured I feel to have been asked once again to take a part in the proceedings of this Society, particularly as this must be regarded as a special occasion since we are honoured by the presence in the chair of you, Sir, the President of the Institute, and also because this meeting is in the nature of an experiment.It may be within your recollection, Sir, that on the first occasion, some thirty years ago, when I was asked to take part it was also an experiment. We met at the Old Bell and my part was in what has come to be known as Heath's play. It was therefore not so much a surprise to me, as it might have been to some, when three or four months ago the Chairman of the Society telephoned me and asked me to take part in another experiment, mentioning a symposium. Being one of those who dodged compulsory Greek in my undergraduate days I temporized. I consulted a Pocket Oxford Dictionary and found that my memory had not let me down: ‘symposium = a Greek drinking party’. Pursuing the matter further, I consulted the larger edition: ‘symposium = a drinking party, a convivial meeting for drinking and conversation’, and the only example it gives of the use of the word, ‘our symposium at the King's Head broke up, 1787’. This seemed conclusive and, remembering the symposia I had enjoyed with Alan Gardner in the past, I agreed to come along. I was a little disturbed when I received the notice of meeting which mentions a review, but I concluded this was just a printer's error for revue, although I thought the title unusual. My doubts were quite set at rest on Monday when you yourself announced in this Hall that the Society would meet tonight for a symposium.
XVth International Congress of Actuaries Papers submitted under Section IVa
Authors: Beard R. E. 
Published: August 2016

Part of the formal business of the meeting of the Congress of Actuaries consisted in the modification of the rules of the Permanent Committee to provide for the formation of sections concerned with the study of special subjects. The first of such sections, to be known as ASTIN and concerned with the application of modern mathematical and statistical methods to non-life insurance, was also formed during the Congress. Dr Paul Johansen of Copenhagen, a corresponding member of the Institute, was elected Chairman of ASTIN and R. E. Beard of London was elected Secretary.Section IVa, Analytical Expressions of the Risks involved in General Insurance, was of great interest to those actuaries interested in ASTIN, and the following notes have been prepared on the sixteen papers submitted in an endeavour to indicate the type of problem being considered by the new section of the Permanent Committee.
Mortality of the Middle-Aged
Authors: Martin L. V. 
Published: August 2016

The past 25 years have brought dramatic improvements in mortality rates in Great Britain. Infant mortality is now about 40% of what it was a quarter of a century ago: death-rates for children have been reduced to less than 1 per 1000. Not only children have benefited; young adults in the 15–44 age-group experience mortality little more than a third of what it was in the early thirties, whilst women aged 45–64 have had an improvement of about 40%.It is therefore regrettable that the experience of men aged 45–64 is a black spot in the general picture. The improvement for men in this age-group has not kept pace with that for women of the same age, being only about 15% in 25 years, little more than ½% a year. Table 1 compares the death-rates for men and women in post-war years and demonstrates very clearly how over a period of 12 years the ratio of male to female mortality has steadily increased.
The Place of Lump-Sum Benefits in Superannuation Schemes
Authors: Francis P. R. 
Published: August 2016

It has long been recognized by statute and by general consent that the main purpose of a pension scheme is the provision of annuities for employees on their retirement and for the dependants of employees who die either in service or after retirement. In recent years, however, the provision of lump-sum benefits in addition to annuities has become widespread; in national and local government service, and in some of the public boards, superannuation arrangements include the provision of lump sums on a substantial scale. In industry and commerce, the advantages of tax-free lump sums have been vigorously sold, with considerable success, by brokers specializing in pension-scheme business.The objects of this paper are to place such claims in perspective and to explain in broad terms the various methods by which lump-sum benefits may be provided. Reference will be made to insured and to privately administered schemes, but the detailed provisions of trust deeds and insurance contracts are not within the scope of this paper.
An Introduction to Dynamic Programming
Authors: Gluss Brian 
Published: August 2016

Dynamic programming, a mathematical field that has grown up in the past few years, is recognized in the U.S.A. as an important new research tool. However, in other countries, little interest has as yet been taken in the subject, nor has much research been performed. The objective of this paper is to give an expository introduction to the field, and give an indication of the variety of actual and possible areas of application, including actuarial theory.In the last decade a large amount of research has been performed by a small body of mathematicians, most of them members of the staff of the RAND Corporation, in the field of multi-stage decision processes, and during this time the theory and practice of the art have experienced great advances. The leading force in these advances has been Richard Bellman, whose contributions to the subject, which he has entitledDynamic Programming[1], have had effects not only in immediate fields of application but also in general mathematical theory; for example, the calculus of variations (see chapter IX of [1]), and linear programming (chapter VI).
Estate Duty in Relation to Life Assurance and Annuity Policies
Authors: Boss R. W. 
Published: August 2016

