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
Better communication to solve the under-saving, under-spending puzzle. This project expects to develop evidence-based communication tools that promote life-time financial security, specifically investigating the puzzling and harmful tendency of people to under-save while working and under-spend while retired. To achieve this goal, it will design and experimentally validate innovative boosts to superannuation communication including income projections and goal-setting targeted at common misconcep ....Better communication to solve the under-saving, under-spending puzzle. This project expects to develop evidence-based communication tools that promote life-time financial security, specifically investigating the puzzling and harmful tendency of people to under-save while working and under-spend while retired. To achieve this goal, it will design and experimentally validate innovative boosts to superannuation communication including income projections and goal-setting targeted at common misconceptions and biases. It will use new structural modelling techniques to measure welfare changes. The expected outcomes are rigorous explanations for the saving-spending puzzle, and robust communication strategies for superannuation funds that will benefit workers and retirees by raising financial capability and confidence.Read moreRead less
Understanding and overcoming confusion in consumer financial decisions. This project aims to develop consumer-centred approaches to reducing the harmful effects of confusion in financial decisions by studying superannuation investment and home loan decisions where confused choices are individually and collectively costly. The project intends to develop comprehensive models to capture the full complexity of financial products and the diverse preferences and capability of consumers, then to use ad ....Understanding and overcoming confusion in consumer financial decisions. This project aims to develop consumer-centred approaches to reducing the harmful effects of confusion in financial decisions by studying superannuation investment and home loan decisions where confused choices are individually and collectively costly. The project intends to develop comprehensive models to capture the full complexity of financial products and the diverse preferences and capability of consumers, then to use advanced statistical methods to estimate the benefits of clearer decision-making. The outcomes of this project includes new models of complex financial decisions, and a better understanding of where confusion arises and the effects it may have. Decreased confusion will raise financial well-being and help communities become more resilient to financial shocks.Read moreRead less
Governance and the investment performance of not-for-profit endowments. Governance and the investment performance of not-for-profit endowments. This project aims to examine the relation between performance and governance for Australian not for profit (NFP) endowments. The not-for-profit sector now accounts for over 4 per cent of the gross domestic product (GDP) (almost $43 billion) and employs volunteers who contribute an additional $14.6 billion in unpaid work. Little research has been done on ....Governance and the investment performance of not-for-profit endowments. Governance and the investment performance of not-for-profit endowments. This project aims to examine the relation between performance and governance for Australian not for profit (NFP) endowments. The not-for-profit sector now accounts for over 4 per cent of the gross domestic product (GDP) (almost $43 billion) and employs volunteers who contribute an additional $14.6 billion in unpaid work. Little research has been done on the investment performance of the endowments held by NFPs, even though this is an important contributor to their revenues. Expected outcomes include a publicised set of principles and periodically updated index of endowment governance quality, and attendant improvement in NFP investment management.Read moreRead less
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
Limiting False Positives in Empirical Asset Pricing Tests. The project aims to address the issue of data mining in asset pricing tests using innovative interdisciplinary approaches that mitigate the occurrence of false positives. The expected outcomes include extended options in finance for alleviating data mining, as well as new guidelines for rigorously evaluating the explanatory power of risk factors on expected returns. The project findings are expected to significantly advance our understan ....Limiting False Positives in Empirical Asset Pricing Tests. The project aims to address the issue of data mining in asset pricing tests using innovative interdisciplinary approaches that mitigate the occurrence of false positives. The expected outcomes include extended options in finance for alleviating data mining, as well as new guidelines for rigorously evaluating the explanatory power of risk factors on expected returns. The project findings are expected to significantly advance our understanding of the pricing of risk. Additionally, the proposed tools are anticipated to have broad applications, such as corporate finance and fraud detection, and offer significant value to finance research and its stakeholders, such as the Australian asset management industry and government regulatory bodies.
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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
SeSAFE – Delivering Industry Safety Through Electronic Learning
Funder
Fisheries Research and Development Corporation
Funding Amount
$434,706.31
Summary
The SeSAFE project has to date focused on raising safety awareness and the development/delivery of safety training modules. This is a response to current inadequacies in safety training in the fishing and aquaculture industry.
It is now timely for SeSAFE to address other inadequacies in safety training by:
• Filling the gap that allows new crew to step foot on a dangerous work platform before receiving any safety training • Providing consistent safety training content to ....The SeSAFE project has to date focused on raising safety awareness and the development/delivery of safety training modules. This is a response to current inadequacies in safety training in the fishing and aquaculture industry.
