Abstract: In this paper, mean-variance optimization of portfolios with the return of premium clauses in a defined contribution (DC) pension plan with multiple contributors under constant elasticity of variance (CEV) model is studied. The return clauses which permit death members to claim their accumulated wealth are considered, the remaining wealth is not equally distributed by the remaining members as in literature. We assume that before investment, the surplus which includes funds of members who died after retirement adds to the total wealth. Next, we consider investments in a risk-free asset and a risky asset to meet up the expected returns of the remaining members and obtain an optimized problem with the help of extended Hamilton Jacobi Bellman equation. We obtained the optimal investment strategies for the two assets and the efficient frontier of the members by using a stochastic optimal control technique. Furthermore, we studied the effect of the various parameters of the optimal investment strategies and the effect of the risk-averse level on the efficient frontier. We observed that the optimal investment strategy is the same as in literature, secondly, we observed that the surplus decreases the proportion of the wealth invested in the risky asset.
Abstract: The issue of public administration in subsoil use, renewal and protection is of high importance for Ukraine since it is strongly linked to energy security of the state as well as it shall facilitate the people of Ukraine to efficiently implement its propitiatory rights towards natural resources and redistribution of national wealth. As it is stipulated in the Article 11 of the Subsoil Code of Ukraine (the Code) the authorities that administer the industry are limited to central executive bodies and local governments. In particular, it is stipulated in the Code that the Ukraine’s Cabinet of Ministers carries out public administration in geological exploration, production and protection of subsoil. Other state bodies of public administration include central public authority responsible for state environmental protection policies; central public authority in charge of implementation of state geological exploration and efficient subsoil use policies; central authority in charge of state health and safety control policies. There are also public authorities in the Autonomous Republic of Crimea; local executive bodies and other state authorities and local self-government authorities in compliance with laws of Ukraine. This article is devoted to the analysis of the legal relations in the area of public administration of subsoil use, renewal and protection in Ukraine. The main approaches to study the essence of legal relations in the named area as well as its tasks, functions and methods are analyzed. It is concluded in this article that legal relationship in the field of public administration of subsoil use, renewal and protection is characterized by specifics of its task (development of natural resources).
Abstract: This paper explores the features of political economy in the dynamics of representative politics in India. Politics is seen as enhancing economic benefits through acquiring and maintenance of power in the realm of democratic set up. The system of representation is riddled with competitive populism. Emerging leaders and parties are forced to accommodate their ideologies in coping with competitive politics. Electoral politics and voting behaviour reflect series of influences mooted by the politicians. Voters are accustomed to expect benefits outs of state exchequer. The electoral competitors show a changing phase of investment and return policy. Every elector has to spend and realize his costs in his tenure. In the case of defeated electors, even the cost recovery is not possible directly; there are indirect means to recover their costs. The series of case studies show the method of party funding, campaign financing, electoral expenditure, and cost recovery. Regulations could not restrict the level of spending. Several cases of disproportionate accumulation of wealth by the politicians reveal that money played a major part in electoral process. The political economy of representative politics hitherto ignores how a politician spends and recovers his cost and multiples his wealth. To be sure, the acquiring and maintenance of power is to enhance the wealth of the electors.
Abstract: Environment both endowed and built are essential for
tourism. However tourism and environment maintains a complex
relationship, where in most cases environment is at the receiving end.
Many tourism development activities have adverse environmental
effects, mainly emanating from construction of general infrastructure
and tourism facilities. These negative impacts of tourism can lead to
the destruction of precious natural resources on which it depends.
These effects vary between locations; and its effect on a hill
destination is highly critical. This study aims at developing a
Sustainable Tourism Planning Model for an environmentally
sensitive tourism destination in Kerala, India. Being part of the
Nilgiri mountain ranges, Munnar falls in the Western Ghats, one of
the biological hotspots in the world. Endowed with a unique high
altitude environment Munnar inherits highly significant ecological
wealth. Giving prime importance to the protection of this ecological
heritage, the study proposes a tourism planning model with resource
conservation and sustainability as the paramount focus. Conceiving a
novel approach towards sustainable tourism planning, the study
proposes to assess tourism attractions using Ecological Sensitivity
Index (ESI) and Tourism Attractiveness Index (TAI). Integration of
these two indices will form the Ecology – Tourism Matrix (ETM),
outlining the base for tourism planning in an environmentally
sensitive destination. The ETM Matrix leads to a classification of
tourism nodes according to its Conservation Significance and
Tourism Significance. The spatial integration of such nodes based on
the Hub & Spoke Principle constitutes sub – regions within the STZ.
Ensuing analyses lead to specific guidelines for the STZ as a whole,
specific tourism nodes, hubs and sub-regions. The study results in a
multi – dimensional output, viz., (1) Classification system for tourism
nodes in an environmentally sensitive region/ destination (2)
Conservation / Tourism Development Strategies and Guidelines for
the micro and macro regions and (3) A Sustainable Tourism Planning
Tool particularly for Ecologically Sensitive Destinations, which can
be adapted for other destinations as well.
Abstract: The result of process of territory-s development is the territory-s state of development (TSoD), which is pointed towards the provision and improvement of people-s life conditions. The authors offer to measure the TSoD according to their own developed model. Using the available statistical data regarding the values of model-s elements, the authors empirically show which element mainly determines the TSoD. The findings of the research showed that the key elements of the TSoD are the “Material welfare of people" and “People-s health". Performing a deeper statistical analysis of correlation between these elements, it turned out that it is not so necessary for a country to be bent on trying to increase the material growth of a territory, because a relatively high index of life expectancy at birth could be ensured also by much more modest material resources. On the other hand, the economical feedback of longer lifespan within countries with lower material performance is also relatively low.