It is probably fair to say that during the last decade problems of internal administration have faded into insignificance besides the legal problems which now arise out of a life office's relationship with its policy-holders—in particular in regard to estate duty matters.Before examining the position in detail I would like to make some general remarks regarding the burden of estate duty on life assurance policies today. Rates of duty are progressive, as the table on page 399 shows, and bear most heavily on the large estates. Therefore, not surprisingly, a good deal of interest and effort has centred in recent years in reducing this burden.
Administration of Group Pension Schemes
Authors: Tew K. G. 
Published: August 2016

In this paper, the main object of which is to promote a mutually helpful discussion, a deliberate attempt has been made to avoid going into detailed descriptions of methods of administration. These vary, of course, from office to office and it is quite reasonable that the difficulties which presented themselves should have been successfully surmounted in different ways. It is both interesting and informative to learn the various practices which have been adopted, but a close study of them may lead to an oversight of underlying problems and a disproportionate expenditure of time.It should also be mentioned that the title would be really more suitable for a whole book rather than for a short paper presented for a single evening's discussion. Consequently, two restraints have been imposed, both of which derive from the dynamic growth in size and complexity of group pension business over the last two or three decades.
Extra Risks.
Authors: Jarvis H. J. 
Published: August 2016

The purpose of this paper is not to consider the specific ratings that should be imposed on life assurance policies where the proposer is not acceptable at ordinary rates, but rather the methods used and problems involved in translating assessments of extra mortality into monetary terms. At times the two problems overlap so the division is not an absolute one.The subject has been covered at various times in the past both at the Institute and the Faculty; since the war the subject has attracted more attention at the Faculty with papers by T. M. Springbett and then S. C. Keppie and A. C. Stepney (both inT.F.A.19), but there is also the well-known paper by W. Perks (J.I.A.78). An earlier paper is by W. P. Elderton (J.I.A.54).
Seventeenth International Congress of Actuaries: a Review of the Papers Submitted under Subject 4
Authors: Innes E. 
Published: August 2016

The papers submitted under Subject 4 of the 1964 Congress in London and Edinburgh were those concerned with the practical application of modern statistical techniques in all branches of insurance.Fourteen papers from eight countries were presented for discussion in London, and the purpose of this note is to outline and comment briefly on the content of these papers—the discussions on related topics which took place in Edinburgh are not included in this review.Statistical methods in general being of fairly recent origin it is not at once obvious whether a particular technique qualifies as modern or not, but I would think it fair to take it that, normally, the calculation of premiums, involving the intelligent classification of risks and the analysis of experience, comes within the field of classical statistical methods.
Why the Normal Distribution.
Authors: Daw R. H. 
Published: August 2016

It has been said that everybody believes in the Law of Errors (i.e. the Normal distribution), the experimenters because they think it is a mathematical theorem and the mathematicians because they think it is an experimental fact. Text-books on statistics often seem to produce the Normal distribution as the conjurer produces a rabbit from a hat and the actuarial student, who should be something of both mathematician and experimenter, is frequently somewhat mystified as to why such an apparently complicated distribution function as(see Fig. 1) is suddenly introduced and given such prominence.
The Yield on a Loan subject to Capital Gains Tax.
Authors: Joseph A. W. 
Published: August 2016

H. O. Worger gave a simple rule (J.S.S., 5, 15 andJ.S.S., 7, 116) for using tables of Bond Values for finding the equivalent gross redemption yield on a redeemable security where the dividend is subject to income tax but the capital gain is tax-free. He showed that it was unnecessary to go through the process of first finding the net yield by entering the tables at a dividend rate from which tax had been deducted. All that was needed was to reduce the unexpired term in proportion to the rate of tax payable, and enter the table for the full nominal rate of dividend. The purpose of this note is to show that a somewhat similar rule is available if both dividend and capital gain on redemption are subject to the same rate of tax.LetPbe the purchase price of a loan of 1 redeemable at par innyears time and bearing annual dividends at the rateg, and lettbe the rate of tax.
Bank of England Reserve Policy
Authors: Hughes J. R. T. 
Published: August 2016

In his most enlightening paper on Federal Reserve policy in 1920–1921 Elmus Wicker's statement on the Bank of England's policies is not strictly in accord with the facts.The English system of no legal reserve requirements imparted a greater degree of flexibility to the monetary authorities and allowed a greater economy in the use of the gold reserve. The entire gold reserve was available in emergencies to safeguard the pound.
Sequential Growth, the Labor-Safety-Valve Doctrine and the Development of American Unionism
Authors: Murphy George G. S. , Zellner Arnold 
Published: August 2016

“Let those who will consult the spirit rappers to bring forth its ghost.”Such was Professor Shannon's firm caveat as he laid Frederick Jackson Turner's safety-valve doctrine to rest after a post mortem performed with some gusto. The warning seems to have had the effect intended. Although Turner's frontier concept continues to influence the work of American historians and not a few economists the labor-safety-valve doctrine seems generally to have been accepted as dead and buried. We have little taste for ghosts or spirit rapping, but we would like to argue that die safety-valve doctrine, even if suffering from neglect, retains more than a spark of vitality.
Using Written Accounts in Qualitative Research
Authors: Handy Jocelyn , Ross Kirsty 
Published: August 2016

