Financial Risk Processes: Stochastic and Statistical Models and their Applications. On the one hand, the misuse of complex financial instruments has contributed to recent major disasters in the Australian financial and insurance industries; on the other hand, great benefits can be obtained by correct use of these kinds of instruments, to share risk between markets and segments of markets. The overall research effort in Australia in these areas is relatively small. This project will target the de ....Financial Risk Processes: Stochastic and Statistical Models and their Applications. On the one hand, the misuse of complex financial instruments has contributed to recent major disasters in the Australian financial and insurance industries; on the other hand, great benefits can be obtained by correct use of these kinds of instruments, to share risk between markets and segments of markets. The overall research effort in Australia in these areas is relatively small. This project will target the development of cutting edge technologies underlying the use of financial derivatives, not presently studied in this country or elsewhere, by bringing together a variety of top level international researchers in an integrated effort to lift the Australian understanding and application of this methodology.Read moreRead less
Stochastic Analysis with a View to Applications in Financial Risk Processes. Recent decades have seen explosive growth in applications of probability theory and statistics to the modelling of risk in finance and insurance. An intensive theoretical investigation into passage time and other problems for Levy and other continuous time processes will be applied to financial risk analyses. Related investigations will involve perpetuities and stochastic volatility models for price series. Outcomes ....Stochastic Analysis with a View to Applications in Financial Risk Processes. Recent decades have seen explosive growth in applications of probability theory and statistics to the modelling of risk in finance and insurance. An intensive theoretical investigation into passage time and other problems for Levy and other continuous time processes will be applied to financial risk analyses. Related investigations will involve perpetuities and stochastic volatility models for price series. Outcomes will include the development of new theory in probability and statistics, the initiation and reinforcement of collaborative ties with major international research figures, and the fostering of contacts with the finance industry.Read moreRead less
Problems of identification and inference for 'non-standard' models in complex systems with special reference to finance and teletraffic. The project is concerned with 'non-standard' models needed to deal with complex systems, such as those exhibiting scaling and fractal properties. There is a focus on methods for dealing with heavy tailed distributions and long range dependent observations, for which most standard statistical methods break down, and on applications in finance and telecommunicati ....Problems of identification and inference for 'non-standard' models in complex systems with special reference to finance and teletraffic. The project is concerned with 'non-standard' models needed to deal with complex systems, such as those exhibiting scaling and fractal properties. There is a focus on methods for dealing with heavy tailed distributions and long range dependent observations, for which most standard statistical methods break down, and on applications in finance and telecommunications. An important part of the project concerns model validation for Heyde's fractal activity time geometric Brownian motion model, a candidate minimal description risky asset model to replace the geometric Brownian motion paradigm.Read moreRead less
Stochastic analysis and the development and application of financial risk processes. Ensuring the stability of Australia's financial system requires an understanding of the complex financial instruments, strategies and technologies that have evolved in recent years. A strong well-integrated research effort in stochastic analysis with particular application to financial markets is fundamental for measuring and managing risk, to protect and preserve a well functioning system, and to inform policy ....Stochastic analysis and the development and application of financial risk processes. Ensuring the stability of Australia's financial system requires an understanding of the complex financial instruments, strategies and technologies that have evolved in recent years. A strong well-integrated research effort in stochastic analysis with particular application to financial markets is fundamental for measuring and managing risk, to protect and preserve a well functioning system, and to inform policy debate on financial strategies and insurance liabilities.
These challenges are global and require extensive international research collaboration and interaction. The present project will enhance Australia's contributions in this area and facilitate its global impact more than is possible through individual efforts.Read moreRead less
National Seafood Emergency Plan - Western Australia Trial Workshop
Funder
Fisheries Research and Development Corporation
Funding Amount
$5,000.00
Summary
Failure to deal quickly and effectively with a real or perceived food safety incident may result in costly trade disruption and threaten the commercial viability of seafood suppliers, processors, wholesalers, retailers and food service providers.
SSA has developed the national SEP as part of it's strategic plan for the national seafood industry.
This workshop is another step in the developmental phase of the SEP. Objectives: 1. Test the draft manual plan in a des ....Failure to deal quickly and effectively with a real or perceived food safety incident may result in costly trade disruption and threaten the commercial viability of seafood suppliers, processors, wholesalers, retailers and food service providers.
SSA has developed the national SEP as part of it's strategic plan for the national seafood industry.
