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The main rationale of the conventions on international transport law is to limit the liability of the carrier. However, an aspect common to these conventions is that in cases of "wilful misconduct" the carrier is liable without any financial limitation. "Wilful misconduct" denoting a high degree of fault is an established term in English law. The Convention for the Unification of Certain Rules relating to International Carriage by Air (Warsaw Convention) of 1929 was the first international convention on transport law where the term was employed. A definition of "wilful misconduct", which can be found in later conventions regarding carriage of goods and passengers as well, was implemented in the Hague Protocol of 1955, amending the Warsaw Convention. However, the question as to exactly which degree of fault constitutes "wilful misconduct" has to date remained controversial and unanswered. This work seeks to answer this question. To this end, the historical background of the term, together with its function and role in marine insurance law, case law and international transport law, are examined from a comparative perspective.
The interactions of financial securities are crucial to determine possible portfolio losses. Although this fact is well understood, two questions remain: What causes changes in the dependence structure of financial assets? How can fluctuating dependencies be measured? The most common approach to identify the amplitude of financial assets' interactions are linear correlation coefficients. However, they fail to comprise shifts in the dependence structure. Alternatively, Copulas are a more flexible dependence measurement. This book focuses on the development of Dynamic Copula frameworks by implementing stochastic parameters into Archimedian and Elliptical Copula functions. In contrast to static...
Some economic events are so major and unsettling that they “change everything.” Such is the case with the financial crisis that started in the summer of 2007 and is still a drag on the world economy. Yet enough time has now elapsed for economists to consider questions that run deeper than the usual focus on the immediate causes and consequences of the crisis. How have these stunning events changed our thinking about the role of the financial system in the economy, about the costs and benefits of financial innovation, about the efficiency of financial markets, and about the role the government should play in regulating finance? In Rethinking the Financial Crisis, some of the nation’s mo...
This book proposes an integrated approach to patent risk and capital budgeting in pharmaceutical research and development (R and D), developing an option-based view (OBV) of imperfect patent protection, which draws upon contingent-claims analysis, stochastic game theory, as well as novel numerical methods. The text re-initiates a discussion about the contribution of quantitative frameworks to value-based R and D management.
In “Climate Change and Environmental Hazards Related to Shipping” the editors offer an overview on the recent discussions regarding legal questions of tackling climate change and the legal instruments related to environmental problems caused by international shipping.
This volume is a collection of research works to honor the late Professor Mark H.A. Davis, whose pioneering work in the areas of Stochastic Processes, Filtering, and Stochastic Optimization spans more than five decades. Invited authors include his dissertation advisor, past collaborators, colleagues, mentees, and graduate students of Professor Davis, as well as scholars who have worked in the above areas. Their contributions may expand upon topics in piecewise deterministic processes, pathwise stochastic calculus, martingale methods in stochastic optimization, filtering, mean-field games, time-inconsistency, as well as impulse, singular, risk-sensitive and robust stochastic control.
This innovative handbook takes a fresh look at the currently underestimated linguistic diversity of Africa, the continent with the largest number of languages in the world. It covers the major domains of linguistics, offering both a representative picture of Africa’s linguistic landscape as well as new and at times unconventional perspectives. The focus is not so much on exhaustiveness as on the fruitful relationship between African and general linguistics and the contributions the two domains can make to each other. This volume is thus intended for readers with a specific interest in African languages and also for students and scholars within the greater discipline of linguistics.
Synthesizing ideas from event semantics and psycholinguistics, this monograph provides a new perspective on the processing of linguistic aspect and aspectual coercion. Confronting alternative semantic accounts with experimental evidence, the author develops a comprehensive model of online aspectual interpretation. The first part of the book critically reviews competing theoretical accounts of aspectual coercion. As an analytical tool the author introduces a computational model based on the event calculus by Hamm & van Lambalgen (2005) which makes use of planning formalisms from artificial intelligence. Detailed predictions from this framework are then tested in the experimental work reported in the second part. The focus here is on such questions as: Is aspectual coercion a uniform phenomenon or must we distinguish different types? Is aspect processed incrementally or is it computed only at the clause boundary? And finally, what insights can event related potentials yield about how the brain resolves local aspectual mismatch?
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