AbstractThis article discusses the methodological implications of using written accounts as the primary source of data in qualitative research. Data from a pilot study into family relationships in two families with an anorexic child is presented to illustrate the ways in which this strategy can facilitate the interpretation of different family members' perspectives. Written accounts are shown to be a time-efficient means of gathering good-quality, descriptively rich data. Differences between oral and written modes of communication mean that participants' written accounts are more highly focused and reflective than transcripts from oral interviews, facilitating data analysis and interpretation. Relationships between researchers and researched are more circumscribed than in face-to-face interviewing, which may limit opportunities to explore emergent issues or make informal observations during the interview process. However, the more circumscribed contact between researchers and respondents may also make it easier to manage the complex social dynamics that can emerge when researching families. Whilst written accounts cannot be used as a direct substitute for oral interviews their strengths appear to be undervalued in qualitative research in psychology.
A cohort analysis of illicit psychoactive drug use in Australia 1988-98
Authors: Williams Paul , McAllister Ian 
Published: August 2016

AbstractObjective: To examine birth cohort trends in the prevalence, age of initiation and durability of the use of psycho-stimulant and psycho-depressant drugs in Australia between 1988 and 1998.Method: Nine synthetic birth cohorts were constructed from a pooled dataset of the three National Drug Strategy Household Surveys (1988, 1993, 1998). The design-effect adjusted weighted lifetime and recent prevalence, age of initiation and durability of use, of three popular psycho-stimulants (amphetamine, cocaine and ecstasy) and three popular psycho-depressants (cannabis, heroin and inhalants) were estimated. Significance tests of difference use chi-square statistics and the sociodemographic predictors of trends were tested using logistic regression techniques.Results: Lifetime and recent prevalence and durability of use increased and ages of initiation decreased, with each successive cohort. Psycho-stimulants were predictors for psycho-depressant use and vice versa. Being male, aged under 35 years, Australian born, employed or in fulltime education, and a tobacco smoker were significant predictors of increased risk of using both classes of drugs. Being married or having no post-secondary education qualifications were significant predictors of lower risk of using either class of drugs.Conclusions: Younger cohorts are more likely to use both classes of psychoactive drugs, to have commenced using the drugs earlier and to have maintained their drug habits longer, compared to older cohorts. While increased availability is an important factor in the likelihood of exposure to illicit drugs, interventions implemented since the National Drug Strategy began in 1985 do not appear to have reduced the probability that young people will initiate and maintain illicit psychoactive drug use, exposing them to associated health and legal consequences.
Does kava cause hallucinations in Aboriginal populations in eastern Arnhem Land (Australia)?
Authors: Clough Alan R 
Published: August 2016

AbstractBackground: Isolated reports exist in the literature of hallucinations occurring as harmful outcomes of kava use. Kava's well-known mood-altering qualities contrast sharply with reports of such serious unwanted side effects. Arnhem Land Aboriginal people have used kava since 1982. Is there any evidence that kava use is associated with these kinds of effects in this population?Objectives: This paper describes the context and circumstances for 18 individuals who were reported to have experienced hallucinations in a sample of the Miwatj population in eastern Arnhem Land (Northern Territory. NT) (see Clough. Cairney. Maruff, Burns & Currie. 2001). The role of kava use in these occurrences is discussed. Alcohol, tobacco, cannabis use and petrol sniffing as well as psycho-social factors were also noted in community health clinic files and health worker reports.Results and conclusions: There was no evidence that hallucinations recorded in individuals were related to kava use. Instead, social and personal stress, pre-existing psychiatric conditions and excessive use of alcohol were more prominent. To describe the kinds of perceptual shifts experienced by kava users as hallucinations would seem imprudent without consideration of other environmental factors.
Collective guilt and pro-social behaviour: Implications for Indigenous and Non-Indigenous reconciliation in Australia
Authors: Roger Michelle S. B. 
Published: August 2016

AbstractThe existence of collective guilt and its influence on pro-social behaviours was investigated in the context of Indigenous and Non-Indigenous reconciliation in Australia. After the presentation of one of three (negative, positive, ambiguous) one-page Australian histories, 80 psychology undergraduates (47 females) from the Northern Territory University, aged from 18-50 years, indicated their level of national identity, perceived in-group variability, feelings of collective guilt, and how participants and the government should compensate Indigenous groups. Participants were also shown an internet petition, a ‘Sorry list’ apologising to Indigenous Australians, to which they could add their name. Perceptions of in-group variability, collective guilt, and out-group compensation were found to be dependent on participants' level of national identity. In order to facilitate reconciliation, the present data indicate psychographic segmentation of the Australian population, in order to tailor specific reconciliation information to these groups.