It is now timely for SeSAFE to address other inadequacies in safety training by:
• Filling the gap that allows new crew to step foot on a dangerous work platform before receiving any safety training • Providing consistent safety training content to all fishers nationwide • Promoting SeSAFE as the industry benchmark in pre-sea safety training, that also serves to demonstrate achievement towards duty-of-care requirements • Developing a standard of achievement and certificate of completion, for use as a recognised industry standard and potential requirement for employment at sea • Overcoming jurisdictional inconsistencies and inadequacies in safety training • Developing fishery-specific modules for multiple fisheries, to complement onboard safety inductions • Extending SeSAFE training to seafood processors, fishery observers, and others • Establishing a secure funding base to ensure persistent, long-term delivery of SeSAFE training as well as a permanent hosting organisation, e.g. Seafood Industry Australia.
There is also a need to continue existing SeSAFE activities because:
• Many fishers and others are anticipating recurrent safety training • SeSAFE is one of the few sources of fishery-specific safety training, such as safe handling of fishing gear • It will leverage progress and momentum toward improved safety performance, which may otherwise be foregone • Several agencies, e.g. the Australian Fisheries Management Authority, are poised to use SeSAFE to provide safety training • SeSAFE training means individuals can avoid group training sessions and reduce the risk of Covid 19 infection.
SeSAFE training responds to Objective 3 of FRDC’s National RD&E Seafood Industry Safety Initiative Strategic Plan 2019/21, 'Increase uptake by industry of workplace safety and safety training programs and education tools', by serving the education component of the Strategic Plan.
Objectives: 1. INFORM, via an independent review, the design and application of user-pay funding models in Australian primary industries, the potential for a similar model to be introduced by SeSAFE in the fishing and aquaculture industry, and steps recommended to realise this outcome. 2. TRANSITION to a user-pays funding model to perpetuate the cost-effective delivery of SeSAFE training, based on the outcome of the independent review, and to Seafood Industry Australia or other party hosting the SeSAFE program at the conclusion of this project. 3. RETAIN delivery of SeSAFE training to existing users in the Australian fishing and aquaculture industry. 4. EXPAND the number of industry bodies, fishing and aquaculture companies, independent fishers and aquaculture workers, processors, observers, researchers, and others utilising SeSAFE training on a recurrent basis. 5. EXPAND the number of fishery-specific modules beyond those already developed for the ACPF, including completion of fishery-specific modules for the Western Rock Lobster Council and weather forecasting modules for the Bureau of Meteorology. 6. PROMOTE SeSAFE as the industry benchmark in pre-sea safety training to meet duty of care requirements. 7. INCENTIVISE the use of SeSAFE training, including through formal recognition of SeSAFE training by AMSA and others, certification, and potential rebate by insurance agencies. 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
Development And Evaluation Of Multi-species Harvest Strategies In The SESSF
Funder
Fisheries Research and Development Corporation
Funding Amount
$464,973.00
Summary
The current HSP has biomass target reference points. The problem however, is that research has shown that in multi-species fisheries with technical interactions (i.e. the mixture of different species catches with the same gear) and ecosystem interactions (e.g. competition or predation), it is not possible to maintain all species at the same target level, and there is no empirical basis to assume biomass of non-target species will always be below or at BMEY. In fact, it is likely that the biomas ....The current HSP has biomass target reference points. The problem however, is that research has shown that in multi-species fisheries with technical interactions (i.e. the mixture of different species catches with the same gear) and ecosystem interactions (e.g. competition or predation), it is not possible to maintain all species at the same target level, and there is no empirical basis to assume biomass of non-target species will always be below or at BMEY. In fact, it is likely that the biomass of some of these species will be greater than BMEY as well as below it. This was demonstrated for the SESSF by Smith et al (2107).
The new CHSP recognises that net economic returns for multi-species fisheries may be maximised by including differential targets in harvest strategies that are always above BLIM, but greater or lower than BMEY. In addition, recent recommendations by the SESSF Monitoring and Assessment Research Project (SMARP) into monitoring and assessment options, including multi-year TAC decision frameworks, require simulation testing. Thus, there is a critical need to develop, evaluate and operationalise a fishery-wide harvest strategy with multiple and appropriate reference points, and multispecies decision rules. The question is what would a multi-species harvest strategy that covers an entire fishery or component of it, rather than a number of single species harvest strategies, look like.
We need to develop and operationalise a fishery-wide harvest strategy with multiple and appropriate reference points, and multispecies decision rules.
This will need to be implemented by June 2020, so there is an urgent need to design and evaluate a range of options from which to select a candidate harvest strategy. The aim of this project is to develop a fit-for-purpose harvest strategy in the SESSF that meets the intent of the policy, is cost effective and maximises net economic returns. Objectives: 1. To develop and evaluate multi-species harvest strategies, including reference points and decision rules. 2. To evaluate future monitoring and assessment options identified in the SESSF Monitoring and Assessment Research Project. 3. To develop a process and set of design principles for multi-species harvest strategies. Read moreRead less