Quantitative Analysis of Systemic Risk in Insurance. This project aims to achieve a contemporary and comprehensive quantitative analysis of systemic risk in insurance. The significance lies in narrowing the gap between the studies of systemic risk in banking and insurance. Expected outcomes include the construction of insurance/reinsurance networks to formalise systemic risk, the analysis of the role of network integration, and the development of pricing frameworks to entail a systemic risk prem ....Quantitative Analysis of Systemic Risk in Insurance. This project aims to achieve a contemporary and comprehensive quantitative analysis of systemic risk in insurance. The significance lies in narrowing the gap between the studies of systemic risk in banking and insurance. Expected outcomes include the construction of insurance/reinsurance networks to formalise systemic risk, the analysis of the role of network integration, and the development of pricing frameworks to entail a systemic risk premium. The project will benefit insurers and regulators by providing a forward-looking approach to monitoring and assessing insurance risk during a systemic crisis. These important original contributions to insurance risk management will help establish Australia’s global leadership in systemic risk.Read moreRead less
Forecasting and Financing Healthy Ageing and Aged Care in Australia. This project aims to quantify future risks of chronic illness and functional disability in retirement, proposing financing strategies aimed at enhancing healthy ageing, lifestyle quality and aged care provisions. The project devotes to devising a framework integrating government and private sector participation in funding health costs which increase significantly in older ages. The expected outcome includes sustainable retireme ....Forecasting and Financing Healthy Ageing and Aged Care in Australia. This project aims to quantify future risks of chronic illness and functional disability in retirement, proposing financing strategies aimed at enhancing healthy ageing, lifestyle quality and aged care provisions. The project devotes to devising a framework integrating government and private sector participation in funding health costs which increase significantly in older ages. The expected outcome includes sustainable retirement income scenarios for easing fiscal pressure from social initiatives such as age pension and aged care financing at the same time improving living standards for seniors. The project expects to place Australia at the forefront of research on sustainable solutions to financial challenges facing retirees.Read moreRead less
Shock model-based framework for modelling correlated large losses. This project aims to develop aggregate risk models by utilizing shock models in reliability theory. It intends to provide a new alternative approach which is more realistic and also mathematically tractable in order to estimate various types of quantities in (re)insurance and operational risk management. The expected outcome includes enhanced capacity by advanced analytical tools to assess correlated and large risks, thus assisti ....Shock model-based framework for modelling correlated large losses. This project aims to develop aggregate risk models by utilizing shock models in reliability theory. It intends to provide a new alternative approach which is more realistic and also mathematically tractable in order to estimate various types of quantities in (re)insurance and operational risk management. The expected outcome includes enhanced capacity by advanced analytical tools to assess correlated and large risks, thus assisting in the management of key risks and improving the effectiveness of risk management. This should benefit the stability of the financial and regulatory systems where large and dependent risks are concerned.Read moreRead less
Extreme Value Theory Approaches to Insurance in a Catastrophic Environment. Recent decades are marked by numerous significant natural (climate change) or man-made (financial crises) catastrophes, which have significantly altered the landscape of the insurance industry. These have potentially significant negative impacts on the availability and affordability of insurance, and hence on the capability and capacity of households and businesses to take risks and be competitive. This project endeavour ....Extreme Value Theory Approaches to Insurance in a Catastrophic Environment. Recent decades are marked by numerous significant natural (climate change) or man-made (financial crises) catastrophes, which have significantly altered the landscape of the insurance industry. These have potentially significant negative impacts on the availability and affordability of insurance, and hence on the capability and capacity of households and businesses to take risks and be competitive. This project endeavours to establish progressive approaches (using extreme value theory) to the challenges faced by insurance in such a catastrophic environment. They will enhance the financial stability and competitivity of the Australian economy, and further establish its global leadership in dealing with climate changes and catastrophes.Read moreRead less
New methods for modelling real-world extremes. This project aims to develop new theory and methods for analysing and predicting extreme values observed in real-world processes. Many existing techniques are limited by convenient mathematical assumptions that commonly do not hold in practice: dependence at asymptotic levels, process stationarity, and that the observed data are direct measurements of the process of interest. As a result, using these techniques may produce undesirable results. Expec ....New methods for modelling real-world extremes. This project aims to develop new theory and methods for analysing and predicting extreme values observed in real-world processes. Many existing techniques are limited by convenient mathematical assumptions that commonly do not hold in practice: dependence at asymptotic levels, process stationarity, and that the observed data are direct measurements of the process of interest. As a result, using these techniques may produce undesirable results. Expected outcomes of this project include theoretically justified data analysis techniques that can accurately model extreme values seen in the real world. Project benefits include more realistic analyses of nationally important applications in climate, bushfire insurance risk, and anomaly detection.Read moreRead less