This workshop is another step in the developmental phase of the SEP. Objectives: 1. Test the draft manual plan in a desk top exercise. 2. Introduce all the nominated team members and alternates to the plan and train them in the use of the plan 3. Use learned experience to develop the manual further in W.A. and nationally Read moreRead less
To update assessment reports on Whichfish.com to keep the site current for users. Objectives: 1. 1. Re-organise existing report format in line with the new methodology 2. 2. Update relevant information for the 20 species on Whichfish 3. 3. Reassess risk scores and future outlook sections using draft methodology 4. 4. Provide written feedback about any issues and/or challenges encountered in applying the draft risk assessment which will be incorporated into a guid ....To update assessment reports on Whichfish.com to keep the site current for users. Objectives: 1. 1. Re-organise existing report format in line with the new methodology 2. 2. Update relevant information for the 20 species on Whichfish 3. 3. Reassess risk scores and future outlook sections using draft methodology 4. 4. Provide written feedback about any issues and/or challenges encountered in applying the draft risk assessment which will be incorporated into a guidance document for future assessors and suggestions to improve risk assessment criteria. Read moreRead less
Pathogenic Vibrio Parahaemolyticus In Australian Oysters
Funder
Fisheries Research and Development Corporation
Funding Amount
$13,995.00
Summary
In 1999, Seafood Services Australia (SSA) initiated a risk-based approach to assessing and managing hazards. Regarding oysters, two risk assessments were undertaken, one on viruses and one on vibrios. Focusing on the latter hazards, the risks associated with the three main species: V. parahaemolyticus, V. vulnificus and V. cholerae were assessed. It was noted that V. parahaemolyticus (Vp) has recently caused major outbreaks in USA from consumption of oysters due to a “new” pathogenic type O3:K6. ....In 1999, Seafood Services Australia (SSA) initiated a risk-based approach to assessing and managing hazards. Regarding oysters, two risk assessments were undertaken, one on viruses and one on vibrios. Focusing on the latter hazards, the risks associated with the three main species: V. parahaemolyticus, V. vulnificus and V. cholerae were assessed. It was noted that V. parahaemolyticus (Vp) has recently caused major outbreaks in USA from consumption of oysters due to a “new” pathogenic type O3:K6. For Australia, no work on pathogenic Vp in oysters could be found, which introduced a great deal of uncertainty to the assessment. The RA noted that there had been two Vp poisonings in NSW from prawns imported from Indonesia, the clear inference being that pathogenic Vp exists in neighbouring waters.
In March, 2002 the FAO/WHO team will develop a global risk assessment of Vp in oysters. The RA will utilise the US risk model and insert data from the oyster industries of Canada, New Zealand, Australia and Japan. If no Australian data are available on levels of Vp the modellers will make assumptions which may well be disadvantageous to the Australian industry. This could happen if the north American mitigation strategy (rapid icing) to control of Vp is adopted as a prerequisite for export.
Failure to input Australian data into a Codex global risk assessment could have serious consequences for the industry. At best it would lead to protracted negotiation between Australia and Codex. These negotiations would need to be science-based and a research program would need to be funded. It is probable that the scale of this investigation would be at least a log scale larger than the present application.
Among the strategies to mitigate V. parahaemolyticus risk is chilling oysters as early as possible after harvest. In the case of the Canadian industry in British Columbia, the strategy has been used successfully in the summers of 2000 and 2001. This strategy is directly opposed to current summer handling practices by the NSW industry which allows product to remain as warm as 25°C for up to three days.
This project is designed to provide evidence of the occurrence and prevalence of pathogenic and non-pathogenic V. parahaemolyticus in Australian oysters. This knowledge will be invaluable to the NSW industry in particular - in case the FAO/WHO assessment recommends chilling of oysters as a pre-requisite for market access.
Effect of not doing the proposed study
If the work is not done and Codex Committee on Food Hygiene (CCFH) recommend a mitigation strategy of rapid icing, the local industry has a number of choices:
1. Ignore the CCFH recommendation on the grounds that we don’t export large volumes of oysters. The problem with this approach is that Codex has just as much application and force for domestic production as it does in the export arena.
2. Undertake a study to try to show that there is no problem with V. parahaemolyticus from Australian product. This would probably be a larger study than the present one and would be mounted to attempt to gain exemption for Australia. It’s always difficult to unwind global hygiene edicts.
The present project, for a relatively modest investment, effectively places Australian data into a global risk assessment. As such the data will have great force in the modelling phase. xbad Objectives: 1. Obtain total Vibrio spp. and total V. parahaemolyticus counts from oysters from NSW, SA and Tasmania. 2. Determine prevalence of pathogenic V. parahaemolyticus amongst these isolates. 3. Compile and analyse data for potential inclusion in the FAO-WHO global risk assessment of Vibrio parahaemolyticus in oysters. Read moreRead less
Revision Of The AQUAVETPLAN Operational Procedures Manuals For Disposal And Decontamination
Funder
Fisheries Research and Development Corporation
Funding Amount
$31,500.00
Summary
The Department of Agriculture and Water Resources is seeking expressions of interest for the revision of the following AQUAVETPLAN Operational Procedures manuals: 1. Decontamination 2. Disposal The Australian Aquatic Veterinary Emergency Plan (AQUAVETPLAN) is a series of manuals that outline Australia’s approach to national disease preparedness and propose the technical response and control strategies to be activated in a national aquatic animal disease emergency.
The Decont ....The Department of Agriculture and Water Resources is seeking expressions of interest for the revision of the following AQUAVETPLAN Operational Procedures manuals: 1. Decontamination 2. Disposal The Australian Aquatic Veterinary Emergency Plan (AQUAVETPLAN) is a series of manuals that outline Australia’s approach to national disease preparedness and propose the technical response and control strategies to be activated in a national aquatic animal disease emergency.
The Decontamination manual was first published in 2008, and the second version of the Disposal manual was published in 2009. Both manuals require revision to reflect new scientific knowledge, and to ensure that decontamination and disposal procedures used for disease control purposes reflect current ‘best-practice’ approaches. Objectives: 1. Review and deliver updated AQUAVETPLAN Operatinal Procedures Manuals for decontamination and disposal. Read moreRead less