Feature Learning for High-dimensional Functional Time Series. This project aims to develop new methods and theories for common features on high-dimensional functional time series observed in empirical applications. The significance includes addressing a key gap in adaptive and efficient feature learning, improving forecasting accuracy and understanding forecasting-driven factors comprehensively for empirical data. Expected outcomes involve advances in big data theory and easy-to-implement algori ....Feature Learning for High-dimensional Functional Time Series. This project aims to develop new methods and theories for common features on high-dimensional functional time series observed in empirical applications. The significance includes addressing a key gap in adaptive and efficient feature learning, improving forecasting accuracy and understanding forecasting-driven factors comprehensively for empirical data. Expected outcomes involve advances in big data theory and easy-to-implement algorithms for applied researchers. This project benefits not only advanced manufacturing by finding optimal stopping time for wood panel compression, but also superior forecasting for mortality in demography, climate data in environmental science, asset returns in finance, and electricity consumption in economics. Read moreRead less
Information design, cognitive abilities and macro-economic stability. This project aims to improve our understanding of individual decision making in financial markets and its implications for macro-economic stability. Using laboratory and internet experiments, models of adaptive choice behaviour will be developed and validated. The project will help to gain insight into how past information, and the way it is presented, affects investment decisions, which individual characteristics matter for d ....Information design, cognitive abilities and macro-economic stability. This project aims to improve our understanding of individual decision making in financial markets and its implications for macro-economic stability. Using laboratory and internet experiments, models of adaptive choice behaviour will be developed and validated. The project will help to gain insight into how past information, and the way it is presented, affects investment decisions, which individual characteristics matter for decisions, and how this behaviour translates into the evolution of aggregate macro-economic variables. The expected outcomes of the project will have the potential to improve the design of tools for better individual financial decision making, to stabilize volatile markets and to enhance economic welfare.Read moreRead less
Superannuation as Inheritance: Law, Practice and Reform. Given that Australian retirees are leaving behind billions of superannuation assets for inheritance, this project aims to obtain accurate real world findings about how superfunds distribute superannuation inheritances in practice. Current law has not kept pace with reality, largely leaving superfund trustees to decide how to bequest their deceased members’ excess superannuation. Australian families are at the mercy of superfunds. The expec ....Superannuation as Inheritance: Law, Practice and Reform. Given that Australian retirees are leaving behind billions of superannuation assets for inheritance, this project aims to obtain accurate real world findings about how superfunds distribute superannuation inheritances in practice. Current law has not kept pace with reality, largely leaving superfund trustees to decide how to bequest their deceased members’ excess superannuation. Australian families are at the mercy of superfunds. The expected outcomes of this project include evidence-based proposals to reform industry practice and the law. These reforms will promote respect for Australians’ testamentary wishes, safeguard against abuse, and advance societal interests in philanthropy, wealth equality and fiscal responsibility.Read moreRead less
Valuing News: Aligning Individual, Institutional and Societal Perspectives. This project aims to identify the links between the preparedness of individuals to pay for news, the value of news brands and organisational cultures of news publishers, and the social value of news in promoting a democratic public sphere. Its significance arises with the ongoing crisis of news media business models, which is raising new questions about the future of journalism, and the changing role of governments worl ....Valuing News: Aligning Individual, Institutional and Societal Perspectives. This project aims to identify the links between the preparedness of individuals to pay for news, the value of news brands and organisational cultures of news publishers, and the social value of news in promoting a democratic public sphere. Its significance arises with the ongoing crisis of news media business models, which is raising new questions about the future of journalism, and the changing role of governments worldwide in financing news production. Its expected outcomes include advancing debates about how to support public interest journalism, and the value of news as both a commodity and a public good. It will be of benefit to industry, policymakers and the community in addressing the prospects for Australian journalism. Read moreRead less
Aftermaths of War: Violence, Trauma, Displacement, 1815-1950. This project aims to investigate the cultural, social and psychological aftermaths of wars between 1815 to 1950 from a comparative, transnational perspective. By connecting the displacement of people, the brutalization of warfare and the trauma associated with it, this study will offer a broader and more complex understanding of the experience of civilians and combatants in the wake of armed conflicts. In so doing, it will challenge t ....Aftermaths of War: Violence, Trauma, Displacement, 1815-1950. This project aims to investigate the cultural, social and psychological aftermaths of wars between 1815 to 1950 from a comparative, transnational perspective. By connecting the displacement of people, the brutalization of warfare and the trauma associated with it, this study will offer a broader and more complex understanding of the experience of civilians and combatants in the wake of armed conflicts. In so doing, it will challenge traditional periodizations which delineate between periods of war and peace, and seek to uncover the profound legacies of war not just within but beyond nation states. This will prompt a re-evaluation of our understanding of what constitutes warfare and its aftermaths.Read moreRead less